Correlation Between Biovica International and Hansa Biopharma
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By analyzing existing cross correlation between Biovica International AB and Hansa Biopharma AB, you can compare the effects of market volatilities on Biovica International and Hansa Biopharma 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 Hansa Biopharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biovica International and Hansa Biopharma.
Diversification Opportunities for Biovica International and Hansa Biopharma
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Biovica and Hansa is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Biovica International AB and Hansa Biopharma AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hansa Biopharma AB 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 Hansa Biopharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hansa Biopharma AB has no effect on the direction of Biovica International i.e., Biovica International and Hansa Biopharma go up and down completely randomly.
Pair Corralation between Biovica International and Hansa Biopharma
Assuming the 90 days trading horizon Biovica International AB is expected to generate 1.7 times more return on investment than Hansa Biopharma. However, Biovica International is 1.7 times more volatile than Hansa Biopharma AB. It trades about -0.03 of its potential returns per unit of risk. Hansa Biopharma AB is currently generating about -0.44 per unit of risk. If you would invest 185.00 in Biovica International AB on October 26, 2024 and sell it today you would lose (8.00) from holding Biovica International AB or give up 4.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biovica International AB vs. Hansa Biopharma AB
Performance |
| Timeline |
| Biovica International |
| Hansa Biopharma AB |
Biovica International and Hansa Biopharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biovica International and Hansa Biopharma
The main advantage of trading using opposite Biovica International and Hansa Biopharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biovica International position performs unexpectedly, Hansa Biopharma 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 Hansa Biopharma will offset losses from the drop in Hansa Biopharma'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 |
| Hansa Biopharma vs. Oncopeptides AB | Hansa Biopharma vs. ExpreS2ion Biotech Holding | Hansa Biopharma vs. BioInvent International AB | Hansa Biopharma vs. Zealand Pharma AS |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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