Correlation Between Bionoid Pharma and Currenc Group

Can any of the company-specific risk be diversified away by investing in both Bionoid Pharma and Currenc Group 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 Bionoid Pharma and Currenc Group into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Bionoid Pharma and Currenc Group Ordinary, you can compare the effects of market volatilities on Bionoid Pharma and Currenc Group 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 Bionoid Pharma with a short position of Currenc Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bionoid Pharma and Currenc Group.

Diversification Opportunities for Bionoid Pharma and Currenc Group

-0.21

Correlation Coefficient

Bionoid Pharma  Currenc Group

Very good diversification

The 3 months correlation between Bionoid and Currenc is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Bionoid Pharma and Currenc Group Ordinary in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Currenc Group Ordinary and Bionoid Pharma 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 Bionoid Pharma are associated (or correlated) with Currenc Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Currenc Group Ordinary has no effect on the direction of Bionoid Pharma i.e., Bionoid Pharma and Currenc Group go up and down completely randomly.

Pair Corralation between Bionoid Pharma and Currenc Group

Given the investment horizon of 90 days Bionoid Pharma is expected to generate 2.45 times more return on investment than Currenc Group. However, Bionoid Pharma is 2.45 times more volatile than Currenc Group Ordinary. It trades about 0.08 of its potential returns per unit of risk. Currenc Group Ordinary is currently generating about 0.12 per unit of risk. If you would invest  2.99  in Bionoid Pharma on September 6, 2025 and sell it today you would lose (0.54) from holding Bionoid Pharma or give up 18.06% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Bionoid Pharma  vs.  Currenc Group Ordinary

Bionoid Pharma

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Bionoid Pharma are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Bionoid Pharma reported solid returns over the last few months and may actually be approaching a breakup point.

Currenc Group Ordinary

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Currenc Group Ordinary are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Even with relatively fragile basic indicators, Currenc Group reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Bionoid Pharma and Currenc Group

The main advantage of trading using opposite Bionoid Pharma and Currenc Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bionoid Pharma position performs unexpectedly, Currenc Group 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 Currenc Group will offset losses from the drop in Currenc Group's long position.

The idea behind Bionoid Pharma and Currenc Group Ordinary pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.