Correlation Between Biocardia and Tevogen Bio
Can any of the company-specific risk be diversified away by investing in both Biocardia and Tevogen Bio 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 Biocardia and Tevogen Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Biocardia and Tevogen Bio Holdings, you can compare the effects of market volatilities on Biocardia and Tevogen Bio 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 Biocardia with a short position of Tevogen Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biocardia and Tevogen Bio.
Diversification Opportunities for Biocardia and Tevogen Bio
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Biocardia and Tevogen is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Biocardia and Tevogen Bio Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tevogen Bio Holdings and Biocardia 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 Biocardia are associated (or correlated) with Tevogen Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tevogen Bio Holdings has no effect on the direction of Biocardia i.e., Biocardia and Tevogen Bio go up and down completely randomly.
Pair Corralation between Biocardia and Tevogen Bio
Given the investment horizon of 90 days Biocardia is expected to generate 1.15 times more return on investment than Tevogen Bio. However, Biocardia is 1.15 times more volatile than Tevogen Bio Holdings. It trades about -0.05 of its potential returns per unit of risk. Tevogen Bio Holdings is currently generating about -0.16 per unit of risk. If you would invest 214.00 in Biocardia on September 12, 2025 and sell it today you would lose (67.00) from holding Biocardia or give up 31.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biocardia vs. Tevogen Bio Holdings
Performance |
| Timeline |
| Biocardia |
| Tevogen Bio Holdings |
Biocardia and Tevogen Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biocardia and Tevogen Bio
The main advantage of trading using opposite Biocardia and Tevogen Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biocardia position performs unexpectedly, Tevogen Bio 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 Tevogen Bio will offset losses from the drop in Tevogen Bio's long position.| Biocardia vs. Creative Medical Technology | Biocardia vs. Aprea Therapeutics | Biocardia vs. Acurx Pharmaceuticals LLC | Biocardia vs. Kiora Pharmaceuticals |
| Tevogen Bio vs. Surrozen | Tevogen Bio vs. Atossa Genetics | Tevogen Bio vs. Cognition Therapeutics | Tevogen Bio vs. Whitehawk Therapeutics, |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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