Correlation Between NYSE Composite and Cellectis
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and Cellectis at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining NYSE Composite and Cellectis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and Cellectis SA, you can compare the effects of market volatilities on NYSE Composite and Cellectis and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in NYSE Composite with a short position of Cellectis. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Cellectis.
Diversification Opportunities for NYSE Composite and Cellectis
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NYSE and Cellectis is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Cellectis SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellectis SA and NYSE Composite is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on NYSE Composite are associated (or correlated) with Cellectis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cellectis SA has no effect on the direction of NYSE Composite i.e., NYSE Composite and Cellectis go up and down completely randomly.
Pair Corralation between NYSE Composite and Cellectis
Assuming the 90 days trading horizon NYSE Composite is expected to generate 3.45 times less return on investment than Cellectis. But when comparing it to its historical volatility, NYSE Composite is 11.95 times less risky than Cellectis. It trades about 0.08 of its potential returns per unit of risk. Cellectis SA is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 221.00 in Cellectis SA on August 27, 2024 and sell it today you would lose (34.00) from holding Cellectis SA or give up 15.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
NYSE Composite vs. Cellectis SA
Performance |
| Timeline |
NYSE Composite and Cellectis Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Cellectis SA
Pair trading matchups for Cellectis
Pair Trading with NYSE Composite and Cellectis
The main advantage of trading using opposite NYSE Composite and Cellectis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Cellectis can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cellectis will offset losses from the drop in Cellectis' long position.| NYSE Composite vs. Hooker Furniture | NYSE Composite vs. Hudson Pacific Properties | NYSE Composite vs. Canlan Ice Sports | NYSE Composite vs. Boston Properties |
| Cellectis vs. DiaMedica Therapeutics | Cellectis vs. Soleno Therapeutics | Cellectis vs. Genfit | Cellectis vs. Eliem Therapeutics |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |