Correlation Between CEL SCI and Adagene
Can any of the company-specific risk be diversified away by investing in both CEL SCI and Adagene 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 CEL SCI and Adagene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CEL SCI Corp and Adagene, you can compare the effects of market volatilities on CEL SCI and Adagene 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 CEL SCI with a short position of Adagene. Check out your portfolio center. Please also check ongoing floating volatility patterns of CEL SCI and Adagene.
Diversification Opportunities for CEL SCI and Adagene
Poor diversification
The 3 months correlation between CEL and Adagene is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding CEL SCI Corp and Adagene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adagene and CEL SCI 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 CEL SCI Corp are associated (or correlated) with Adagene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adagene has no effect on the direction of CEL SCI i.e., CEL SCI and Adagene go up and down completely randomly.
Pair Corralation between CEL SCI and Adagene
Considering the 90-day investment horizon CEL SCI Corp is expected to under-perform the Adagene. In addition to that, CEL SCI is 1.13 times more volatile than Adagene. It trades about -0.01 of its total potential returns per unit of risk. Adagene is currently generating about 0.02 per unit of volatility. If you would invest 165.00 in Adagene on August 13, 2025 and sell it today you would lose (7.00) from holding Adagene or give up 4.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 96.83% |
| Values | Daily Returns |
CEL SCI Corp vs. Adagene
Performance |
| Timeline |
| CEL SCI Corp |
| Adagene |
CEL SCI and Adagene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CEL SCI and Adagene
The main advantage of trading using opposite CEL SCI and Adagene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CEL SCI position performs unexpectedly, Adagene 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 Adagene will offset losses from the drop in Adagene's long position.| CEL SCI vs. INmune Bio | CEL SCI vs. Barinthus Biotherapeutics plc | CEL SCI vs. Mersana Therapeutics | CEL SCI vs. Aligos 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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