Biogen Correlations

BIIB Stock

USD 150.97 1.24 0.81%

The current 90-days correlation between Biogen Inc and Bristol Myers Squibb is 0.63 (i.e., Poor diversification). The correlation of Biogen 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.

Biogen Correlation With Market

Modest diversification

The correlation between Biogen Inc and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Biogen Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Biogen Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Biogen Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Biogen Stock

0.75	AAPL	Apple Inc	Pair Corr
0.77	GOOG	Alphabet Class C	Pair Corr
0.7	AVGO	Broadcom	Pair Corr
0.86	BMEZ	BlackRock Health Sciences	Pair Corr
0.81	WAFU	Wah Fu Education	Pair Corr
0.72	DD	Dupont De Nemours	Pair Corr
0.62	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.8	TRV	The Travelers Companies Earnings Call This Week	Pair Corr
0.63	AXP	American Express	Pair Corr
0.75	INTC	Intel Aggressive Push	Pair Corr
0.66	BAC	Bank of America Earnings Call This Week	Pair Corr
0.61	PFE	Pfizer Inc	Pair Corr
0.66	GE	GE Aerospace	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.71	MRK	Merck Company	Pair Corr

Moving against Biogen Stock

0.65	JSPR	Jasper Therapeutics	Pair Corr
0.64	KO	Coca Cola	Pair Corr
0.57	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	BMY	ABBV	MRK	GILD	JNJ	AMGN	PFE	SNY	NVS	GSK
BMY		-0.35	0.41	0.15	-0.24	0.46	0.38	0.7	0.07	-0.16	BMY
ABBV	-0.35		0.51	0.22	0.89	-0.42	0.43	-0.08	0.79	0.93	ABBV
MRK	0.41	0.51		0.2	0.51	0.33	0.9	0.66	0.76	0.7	MRK
GILD	0.15	0.22	0.2		0.38	-0.07	0.22	0.16	0.31	0.26	GILD
JNJ	-0.24	0.89	0.51	0.38		-0.34	0.42	0.03	0.74	0.8	JNJ
AMGN	0.46	-0.42	0.33	-0.07	-0.34		0.39	0.68	-0.21	-0.22	AMGN
PFE	0.38	0.43	0.9	0.22	0.42	0.39		0.65	0.67	0.61	PFE
SNY	0.7	-0.08	0.66	0.16	0.03	0.68	0.65		0.24	0.11	SNY
NVS	0.07	0.79	0.76	0.31	0.74	-0.21	0.67	0.24		0.89	NVS
GSK	-0.16	0.93	0.7	0.26	0.8	-0.22	0.61	0.11	0.89		GSK
	BMY	ABBV	MRK	GILD	JNJ	AMGN	PFE	SNY	NVS	GSK

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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

GSK	+ 0.93	ABBV
PFE	+ 0.9	MRK
JNJ	+ 0.89	ABBV
GSK	+ 0.89	NVS
GSK	+ 0.8	JNJ
NVS	+ 0.79	ABBV

High negative correlations

AMGN	- 0.42	ABBV
ABBV	- 0.35	BMY
AMGN	- 0.34	JNJ
JNJ	- 0.24	BMY
GSK	- 0.22	AMGN
NVS	- 0.21	AMGN

Risk-Adjusted Indicators

There is a big difference between Biogen Stock performing well and Biogen 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 Biogen'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
BMY	1.33	(0.14)	0.00	(0.05)	0.00	0.00	2.64	(2.84)	8.76
ABBV	1.07	0.27	0.21	0.47	0.84	(1.28)	3.28	(1.59)	8.75
MRK	1.31	0.03	0.03	0.10	1.37	(1.43)	2.91	(2.57)	8.73
GILD	1.28	0.04	0.03	0.11	1.47	(1.40)	2.65	(2.70)	11.09
JNJ	0.76	0.27	0.32	0.61	0.32	(0.95)	2.09	(1.12)	7.91
AMGN	1.14	(0.07)	(0.04)	0.00	1.49	(1.19)	3.00	(2.24)	8.46
PFE	1.26	(0.02)	(0.02)	0.05	1.58	(1.38)	3.61	(2.93)	10.27
SNY	1.37	(0.03)	(0.01)	0.03	2.52	(1.29)	2.78	(2.87)	12.03
NVS	0.97	0.08	0.04	0.20	1.22	(1.02)	2.19	(2.48)	5.95
GSK	1.36	0.14	0.07	0.23	1.70	(1.38)	3.14	(3.30)	9.44

Biogen Corporate Executives

Elected by the shareholders, the Biogen's board of directors comprises two types of representatives: Biogen inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Biogen. The board's role is to monitor Biogen's management team and ensure that shareholders' interests are well served. Biogen's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Biogen's outside directors are responsible for providing unbiased perspectives on the board's policies.

Michael CPA

Executive CFO

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