Biogen Correlations

BIIB Stock

USD 176.76 2.33 1.30%

The current 90-days correlation between Biogen Inc and Incyte is 0.23 (i.e., Modest 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 0.4 (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

0.67	VRTX	Vertex Pharmaceuticals Earnings Call Tomorrow	Pair Corr
0.66	KOD	Kodiak Sciences	Pair Corr
0.77	NRIX	Nurix Therapeutics	Pair Corr

Moving against Biogen Stock

0.81	MDXH	MDxHealth SA ADR	Pair Corr
0.73	EDIT	Editas Medicine	Pair Corr
0.73	XBIO	Xenetic Biosciences	Pair Corr
0.71	AIM	AIM ImmunoTech	Pair Corr
0.71	XGN	Exagen Inc	Pair Corr
0.62	ENSC	Ensysce Biosciences	Pair Corr
0.62	HURA	TuHURA Biosciences	Pair Corr
0.6	CUE	Cue Biopharma	Pair Corr
0.54	JSPR	Jasper Therapeutics	Pair Corr
0.36	DYN	Dyne Therapeutics	Pair Corr
0.35	INTS	Intensity Therapeutics	Pair Corr
0.33	VIVS	VivoSim Labs Symbol Change	Pair Corr
0.84	OGEN	Oragenics	Pair Corr
0.8	NTRB	Nutriband	Pair Corr
0.77	PROK	ProKidney Corp	Pair Corr
0.74	ADXN	Addex Therapeutics	Pair Corr
0.69	AKAN	Akanda Corp	Pair Corr
0.62	PCSA	Processa Pharmaceuticals	Pair Corr
0.59	NRXP	NRX Pharmaceuticals	Pair Corr
0.53	ONCY	Oncolytics Biotech	Pair Corr
0.49	PLUR	Pluri Inc	Pair Corr

Related Correlations Analysis

	INCY	LH	GMAB	UTHR	TEVA	DXCM	STE	WAT	PODD	DGX
INCY		0.24	0.28	0.02	0.21	-0.17	0.64	0.53	0.08	0.41	INCY
LH	0.24		0.26	-0.13	0.21	0.23	0.59	0.41	-0.11	0.84	LH
GMAB	0.28	0.26		0.59	0.88	0.73	0.51	0.63	-0.69	0.04	GMAB
UTHR	0.02	-0.13	0.59		0.62	0.27	0.26	0.52	-0.34	-0.22	UTHR
TEVA	0.21	0.21	0.88	0.62		0.73	0.49	0.55	-0.84	-0.06	TEVA
DXCM	-0.17	0.23	0.73	0.27	0.73		0.11	0.21	-0.82	-0.14	DXCM
STE	0.64	0.59	0.51	0.26	0.49	0.11		0.79	-0.15	0.61	STE
WAT	0.53	0.41	0.63	0.52	0.55	0.21	0.79		-0.15	0.37	WAT
PODD	0.08	-0.11	-0.69	-0.34	-0.84	-0.82	-0.15	-0.15		0.24	PODD
DGX	0.41	0.84	0.04	-0.22	-0.06	-0.14	0.61	0.37	0.24		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

TEVA	+ 0.88	GMAB
DGX	+ 0.84	LH
WAT	+ 0.79	STE
DXCM	+ 0.73	GMAB
DXCM	+ 0.73	TEVA
STE	+ 0.64	INCY

High negative correlations

PODD	- 0.84	TEVA
PODD	- 0.82	DXCM
PODD	- 0.69	GMAB
PODD	- 0.34	UTHR
DGX	- 0.22	UTHR
DXCM	- 0.17	INCY

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	1.62	0.15	0.07	0.23	1.75	(1.79)	4.10	(2.92)	14.33
LH	1.07	0.03	0.01	0.10	1.28	(1.18)	2.71	(2.07)	5.89
GMAB	1.68	0.15	0.08	0.17	1.99	(1.75)	4.09	(3.17)	9.44
UTHR	1.15	0.19	0.13	0.78	1.03	(1.29)	2.19	(1.80)	12.18
TEVA	1.66	0.86	0.73	0.67	0.13	(2.13)	4.23	(1.61)	23.46
DXCM	1.66	0.07	0.01	0.14	3.26	(1.51)	3.31	(2.87)	14.66
STE	0.96	0.12	0.08	0.25	1.07	(1.11)	1.91	(1.83)	10.91
WAT	1.13	0.09	0.09	0.13	0.92	(1.47)	3.35	(1.83)	8.85
PODD	1.56	(0.33)	0.00	0.96	0.00	0.00	3.24	(3.62)	13.53
DGX	1.02	0.05	0.01	0.20	1.10	(1.20)	2.68	(1.96)	6.29

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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