BB Biotech Correlations

BBZA Stock

EUR 28.45 0.05 0.18%

The current 90-days correlation between BB Biotech AG and Novo Nordisk AS is 0.24 (i.e., Modest diversification). The correlation of BB Biotech is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

BB Biotech Correlation With Market

Weak diversification

The correlation between BB Biotech AG and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BB Biotech AG and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BB Biotech could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BB Biotech when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back BB Biotech - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling BB Biotech AG to buy it.

Moving together with BBZA Stock

0.89	NOVA	Novo Nordisk AS	Pair Corr
0.89	CSJA	CSL LTD SPONADR	Pair Corr
0.88	CSJ	CSL Limited	Pair Corr
0.61	MBG	Mercedes Benz Group	Pair Corr
0.79	0QF	Moderna	Pair Corr
0.92	22UA	BioNTech SE	Pair Corr
0.64	ASJA	ASTRA INTERNATIONAL	Pair Corr
0.71	TCID	Telkom Indonesia Tbk	Pair Corr
0.62	432	ARBOR METALS P	Pair Corr

Moving against BBZA Stock

0.84	1RF	SITKA GOLD P	Pair Corr
0.82	GZFB	ENGIE ADR1 EO	Pair Corr
0.82	H3M	HOCHSCHILD MINING	Pair Corr
0.81	RHM	Rheinmetall AG	Pair Corr
0.76	TKA	thyssenkrupp AG	Pair Corr
0.74	TKA	thyssenkrupp AG	Pair Corr
0.62	ZZG	INFORMATION SVC GRP	Pair Corr
0.54	E6Q	Gold Road Resources	Pair Corr
0.45	LLD2	Lloyds Banking Group	Pair Corr
0.31	ITB	Imperial Brands PLC	Pair Corr
0.87	KPN	Koninklijke KPN NV	Pair Corr
0.84	GZF	Engie SA	Pair Corr
0.78	TSI	Tsingtao Brewery	Pair Corr
0.67	VVDH	VEOLIA ENV SP	Pair Corr

Related Correlations Analysis

	NOVA	CSJ	MBG	VX1	0QF	1FW1	22UA
NOVA		0.81	0.63	-0.01	0.72	-0.12	0.86	NOVA
CSJ	0.81		0.34	-0.33	0.79	-0.34	0.89	CSJ
MBG	0.63	0.34		0.44	0.53	0.44	0.42	MBG
VX1	-0.01	-0.33	0.44		-0.24	0.79	-0.28	VX1
0QF	0.72	0.79	0.53	-0.24		-0.26	0.79	0QF
1FW1	-0.12	-0.34	0.44	0.79	-0.26		-0.37	1FW1
22UA	0.86	0.89	0.42	-0.28	0.79	-0.37		22UA
	NOVA	CSJ	MBG	VX1	0QF	1FW1	22UA

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

22UA	+ 0.89	CSJ
22UA	+ 0.86	NOVA
CSJ	+ 0.81	NOVA
0QF	+ 0.79	CSJ
1FW1	+ 0.79	VX1
22UA	+ 0.79	0QF

High negative correlations

22UA	- 0.37	1FW1
1FW1	- 0.34	CSJ
VX1	- 0.33	CSJ
22UA	- 0.28	VX1
1FW1	- 0.26	0QF
0QF	- 0.24	VX1

Risk-Adjusted Indicators

There is a big difference between BBZA Stock performing well and BB Biotech Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze BB Biotech's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NOVA	2.44	(0.45)	0.00	(0.52)	0.00	0.00	5.56	(5.31)	16.47
CSJ	1.29	(0.34)	0.00	(0.67)	0.00	0.00	2.41	(2.86)	10.77
MBG	1.70	(0.07)	0.00	(0.16)	0.00	0.00	2.39	(4.40)	15.85
VX1	1.45	0.05	0.08	(0.27)	1.90	(1.45)	2.60	(2.55)	10.44
0QF	3.95	(0.80)	0.00	(2.20)	0.00	0.00	8.23	(7.60)	21.89
1FW1	3.44	0.13	0.04	0.55	5.02	(3.90)	10.57	(6.30)	38.74
22UA	2.29	(0.44)	0.00	(0.89)	0.00	0.00	5.07	(5.54)	14.37

Be your own money manager

Our tools can tell you how much better you can do entering a position in BB Biotech without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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