Correlation Between Biovica International and ExpreS2ion Biotech
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By analyzing existing cross correlation between Biovica International AB and ExpreS2ion Biotech Holding, you can compare the effects of market volatilities on Biovica International and ExpreS2ion Biotech 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 ExpreS2ion Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biovica International and ExpreS2ion Biotech.
Diversification Opportunities for Biovica International and ExpreS2ion Biotech
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Biovica and ExpreS2ion is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Biovica International AB and ExpreS2ion Biotech Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ExpreS2ion Biotech 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 ExpreS2ion Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ExpreS2ion Biotech has no effect on the direction of Biovica International i.e., Biovica International and ExpreS2ion Biotech go up and down completely randomly.
Pair Corralation between Biovica International and ExpreS2ion Biotech
Assuming the 90 days trading horizon Biovica International AB is expected to generate 1.49 times more return on investment than ExpreS2ion Biotech. However, Biovica International is 1.49 times more volatile than ExpreS2ion Biotech Holding. It trades about 0.05 of its potential returns per unit of risk. ExpreS2ion Biotech Holding is currently generating about -0.35 per unit of risk. If you would invest 223.00 in Biovica International AB on September 1, 2024 and sell it today you would earn a total of 7.00 from holding Biovica International AB or generate 3.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Biovica International AB vs. ExpreS2ion Biotech Holding
Performance |
| Timeline |
| Biovica International |
| ExpreS2ion Biotech |
Biovica International and ExpreS2ion Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biovica International and ExpreS2ion Biotech
The main advantage of trading using opposite Biovica International and ExpreS2ion Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biovica International position performs unexpectedly, ExpreS2ion Biotech 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 ExpreS2ion Biotech will offset losses from the drop in ExpreS2ion Biotech'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 |
| ExpreS2ion Biotech vs. Hansa Biopharma AB | ExpreS2ion Biotech vs. Saniona AB | ExpreS2ion Biotech vs. Oncopeptides AB |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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