Correlation Between Biogen and Sparinvest Mix
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By analyzing existing cross correlation between Biogen Inc and Sparinvest Mix Lav, you can compare the effects of market volatilities on Biogen and Sparinvest Mix 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 Sparinvest Mix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biogen and Sparinvest Mix.
Diversification Opportunities for Biogen and Sparinvest Mix
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Biogen and Sparinvest is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Biogen Inc and Sparinvest Mix Lav in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sparinvest Mix Lav 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 Sparinvest Mix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sparinvest Mix Lav has no effect on the direction of Biogen i.e., Biogen and Sparinvest Mix go up and down completely randomly.
Pair Corralation between Biogen and Sparinvest Mix
Given the investment horizon of 90 days Biogen Inc is expected to under-perform the Sparinvest Mix. In addition to that, Biogen is 4.9 times more volatile than Sparinvest Mix Lav. It trades about -0.46 of its total potential returns per unit of risk. Sparinvest Mix Lav is currently generating about -0.08 per unit of volatility. If you would invest 9,892 in Sparinvest Mix Lav on January 20, 2024 and sell it today you would lose (42.00) from holding Sparinvest Mix Lav or give up 0.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Biogen Inc vs. Sparinvest Mix Lav
Performance |
| Timeline |
| Biogen Inc |
| Sparinvest Mix Lav |
Biogen and Sparinvest Mix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biogen and Sparinvest Mix
The main advantage of trading using opposite Biogen and Sparinvest Mix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biogen position performs unexpectedly, Sparinvest Mix 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 Sparinvest Mix will offset losses from the drop in Sparinvest Mix's long position.| Biogen vs. Bristol Myers Squibb | Biogen vs. AbbVie Inc | Biogen vs. Merck Company | Biogen vs. Gilead Sciences |
| Sparinvest Mix vs. Jyske Invest Nye | Sparinvest Mix vs. Jyske Invest Nye | Sparinvest Mix vs. Jyske Invest Hjt | Sparinvest Mix vs. Jyske Invest Lange |
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 Stocks Directory module to find actively traded stocks across global markets.
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