Correlation Between Transgene and BioLineRx
Can any of the company-specific risk be diversified away by investing in both Transgene and BioLineRx 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 Transgene and BioLineRx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Transgene SA and BioLineRx, you can compare the effects of market volatilities on Transgene and BioLineRx 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 Transgene with a short position of BioLineRx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Transgene and BioLineRx.
Diversification Opportunities for Transgene and BioLineRx
Pay attention - limited upside
The 3 months correlation between Transgene and BioLineRx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Transgene SA and BioLineRx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioLineRx and Transgene 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 Transgene SA are associated (or correlated) with BioLineRx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioLineRx has no effect on the direction of Transgene i.e., Transgene and BioLineRx go up and down completely randomly.
Pair Corralation between Transgene and BioLineRx
If you would invest 159.00 in Transgene SA on October 25, 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 |
Transgene SA vs. BioLineRx
Performance |
| Timeline |
| Transgene SA |
| BioLineRx |
Transgene and BioLineRx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Transgene and BioLineRx
The main advantage of trading using opposite Transgene and BioLineRx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Transgene position performs unexpectedly, BioLineRx 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 BioLineRx will offset losses from the drop in BioLineRx's long position.| Transgene vs. Sensient Technologies | Transgene vs. Axalta Coating Systems | Transgene vs. Avient Corp | Transgene vs. NetSol Technologies |
| BioLineRx vs. Ardelyx | BioLineRx vs. Lexicon Pharmaceuticals | BioLineRx vs. Seres Therapeutics | BioLineRx vs. Immunitybio |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Commodity Directory Find actively traded commodities issued by global exchanges |