Correlation Between Cellectis and MacroGenics

Can any of the company-specific risk be diversified away by investing in both Cellectis and MacroGenics 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 Cellectis and MacroGenics into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Cellectis SA and MacroGenics, you can compare the effects of market volatilities on Cellectis and MacroGenics 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 Cellectis with a short position of MacroGenics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellectis and MacroGenics.

Diversification Opportunities for Cellectis and MacroGenics

0.13

Correlation Coefficient

Cellectis  MacroGenics

Average diversification

The 3 months correlation between Cellectis and MacroGenics is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Cellectis SA and MacroGenics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MacroGenics and Cellectis 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 Cellectis SA are associated (or correlated) with MacroGenics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MacroGenics has no effect on the direction of Cellectis i.e., Cellectis and MacroGenics go up and down completely randomly.

Pair Corralation between Cellectis and MacroGenics

Given the investment horizon of 90 days Cellectis SA is expected to generate 0.88 times more return on investment than MacroGenics. However, Cellectis SA is 1.13 times less risky than MacroGenics. It trades about 0.12 of its potential returns per unit of risk. MacroGenics is currently generating about 0.05 per unit of risk. If you would invest  138.00  in Cellectis SA on April 20, 2025 and sell it today you would earn a total of  55.00  from holding Cellectis SA or generate 39.86% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Cellectis SA  vs.  MacroGenics

Cellectis SA

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Cellectis SA are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak essential indicators, Cellectis unveiled solid returns over the last few months and may actually be approaching a breakup point.

MacroGenics

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in MacroGenics are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, MacroGenics showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Cellectis and MacroGenics

The main advantage of trading using opposite Cellectis and MacroGenics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellectis position performs unexpectedly, MacroGenics 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 MacroGenics will offset losses from the drop in MacroGenics' long position.

The idea behind Cellectis SA and MacroGenics pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.