Bioventix Correlations

BVXP Stock

3,200 10.00 0.31%

The current 90-days correlation between Bioventix and Mobius Investment Trust is -0.12 (i.e., Good diversification). The correlation of Bioventix 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.

Bioventix Correlation With Market

Significant diversification

The correlation between Bioventix and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bioventix and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bioventix could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bioventix 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 Bioventix - 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 Bioventix to buy it.

Moving together with Bioventix Stock

0.72

CLC

Calculus VCT plc

Pair Corr

Moving against Bioventix Stock

0.82	0R1W	Walmart	Pair Corr
0.73	0MJK	Erste Group Bank	Pair Corr
0.69	QED	Quadrise Plc	Pair Corr
0.69	SEED	Seed Innovations	Pair Corr
0.67	CUSN	Cornish Metals	Pair Corr
0.67	BRFI	BlackRock Frontiers Earnings Call This Week	Pair Corr
0.65	ATY	Athelney Trust plc	Pair Corr
0.5	0N7I	Cairo Communication SpA	Pair Corr
0.47	IMM	ImmuPharma PLC	Pair Corr
0.4	OOA	Octopus Aim Vct	Pair Corr
0.32	DEC	Diversified Energy	Pair Corr

Related Correlations Analysis

	HRI	MMIT	SFT	0HDK	0EG8	ALFA	WIZZ
HRI		0.52	-0.34	0.6	0.0	-0.43	-0.06	HRI
MMIT	0.52		0.19	-0.11	0.45	-0.68	0.22	MMIT
SFT	-0.34	0.19		-0.52	0.59	-0.41	-0.13	SFT
0HDK	0.6	-0.11	-0.52		-0.29	0.2	0.05	0HDK
0EG8	0.0	0.45	0.59	-0.29		-0.31	0.27	0EG8
ALFA	-0.43	-0.68	-0.41	0.2	-0.31		0.11	ALFA
WIZZ	-0.06	0.22	-0.13	0.05	0.27	0.11		WIZZ
	HRI	MMIT	SFT	0HDK	0EG8	ALFA	WIZZ

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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

0HDK	+ 0.6	HRI
0EG8	+ 0.59	SFT
MMIT	+ 0.52	HRI
0EG8	+ 0.45	MMIT
WIZZ	+ 0.27	0EG8
WIZZ	+ 0.22	MMIT

High negative correlations

ALFA	- 0.68	MMIT
0HDK	- 0.52	SFT
ALFA	- 0.43	HRI
ALFA	- 0.41	SFT
SFT	- 0.34	HRI
ALFA	- 0.31	0EG8

Risk-Adjusted Indicators

There is a big difference between Bioventix Stock performing well and Bioventix 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 Bioventix'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
HRI	0.94	0.14	0.05	0.61	1.31	(1.01)	2.19	(1.77)	6.70
MMIT	0.82	0.09	0.00	1.97	1.06	(0.85)	1.76	(2.04)	4.96
SFT	0.55	0.00	0.00	0.08	0.00	0.00	2.13	(2.13)	8.17
0HDK	1.44	0.02	(0.02)	0.20	2.01	(2.03)	3.08	(2.90)	18.09
0EG8	1.55	(0.02)	(0.04)	(0.02)	2.00	(1.97)	4.29	(3.45)	9.90
ALFA	1.29	0.03	(0.05)	(0.05)	1.48	(1.66)	4.24	(2.86)	10.99
WIZZ	2.38	(0.10)	0.00	(0.13)	0.00	0.00	5.01	(5.62)	17.84

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bioventix without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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