Correlation Between Xenetic Biosciences and BiondVax Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Xenetic Biosciences and BiondVax Pharmaceuticals 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 Xenetic Biosciences and BiondVax Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xenetic Biosciences and BiondVax Pharmaceuticals, you can compare the effects of market volatilities on Xenetic Biosciences and BiondVax Pharmaceuticals 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 Xenetic Biosciences with a short position of BiondVax Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xenetic Biosciences and BiondVax Pharmaceuticals.
Diversification Opportunities for Xenetic Biosciences and BiondVax Pharmaceuticals
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xenetic and BiondVax is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Xenetic Biosciences and BiondVax Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BiondVax Pharmaceuticals and Xenetic Biosciences 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 Xenetic Biosciences are associated (or correlated) with BiondVax Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BiondVax Pharmaceuticals has no effect on the direction of Xenetic Biosciences i.e., Xenetic Biosciences and BiondVax Pharmaceuticals go up and down completely randomly.
Pair Corralation between Xenetic Biosciences and BiondVax Pharmaceuticals
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 |
Xenetic Biosciences vs. BiondVax Pharmaceuticals
Performance |
| Timeline |
| Xenetic Biosciences |
| BiondVax Pharmaceuticals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xenetic Biosciences and BiondVax Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xenetic Biosciences and BiondVax Pharmaceuticals
The main advantage of trading using opposite Xenetic Biosciences and BiondVax Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xenetic Biosciences position performs unexpectedly, BiondVax Pharmaceuticals 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 BiondVax Pharmaceuticals will offset losses from the drop in BiondVax Pharmaceuticals' long position.| Xenetic Biosciences vs. Transcode Therapeutics | Xenetic Biosciences vs. ZyVersa Therapeutics | Xenetic Biosciences vs. Immix Biopharma | Xenetic Biosciences vs. Phio Pharmaceuticals Corp |
| BiondVax Pharmaceuticals vs. Salarius Pharmaceuticals | BiondVax Pharmaceuticals vs. SAB Biotherapeutics | BiondVax Pharmaceuticals vs. Vaccinex | BiondVax Pharmaceuticals vs. GeoVax Labs |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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