Biogen Correlations

BIIB Stock

USD 141.43 1.66 1.16%

The current 90-days correlation between Biogen Inc and Bristol Myers Squibb is 0.34 (i.e., Weak 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

Average diversification

The correlation between Biogen Inc and DJI is 0.15 (i.e., Average 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.

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 signals in gross domestic product.

Moving together with Biogen Stock

0.73	VERA	Vera Therapeutics	Pair Corr
0.78	DSGN	Design Therapeutics Potential Growth	Pair Corr
0.7	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.78	VKTX	Viking Therapeutics	Pair Corr
0.72	VTYX	Ventyx Biosciences	Pair Corr

Moving against Biogen Stock

0.69	VALN	Valneva SE ADR	Pair Corr
0.64	DMAC	DiaMedica Therapeutics	Pair Corr
0.61	VIGL	Vigil Neuroscience	Pair Corr
0.47	VERV	Verve Therapeutics	Pair Corr
0.46	EQ	Equillium	Pair Corr
0.74	VRNA	Verona Pharma PLC	Pair Corr
0.53	VTVT	vTv Therapeutics	Pair Corr
0.49	SRZNW	Surrozen Warrant	Pair Corr
0.47	EDSA	Edesa Biotech	Pair Corr
0.39	VRTX	Vertex Pharmaceuticals	Pair Corr

Related Correlations Analysis

	BMY	ABBV	MRK	GILD	JNJ	AMGN	PFE	SNY	NVS	GSK
BMY		0.55	0.05	0.57	0.59	0.62	0.47	0.69	0.57	0.65	BMY
ABBV	0.55		-0.58	0.96	0.96	0.94	0.18	0.89	0.95	0.95	ABBV
MRK	0.05	-0.58		-0.55	-0.59	-0.61	0.1	-0.55	-0.61	-0.51	MRK
GILD	0.57	0.96	-0.55		0.97	0.94	0.18	0.89	0.91	0.94	GILD
JNJ	0.59	0.96	-0.59	0.97		0.97	0.21	0.91	0.94	0.95	JNJ
AMGN	0.62	0.94	-0.61	0.94	0.97		0.17	0.94	0.97	0.96	AMGN
PFE	0.47	0.18	0.1	0.18	0.21	0.17		0.29	0.12	0.17	PFE
SNY	0.69	0.89	-0.55	0.89	0.91	0.94	0.29		0.92	0.91	SNY
NVS	0.57	0.95	-0.61	0.91	0.94	0.97	0.12	0.92		0.95	NVS
GSK	0.65	0.95	-0.51	0.94	0.95	0.96	0.17	0.91	0.95		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

JNJ	+ 0.97	GILD
AMGN	+ 0.97	JNJ
NVS	+ 0.97	AMGN
GILD	+ 0.96	ABBV
JNJ	+ 0.96	ABBV
GSK	+ 0.96	AMGN

High negative correlations

NVS	- 0.61	MRK
AMGN	- 0.61	MRK
JNJ	- 0.59	MRK
MRK	- 0.58	ABBV
SNY	- 0.55	MRK
GILD	- 0.55	MRK

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	1.23	0.07	0.08	1.96	1.84	(1.09)	3.18	(2.80)	7.43
ABBV	1.05	0.32	0.41	2.68	0.69	(1.26)	2.37	(1.47)	6.46
MRK	1.17	(0.07)	0.00	1.31	0.00	0.00	2.07	(1.80)	11.58
GILD	1.06	0.32	0.30	0.99	0.93	(1.17)	2.28	(2.04)	9.83
JNJ	0.89	0.16	0.22	1.67	0.95	(0.93)	1.79	(1.81)	5.95
AMGN	1.05	0.28	0.21	0.44	1.25	(1.06)	2.22	(2.59)	9.76
PFE	1.05	0.08	0.13	0.42	1.17	(1.09)	2.20	(2.04)	7.11
SNY	1.16	0.30	0.31	(2.03)	0.96	(1.43)	2.77	(1.82)	10.59
NVS	0.98	0.18	0.24	(1.02)	1.04	(1.12)	2.39	(2.12)	7.69
GSK	1.22	0.27	0.24	0.59	1.22	(1.39)	2.24	(2.03)	11.70

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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