Correlation Between BELLUS Health and Abcellera BiologicsInc
Can any of the company-specific risk be diversified away by investing in both BELLUS Health and Abcellera BiologicsInc 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 BELLUS Health and Abcellera BiologicsInc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BELLUS Health and Abcellera BiologicsInc, you can compare the effects of market volatilities on BELLUS Health and Abcellera BiologicsInc 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 BELLUS Health with a short position of Abcellera BiologicsInc. Check out your portfolio center. Please also check ongoing floating volatility patterns of BELLUS Health and Abcellera BiologicsInc.
Diversification Opportunities for BELLUS Health and Abcellera BiologicsInc
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BELLUS and Abcellera is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding BELLUS Health and Abcellera BiologicsInc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Abcellera BiologicsInc and BELLUS Health 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 BELLUS Health are associated (or correlated) with Abcellera BiologicsInc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Abcellera BiologicsInc has no effect on the direction of BELLUS Health i.e., BELLUS Health and Abcellera BiologicsInc go up and down completely randomly.
Pair Corralation between BELLUS Health and Abcellera BiologicsInc
If you would invest 1,474 in BELLUS Health on January 26, 2024 and sell it today you would earn a total of 0.00 from holding BELLUS Health or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 4.76% |
Values | Daily Returns |
BELLUS Health vs. Abcellera BiologicsInc
Performance |
Timeline |
BELLUS Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Abcellera BiologicsInc |
BELLUS Health and Abcellera BiologicsInc Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BELLUS Health and Abcellera BiologicsInc
The main advantage of trading using opposite BELLUS Health and Abcellera BiologicsInc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BELLUS Health position performs unexpectedly, Abcellera BiologicsInc 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 Abcellera BiologicsInc will offset losses from the drop in Abcellera BiologicsInc's long position.BELLUS Health vs. Terns Pharmaceuticals | BELLUS Health vs. Amylyx Pharmaceuticals | BELLUS Health vs. Acumen Pharmaceuticals | BELLUS Health vs. Inozyme PharmaInc |
Abcellera BiologicsInc vs. Hepion Pharmaceuticals | Abcellera BiologicsInc vs. Krystal Biotech | Abcellera BiologicsInc vs. AVROBIO | Abcellera BiologicsInc vs. CureVac NV |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |