BIOGEN Correlations

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95.30 4.69 5.18%

The current 90-days correlation between BIOGEN INC 52 and Toro is -0.08 (i.e., Good 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

Average diversification

The correlation between BIOGEN INC 52 and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BIOGEN INC 52 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BIOGEN could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BIOGEN 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 BIOGEN - 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 BIOGEN INC 52 to buy it.

Moving together with BIOGEN Bond

0.68	HPQ	HP Inc	Pair Corr
0.75	JNJ	Johnson Johnson	Pair Corr
0.81	DD	Dupont De Nemours Earnings Call This Week	Pair Corr

Moving against BIOGEN Bond

0.55	BA	Boeing	Pair Corr
0.48	CSCO	Cisco Systems	Pair Corr
0.4	JPM	JPMorgan Chase	Pair Corr
0.37	MNPR	Monopar Therapeutics	Pair Corr

Related Correlations Analysis

	TORO	PG	MAKOF	SAIA	SSVRF	VRRM	WHTGF	COTY
TORO		-0.73	0.39	-0.5	0.57	0.46	0.0	-0.25	TORO
PG	-0.73		-0.41	0.56	-0.21	-0.32	0.0	0.5	PG
MAKOF	0.39	-0.41		-0.15	0.41	0.56	0.0	0.02	MAKOF
SAIA	-0.5	0.56	-0.15		-0.18	-0.49	0.0	0.46	SAIA
SSVRF	0.57	-0.21	0.41	-0.18		0.6	0.0	0.47	SSVRF
VRRM	0.46	-0.32	0.56	-0.49	0.6		0.0	0.15	VRRM
WHTGF	0.0	0.0	0.0	0.0	0.0	0.0		0.0	WHTGF
COTY	-0.25	0.5	0.02	0.46	0.47	0.15	0.0		COTY
	TORO	PG	MAKOF	SAIA	SSVRF	VRRM	WHTGF	COTY

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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

VRRM	+ 0.6	SSVRF
SSVRF	+ 0.57	TORO
SAIA	+ 0.56	PG
VRRM	+ 0.56	MAKOF
COTY	+ 0.5	PG
COTY	+ 0.47	SSVRF

High negative correlations

PG	- 0.73	TORO
SAIA	- 0.5	TORO
VRRM	- 0.49	SAIA
MAKOF	- 0.41	PG
VRRM	- 0.32	PG
COTY	- 0.25	TORO

Risk-Adjusted Indicators

There is a big difference between BIOGEN Bond performing well and BIOGEN Corporate Bond 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
TORO	2.80	(0.09)	0.00	(2.55)	0.00	0.00	5.78	(5.24)	33.44
PG	0.81	(0.05)	0.00	(0.04)	0.00	0.00	1.87	(2.18)	5.42
MAKOF	2.01	0.18	0.05	0.52	2.00	(2.60)	4.98	(3.40)	19.72
SAIA	2.20	0.24	0.10	0.43	2.09	(2.64)	3.84	(4.04)	18.12
SSVRF	3.63	(0.07)	0.00	0.20	0.00	0.00	9.09	(7.69)	20.63
VRRM	1.10	0.05	(0.03)	(0.02)	2.49	(0.95)	2.16	(2.50)	11.24
WHTGF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
COTY	1.44	(0.05)	0.00	(0.03)	0.00	0.00	2.87	(2.62)	8.03

Be your own money manager

Our tools can tell you how much better you can do entering a position in BIOGEN 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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