Bioextrax Correlations

BIOEX Stock

2.19 0.01 0.46%

The current 90-days correlation between Bioextrax AB and Axolot Solutions Holding is -0.03 (i.e., Good diversification). The correlation of Bioextrax 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Bioextrax Correlation With Market

Good diversification

The correlation between Bioextrax AB and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bioextrax AB and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bioextrax could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bioextrax when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bioextrax - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bioextrax AB to buy it.

Moving against Bioextrax Stock

0.56	AZN	AstraZeneca PLC	Pair Corr
0.45	VOLV-A	AB Volvo	Pair Corr
0.43	INVE-A	Investor AB ser	Pair Corr
0.35	INVE-B	Investor AB ser	Pair Corr
0.35	NDA-SE	Nordea Bank Abp	Pair Corr

Related Correlations Analysis

	AXOLOT	WISE	BOMILL	LEVEL	GGEO	TSEC	SAXG	CI	NEPA	HEXI
AXOLOT		0.67	0.08	-0.05	-0.58	-0.65	0.11	0.59	-0.42	0.79	AXOLOT
WISE	0.67		0.18	0.09	-0.36	-0.54	0.17	0.3	-0.39	0.49	WISE
BOMILL	0.08	0.18		0.13	-0.16	0.0	0.13	-0.28	-0.15	0.15	BOMILL
LEVEL	-0.05	0.09	0.13		0.37	0.22	0.2	0.06	-0.27	0.09	LEVEL
GGEO	-0.58	-0.36	-0.16	0.37		0.45	0.38	-0.47	0.48	-0.53	GGEO
TSEC	-0.65	-0.54	0.0	0.22	0.45		0.12	-0.29	0.16	-0.41	TSEC
SAXG	0.11	0.17	0.13	0.2	0.38	0.12		-0.38	0.1	-0.03	SAXG
CI	0.59	0.3	-0.28	0.06	-0.47	-0.29	-0.38		-0.29	0.73	CI
NEPA	-0.42	-0.39	-0.15	-0.27	0.48	0.16	0.1	-0.29		-0.41	NEPA
HEXI	0.79	0.49	0.15	0.09	-0.53	-0.41	-0.03	0.73	-0.41		HEXI
	AXOLOT	WISE	BOMILL	LEVEL	GGEO	TSEC	SAXG	CI	NEPA	HEXI

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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

HEXI	+ 0.79	AXOLOT
HEXI	+ 0.73	CI
WISE	+ 0.67	AXOLOT
CI	+ 0.59	AXOLOT
HEXI	+ 0.49	WISE
NEPA	+ 0.48	GGEO

High negative correlations

TSEC	- 0.65	AXOLOT
GGEO	- 0.58	AXOLOT
TSEC	- 0.54	WISE
HEXI	- 0.53	GGEO
CI	- 0.47	GGEO
NEPA	- 0.42	AXOLOT

Risk-Adjusted Indicators

There is a big difference between Bioextrax Stock performing well and Bioextrax 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 Bioextrax'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
AXOLOT	2.66	(0.19)	0.00	0.76	0.00	0.00	6.45	(6.67)	19.12
WISE	2.67	(0.16)	0.00	(0.53)	0.00	0.00	4.86	(4.93)	51.85
BOMILL	3.89	(0.26)	0.00	(0.40)	0.00	0.00	14.04	(9.52)	35.97
LEVEL	2.49	0.11	(0.01)	(0.06)	2.96	(3.25)	5.45	(5.26)	15.93
GGEO	2.45	0.39	0.07	(0.38)	2.69	(2.99)	5.57	(5.45)	16.15
TSEC	2.02	0.17	0.08	0.24	1.71	(3.25)	7.46	(3.45)	20.36
SAXG	2.20	0.18	0.03	(0.43)	1.91	(3.36)	6.55	(3.74)	14.71
CI	7.48	0.09	0.01	0.24	8.33	(11.19)	23.68	(18.42)	56.11
NEPA	2.22	0.10	0.00	3.45	2.89	(2.45)	7.28	(5.23)	16.43
HEXI	3.57	(0.57)	0.00	1.04	0.00	0.00	7.69	(10.00)	23.08

Bioextrax Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Bioextrax stock to make a market-neutral strategy. Peer analysis of Bioextrax could also be used in its relative valuation, which is a method of valuing Bioextrax by comparing valuation metrics with similar companies.

Axolot Solutions Holding Wise Group AB BoMill AB Nordic LEVEL Group Guideline Geo AB Tempest Security AB Saxlund Group AB Cell Impact AB Nepa AB Hexicon AB American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

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