Correlation Between Biovica International and Acarix AS
Specify exactly 2 symbols:
By analyzing existing cross correlation between Biovica International AB and Acarix AS, you can compare the effects of market volatilities on Biovica International and Acarix AS 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 Biovica International with a short position of Acarix AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biovica International and Acarix AS.
Diversification Opportunities for Biovica International and Acarix AS
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Biovica and Acarix is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Biovica International AB and Acarix AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acarix AS and Biovica International 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 Biovica International AB are associated (or correlated) with Acarix AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acarix AS has no effect on the direction of Biovica International i.e., Biovica International and Acarix AS go up and down completely randomly.
Pair Corralation between Biovica International and Acarix AS
Assuming the 90 days trading horizon Biovica International AB is expected to generate 1.47 times more return on investment than Acarix AS. However, Biovica International is 1.47 times more volatile than Acarix AS. It trades about 0.01 of its potential returns per unit of risk. Acarix AS is currently generating about -0.05 per unit of risk. If you would invest 185.00 in Biovica International AB on October 25, 2024 and sell it today you would lose (2.00) from holding Biovica International AB or give up 1.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biovica International AB vs. Acarix AS
Performance |
| Timeline |
| Biovica International |
| Acarix AS |
Biovica International and Acarix AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biovica International and Acarix AS
The main advantage of trading using opposite Biovica International and Acarix AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biovica International position performs unexpectedly, Acarix AS 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 Acarix AS will offset losses from the drop in Acarix AS's long position.| Biovica International vs. Hansa Biopharma AB | Biovica International vs. Xbrane Biopharma AB | Biovica International vs. BioArctic AB | Biovica International vs. Cantargia AB |
| Acarix AS vs. Saniona AB | Acarix AS vs. Cantargia AB | Acarix AS vs. Biovica International AB | Acarix AS vs. ExpreS2ion Biotech Holding |
Check out your portfolio center.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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |