Correlation Between BigBearai Holdings and BIOGEN

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Can any of the company-specific risk be diversified away by investing in both BigBearai Holdings and BIOGEN at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining BigBearai Holdings and BIOGEN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BigBearai Holdings and BIOGEN INC 52, you can compare the effects of market volatilities on BigBearai Holdings and BIOGEN and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in BigBearai Holdings with a short position of BIOGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and BIOGEN.

Diversification Opportunities for BigBearai Holdings and BIOGEN

-0.38
  Correlation Coefficient

Very good diversification

The 3 months correlation between BigBearai and BIOGEN is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and BIOGEN INC 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIOGEN INC 52 and BigBearai Holdings is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on BigBearai Holdings are associated (or correlated) with BIOGEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIOGEN INC 52 has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and BIOGEN go up and down completely randomly.

Pair Corralation between BigBearai Holdings and BIOGEN

Given the investment horizon of 90 days BigBearai Holdings is expected to generate 5.82 times more return on investment than BIOGEN. However, BigBearai Holdings is 5.82 times more volatile than BIOGEN INC 52. It trades about 0.07 of its potential returns per unit of risk. BIOGEN INC 52 is currently generating about 0.02 per unit of risk. If you would invest  138.00  in BigBearai Holdings on September 12, 2024 and sell it today you would earn a total of  173.00  from holding BigBearai Holdings or generate 125.36% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy88.82%
ValuesDaily Returns

BigBearai Holdings  vs.  BIOGEN INC 52

 Performance 
       Timeline  
BigBearai Holdings 

Risk-Adjusted Performance

14 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in BigBearai Holdings are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Despite fairly unsteady basic indicators, BigBearai Holdings demonstrated solid returns over the last few months and may actually be approaching a breakup point.
BIOGEN INC 52 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days BIOGEN INC 52 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, BIOGEN is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

BigBearai Holdings and BIOGEN Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with BigBearai Holdings and BIOGEN

The main advantage of trading using opposite BigBearai Holdings and BIOGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, BIOGEN can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in BIOGEN will offset losses from the drop in BIOGEN's long position.
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The idea behind BigBearai Holdings and BIOGEN INC 52 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.

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