Correlation Between Biogen and DKIDKA
Can any of the company-specific risk be diversified away by investing in both Biogen and DKIDKA 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 Biogen and DKIDKA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Biogen Inc and Investeringsforeningen Danske Invest, you can compare the effects of market volatilities on Biogen and DKIDKA 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 Biogen with a short position of DKIDKA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biogen and DKIDKA.
Diversification Opportunities for Biogen and DKIDKA
Pay attention - limited upside
The 3 months correlation between Biogen and DKIDKA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Biogen Inc and Investeringsforeningen Danske in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsforeningen and Biogen 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 Biogen Inc are associated (or correlated) with DKIDKA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Investeringsforeningen has no effect on the direction of Biogen i.e., Biogen and DKIDKA go up and down completely randomly.
Pair Corralation between Biogen and DKIDKA
If you would invest 21,010 in Biogen Inc on January 24, 2024 and sell it today you would lose (1,599) from holding Biogen Inc or give up 7.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Biogen Inc vs. Investeringsforeningen Danske
Performance |
| Timeline |
| Biogen Inc |
| Investeringsforeningen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Biogen and DKIDKA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biogen and DKIDKA
The main advantage of trading using opposite Biogen and DKIDKA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biogen position performs unexpectedly, DKIDKA 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 DKIDKA will offset losses from the drop in DKIDKA's long position.| Biogen vs. Bristol Myers Squibb | Biogen vs. AbbVie Inc | Biogen vs. Merck Company | Biogen vs. Gilead Sciences |
| DKIDKA vs. Sparinvest Lange | DKIDKA vs. Investeringsforeningen Danske Invest | DKIDKA vs. Sparinv SICAV | DKIDKA vs. Sydinvest Virksomhedsobligationer HY |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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