Biocardia Correlations

BCDA Stock

USD 2.66 0.04 1.53%

The correlation of Biocardia 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.

Biocardia Correlation With Market

Significant diversification

The correlation between Biocardia and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Biocardia and DJI in the same portfolio, assuming nothing else is changed.

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

For information on how to trade Biocardia Stock refer to our How to Trade Biocardia Stock guide.

Moving together with Biocardia Stock

0.63	VALN	Valneva SE ADR	Pair Corr
0.61	VRNA	Verona Pharma PLC	Pair Corr
0.65	VSTM	Verastem	Pair Corr

Moving against Biocardia Stock

0.6	VINC	Vincerx Pharma	Pair Corr
0.54	ME	23Andme Holding	Pair Corr
0.53	VKTX	Viking Therapeutics	Pair Corr
0.48	VANI	Vivani Medical Earnings Call This Week	Pair Corr
0.45	DSGN	Design Therapeutics	Pair Corr
0.41	DRRX	Durect Earnings Call This Week	Pair Corr
0.38	SABSW	SAB Biotherapeutics	Pair Corr
0.37	DNLI	Denali Therapeutics	Pair Corr
0.32	VCYT	Veracyte	Pair Corr
0.6	VTRS	Viatris	Pair Corr
0.54	VTYX	Ventyx Biosciences	Pair Corr
0.45	VRPX	Virpax Pharmaceuticals	Pair Corr
0.45	ELAN	Elanco Animal Health	Pair Corr
0.37	VRDN	Viridian Therapeutics Downward Rally	Pair Corr
0.35	VRCA	Verrica Pharmaceuticals	Pair Corr
0.35	VYNE	Vyne Therapeutics	Pair Corr
0.33	VRAX	Virax Biolabs Group	Pair Corr
0.31	DYAI	Dyadic International Earnings Call This Week	Pair Corr

Related Correlations Analysis

	AVTE	ADAG	ACRV	RZLT	ANTX	ZIVO	THRX	ERAS	FBRX	AMTI
AVTE		0.21	0.54	0.53	0.55	0.0	0.0	0.78	0.75	0.0	AVTE
ADAG	0.21		0.49	-0.17	0.51	0.0	0.0	0.37	0.28	0.0	ADAG
ACRV	0.54	0.49		0.33	0.47	0.0	0.0	0.75	0.71	0.0	ACRV
RZLT	0.53	-0.17	0.33		-0.18	0.0	0.0	0.47	0.66	0.0	RZLT
ANTX	0.55	0.51	0.47	-0.18		0.0	0.0	0.65	0.46	0.0	ANTX
ZIVO	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	ZIVO
THRX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	THRX
ERAS	0.78	0.37	0.75	0.47	0.65	0.0	0.0		0.94	0.0	ERAS
FBRX	0.75	0.28	0.71	0.66	0.46	0.0	0.0	0.94		0.0	FBRX
AMTI	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		AMTI
	AVTE	ADAG	ACRV	RZLT	ANTX	ZIVO	THRX	ERAS	FBRX	AMTI

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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

FBRX	+ 0.94	ERAS
ERAS	+ 0.78	AVTE
FBRX	+ 0.75	AVTE
ERAS	+ 0.75	ACRV
FBRX	+ 0.71	ACRV
FBRX	+ 0.66	RZLT

High negative correlations

ANTX	- 0.18	RZLT
RZLT	- 0.17	ADAG
AMTI	- 0.0	FBRX
AMTI	- 0.0	ERAS
AMTI	- 0.0	THRX
FBRX	- 0.0	THRX

Risk-Adjusted Indicators

There is a big difference between Biocardia Stock performing well and Biocardia 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 Biocardia'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
AVTE	1.30	(0.04)	(0.22)	2.07	(3.27)	10.45
ADAG	3.05	(0.08)	0.25	4.62	(8.25)	41.45
ACRV	4.16	(0.07)	(0.14)	10.17	(8.24)	30.57
RZLT	3.05	(0.41)	(0.51)	5.62	(6.49)	22.04
ANTX	2.46	(0.01)	(0.12)	5.41	(4.39)	17.09
ZIVO	0.00	0.00	0.00	0.00	0.00	0.00
THRX	0.00	0.00	0.00	0.00	0.00	0.00
ERAS	3.31	(0.86)	(0.70)	7.57	(8.74)	21.39
FBRX	4.98	(1.92)	(3.26)	8.94	(12.11)	28.46
AMTI	0.00	0.00	0.00	0.00	0.00	0.00

Biocardia Corporate Management

Edward Gillis	Senior Devices	Profile
Ian McNiece	Chief Officer	Profile
Sujith Shetty	Chief Regulatory	Profile
Sujith MBBS	Chief Regulatory	Profile

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