Correlation Between BiondVax Pharmaceuticals and Xenetic Biosciences
Can any of the company-specific risk be diversified away by investing in both BiondVax Pharmaceuticals and Xenetic Biosciences 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 BiondVax Pharmaceuticals and Xenetic Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BiondVax Pharmaceuticals and Xenetic Biosciences, you can compare the effects of market volatilities on BiondVax Pharmaceuticals and Xenetic Biosciences 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 BiondVax Pharmaceuticals with a short position of Xenetic Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of BiondVax Pharmaceuticals and Xenetic Biosciences.
Diversification Opportunities for BiondVax Pharmaceuticals and Xenetic Biosciences
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between BiondVax and Xenetic is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding BiondVax Pharmaceuticals and Xenetic Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xenetic Biosciences and BiondVax Pharmaceuticals 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 BiondVax Pharmaceuticals are associated (or correlated) with Xenetic Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xenetic Biosciences has no effect on the direction of BiondVax Pharmaceuticals i.e., BiondVax Pharmaceuticals and Xenetic Biosciences go up and down completely randomly.
Pair Corralation between BiondVax Pharmaceuticals and Xenetic Biosciences
If you would invest 410.00 in Xenetic Biosciences on September 2, 2024 and sell it today you would earn a total of 16.00 from holding Xenetic Biosciences or generate 3.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
BiondVax Pharmaceuticals vs. Xenetic Biosciences
Performance |
| Timeline |
| BiondVax Pharmaceuticals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Xenetic Biosciences |
BiondVax Pharmaceuticals and Xenetic Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BiondVax Pharmaceuticals and Xenetic Biosciences
The main advantage of trading using opposite BiondVax Pharmaceuticals and Xenetic Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BiondVax Pharmaceuticals position performs unexpectedly, Xenetic Biosciences 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 Xenetic Biosciences will offset losses from the drop in Xenetic Biosciences' long position.| BiondVax Pharmaceuticals vs. Salarius Pharmaceuticals | BiondVax Pharmaceuticals vs. SAB Biotherapeutics | BiondVax Pharmaceuticals vs. Vaccinex | BiondVax Pharmaceuticals vs. GeoVax Labs |
| Xenetic Biosciences vs. Transcode Therapeutics | Xenetic Biosciences vs. ZyVersa Therapeutics | Xenetic Biosciences vs. Immix Biopharma | Xenetic Biosciences vs. Phio Pharmaceuticals Corp |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |