Avid Bioservices Correlations

CDMO Stock

USD 12.35 0.02 0.16%

The current 90-days correlation between Avid Bioservices and AnaptysBio is 0.11 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Avid Bioservices moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Avid Bioservices moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Avid Bioservices Correlation With Market

Modest diversification

The correlation between Avid Bioservices and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avid Bioservices and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Avid Bioservices. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

To learn how to invest in Avid Stock, please use our How to Invest in Avid Bioservices guide.

Moving together with Avid Stock

0.61	VAXX	Vaxxinity	Pair Corr
0.67	VCEL	Vericel Corp Ord	Pair Corr
0.7	VCYT	Veracyte	Pair Corr

Moving against Avid Stock

0.71	VERU	Veru Inc Earnings Call This Week	Pair Corr
0.6	EQ	Equillium	Pair Corr
0.53	VALN	Valneva SE ADR	Pair Corr
0.5	VIGL	Vigil Neuroscience	Pair Corr
0.47	DNTH	Dianthus Therapeutics	Pair Corr
0.47	DTIL	Precision BioSciences	Pair Corr
0.35	DOMH	Dominari Holdings	Pair Corr
0.69	VIRX	Viracta Therapeutics	Pair Corr
0.56	EDSA	Edesa Biotech Fiscal Year End 20th of December 2024	Pair Corr
0.5	VXRT	Vaxart Inc	Pair Corr
0.46	VRCA	Verrica Pharmaceuticals Buyout Trend	Pair Corr
0.44	VTGN	VistaGen Therapeutics	Pair Corr
0.38	DWTX	Dogwood Therapeutics, Symbol Change	Pair Corr
0.35	VKTX	Viking Therapeutics	Pair Corr
0.33	EDIT	Editas Medicine	Pair Corr

Related Correlations Analysis

	ANEB	ADAG	ACRV	ANAB	MLYS	CRNX	CYTK	CERE	BCYC	KDNY
ANEB		0.07	0.08	0.59	-0.19	-0.45	0.19	0.0	0.37	0.0	ANEB
ADAG	0.07		0.81	0.07	0.17	0.23	0.09	0.0	0.32	0.0	ADAG
ACRV	0.08	0.81		0.21	0.14	0.24	0.43	0.0	0.51	0.0	ACRV
ANAB	0.59	0.07	0.21		-0.27	-0.52	0.36	0.0	0.48	0.0	ANAB
MLYS	-0.19	0.17	0.14	-0.27		0.65	0.2	0.0	0.29	0.0	MLYS
CRNX	-0.45	0.23	0.24	-0.52	0.65		0.02	0.0	0.09	0.0	CRNX
CYTK	0.19	0.09	0.43	0.36	0.2	0.02		0.0	0.41	0.0	CYTK
CERE	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CERE
BCYC	0.37	0.32	0.51	0.48	0.29	0.09	0.41	0.0		0.0	BCYC
KDNY	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		KDNY
	ANEB	ADAG	ACRV	ANAB	MLYS	CRNX	CYTK	CERE	BCYC	KDNY

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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

ACRV	+ 0.81	ADAG
CRNX	+ 0.65	MLYS
ANAB	+ 0.59	ANEB
BCYC	+ 0.51	ACRV
BCYC	+ 0.48	ANAB
CYTK	+ 0.43	ACRV

High negative correlations

CRNX	- 0.52	ANAB
CRNX	- 0.45	ANEB
MLYS	- 0.27	ANAB
MLYS	- 0.19	ANEB
KDNY	- 0.0	BCYC
KDNY	- 0.0	CERE

Risk-Adjusted Indicators

There is a big difference between Avid Stock performing well and Avid Bioservices 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 Avid Bioservices' 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
ANEB	5.00	(0.35)	0.00	(0.12)	0.00	0.00	8.61	(11.48)	76.00
ADAG	4.38	(0.25)	0.00	(2.17)	0.00	0.00	8.13	(9.52)	37.93
ACRV	2.61	(0.22)	0.00	(0.12)	0.00	0.00	6.90	(7.63)	22.84
ANAB	3.50	(0.63)	0.00	(0.47)	0.00	0.00	5.77	(7.28)	35.57
MLYS	2.66	0.24	0.03	(0.75)	3.41	(2.75)	6.27	(5.79)	20.98
CRNX	1.70	0.17	0.01	(0.70)	2.43	(1.62)	3.67	(3.45)	16.75
CYTK	1.92	(0.11)	0.00	3.61	0.00	0.00	3.52	(4.15)	14.08
CERE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BCYC	2.38	0.07	(0.03)	(0.15)	2.52	(3.30)	4.68	(3.70)	35.92
KDNY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Avid Bioservices Corporate Management

Mark JD	General VP	Profile
Daniel Hart	Chief Officer	Profile
Oksana Lukash	Vice People	Profile
Prof Brekken	Medical Advisor	Profile
Harold MD	Medical Advisor	Profile
Prof Schroit	Medical Advisor	Profile

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