Correlation Between BioLineRx and Transgene
Can any of the company-specific risk be diversified away by investing in both BioLineRx and Transgene 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 BioLineRx and Transgene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioLineRx and Transgene SA, you can compare the effects of market volatilities on BioLineRx and Transgene 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 BioLineRx with a short position of Transgene. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioLineRx and Transgene.
Diversification Opportunities for BioLineRx and Transgene
Pay attention - limited upside
The 3 months correlation between BioLineRx and Transgene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BioLineRx and Transgene SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Transgene SA and BioLineRx 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 BioLineRx are associated (or correlated) with Transgene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Transgene SA has no effect on the direction of BioLineRx i.e., BioLineRx and Transgene go up and down completely randomly.
Pair Corralation between BioLineRx and Transgene
If you would invest 159.00 in Transgene SA on November 4, 2024 and sell it today you would earn a total of 0.00 from holding Transgene SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioLineRx vs. Transgene SA
Performance |
| Timeline |
| BioLineRx |
| Transgene SA |
BioLineRx and Transgene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioLineRx and Transgene
The main advantage of trading using opposite BioLineRx and Transgene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioLineRx position performs unexpectedly, Transgene 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 Transgene will offset losses from the drop in Transgene's long position.| BioLineRx vs. Ardelyx | BioLineRx vs. Lexicon Pharmaceuticals | BioLineRx vs. Seres Therapeutics | BioLineRx vs. Immunitybio |
| Transgene vs. ANTA Sports Products | Transgene vs. Lindblad Expeditions Holdings | Transgene vs. Toro | Transgene vs. Hasbro Inc |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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