Biogen Correlations

BIIB Stock

USD 191.82 3.80 2.02%

The current 90-days correlation between Biogen Inc and Incyte is -0.09 (i.e., Good diversification). The correlation of Biogen is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Biogen Correlation With Market

Very weak diversification

The correlation between Biogen Inc and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Biogen Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Biogen Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Biogen Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Biogen Stock

0.73

PYC

Physiomics Plc Earnings Call This Week

Pair Corr

Moving against Biogen Stock

0.62	OSE	OSE Pharma SA	Pair Corr
0.62	RAC	Race Oncology	Pair Corr
0.55	VCYT	Veracyte	Pair Corr
0.49	VANI	Vivani Medical	Pair Corr
0.62	DRMA	Dermata Therapeutics	Pair Corr
0.56	DXB	Dimerix	Pair Corr
0.45	PHARM	Pharming Group NV	Pair Corr
0.36	DTIL	Precision BioSciences	Pair Corr
0.35	ABNX	Abionyx Pharma SA Earnings Call This Week	Pair Corr
0.75	9OF	BIORESTORATTHERAPDL	Pair Corr
0.62	BIM	Biomerieux SA	Pair Corr
0.55	IGS1	India Globalization	Pair Corr
0.5	DYAI	Dyadic International	Pair Corr
0.43	VKTX	Viking Therapeutics	Pair Corr
0.34	DWTX	Dogwood Therapeutics	Pair Corr

Related Correlations Analysis

	INCY	LH	GMAB	UTHR	TEVA	DXCM	STE	WAT	PODD	DGX
INCY		0.09	0.3	-0.35	0.08	0.11	0.3	0.13	0.03	0.07	INCY
LH	0.09		-0.63	-0.37	0.43	0.46	-0.32	-0.72	-0.62	0.94	LH
GMAB	0.3	-0.63		0.0	-0.07	0.02	0.59	0.72	0.33	-0.72	GMAB
UTHR	-0.35	-0.37	0.0		-0.09	-0.22	-0.19	-0.01	0.17	-0.24	UTHR
TEVA	0.08	0.43	-0.07	-0.09		0.81	-0.45	-0.6	-0.92	0.38	TEVA
DXCM	0.11	0.46	0.02	-0.22	0.81		-0.15	-0.44	-0.78	0.34	DXCM
STE	0.3	-0.32	0.59	-0.19	-0.45	-0.15		0.74	0.57	-0.41	STE
WAT	0.13	-0.72	0.72	-0.01	-0.6	-0.44	0.74		0.76	-0.82	WAT
PODD	0.03	-0.62	0.33	0.17	-0.92	-0.78	0.57	0.76		-0.56	PODD
DGX	0.07	0.94	-0.72	-0.24	0.38	0.34	-0.41	-0.82	-0.56		DGX
	INCY	LH	GMAB	UTHR	TEVA	DXCM	STE	WAT	PODD	DGX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DGX	+ 0.94	LH
DXCM	+ 0.81	TEVA
PODD	+ 0.76	WAT
WAT	+ 0.74	STE
WAT	+ 0.72	GMAB
STE	+ 0.59	GMAB

High negative correlations

PODD	- 0.92	TEVA
DGX	- 0.82	WAT
PODD	- 0.78	DXCM
DGX	- 0.72	GMAB
WAT	- 0.72	LH
GMAB	- 0.63	LH

Risk-Adjusted Indicators

There is a big difference between Biogen Stock performing well and Biogen Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Biogen's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
INCY	1.57	0.00	(0.04)	0.13	2.36	(1.57)	4.10	(3.38)	13.76
LH	1.03	0.11	0.04	0.42	1.19	(1.11)	2.63	(1.98)	7.89
GMAB	1.73	(0.12)	0.00	(0.04)	0.00	0.00	3.39	(3.42)	9.44
UTHR	1.26	0.06	0.01	0.19	1.52	(1.29)	2.00	(2.00)	18.91
TEVA	1.18	0.46	0.39	0.79	0.58	(1.45)	3.58	(1.29)	8.88
DXCM	1.29	0.25	0.14	0.45	1.20	(1.37)	3.31	(2.38)	9.82
STE	1.02	(0.14)	0.00	(0.05)	0.00	0.00	1.79	(2.45)	10.43
WAT	1.22	(0.39)	0.00	(0.28)	0.00	0.00	2.50	(2.10)	17.35
PODD	1.49	(0.48)	0.00	(0.92)	0.00	0.00	2.79	(3.62)	8.24
DGX	1.13	0.17	0.07	(4.30)	0.97	(1.40)	2.75	(1.85)	8.55

Biogen Corporate Executives

Elected by the shareholders, the Biogen's board of directors comprises two types of representatives: Biogen inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Biogen. The board's role is to monitor Biogen's management team and ensure that shareholders' interests are well served. Biogen's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Biogen's outside directors are responsible for providing unbiased perspectives on the board's policies.

Michael CPA

Executive CFO

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