Fortress Biotech Correlations

FBIOP Preferred Stock

USD 5.18 0.06 1.17%

The current 90-days correlation between Fortress Biotech Pref and Checkpoint Therapeutics is 0.16 (i.e., Average diversification). The correlation of Fortress Biotech 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.

Fortress Biotech Correlation With Market

Average diversification

The correlation between Fortress Biotech Pref and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortress Biotech Pref and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Fortress Preferred Stock

0.65	ENZN	Enzon Pharmaceuticals	Pair Corr
0.69	FNCH	Finch Therapeutics	Pair Corr
0.8	CYCCP	Cyclacel Pharmaceuticals	Pair Corr
0.81	NAVB	Navidea Biopharmaceutica	Pair Corr

Moving against Fortress Preferred Stock

0.6	GRCE	Grace Therapeutics, Symbol Change	Pair Corr
0.55	XOMAO	XOMA	Pair Corr
0.49	XOMAP	XOMA Corp	Pair Corr
0.46	OKUR	OnKure Therapeutics, Symbol Change	Pair Corr
0.4	ODTC	Odonate Therapeutics	Pair Corr

Related Correlations Analysis

	CKPT	MBIO	RVPH	KOD	FBIO	ACHL	APTO	INDP	RZLT
CKPT		-0.03	-0.23	0.85	0.0	0.62	-0.3	-0.34	0.71	CKPT
MBIO	-0.03		-0.36	-0.2	0.79	-0.57	0.33	0.63	0.01	MBIO
RVPH	-0.23	-0.36		-0.22	-0.39	0.02	-0.03	0.04	-0.23	RVPH
KOD	0.85	-0.2	-0.22		-0.2	0.6	-0.51	-0.51	0.54	KOD
FBIO	0.0	0.79	-0.39	-0.2		-0.62	0.19	0.69	0.02	FBIO
ACHL	0.62	-0.57	0.02	0.6	-0.62		-0.22	-0.69	0.39	ACHL
APTO	-0.3	0.33	-0.03	-0.51	0.19	-0.22		0.36	0.04	APTO
INDP	-0.34	0.63	0.04	-0.51	0.69	-0.69	0.36		-0.21	INDP
RZLT	0.71	0.01	-0.23	0.54	0.02	0.39	0.04	-0.21		RZLT
	CKPT	MBIO	RVPH	KOD	FBIO	ACHL	APTO	INDP	RZLT

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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

KOD	+ 0.85	CKPT
FBIO	+ 0.79	MBIO
RZLT	+ 0.71	CKPT
INDP	+ 0.69	FBIO
INDP	+ 0.63	MBIO
ACHL	+ 0.62	CKPT

High negative correlations

INDP	- 0.69	ACHL
ACHL	- 0.62	FBIO
ACHL	- 0.57	MBIO
INDP	- 0.51	KOD
APTO	- 0.51	KOD
FBIO	- 0.39	RVPH

Risk-Adjusted Indicators

There is a big difference between Fortress Preferred Stock performing well and Fortress Biotech 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 Fortress Biotech'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
CKPT	3.12	0.79	0.19	4.89	3.09	(3.72)	7.91	(5.73)	19.17
MBIO	3.92	(0.63)	0.00	0.86	0.00	0.00	7.14	(8.70)	41.50
RVPH	4.89	0.70	0.07	(0.60)	5.88	(5.63)	10.71	(9.86)	38.61
KOD	3.33	1.08	0.34	0.58	2.79	(4.36)	9.70	(4.92)	18.79
FBIO	3.05	(0.47)	0.00	(0.23)	0.00	0.00	7.43	(5.08)	26.13
ACHL	2.03	0.46	0.20	0.45	1.53	(3.21)	3.06	(2.88)	38.16
APTO	3.58	(0.88)	0.00	1.30	0.00	0.00	5.41	(7.69)	33.33
INDP	4.87	(0.78)	0.00	(0.17)	0.00	0.00	12.60	(9.40)	49.41
RZLT	2.87	0.11	0.05	0.19	3.11	(3.26)	6.81	(5.54)	30.01

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fortress Biotech 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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Fortress Biotech Corporate Management

Samuel Berry	Gen Sec	Profile
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