89bio Correlations

ETNB Stock

USD 8.55 0.15 1.72%

The current 90-days correlation between 89bio Inc and Day One Biopharmaceuticals is 0.3 (i.e., Weak diversification). The correlation of 89bio 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.

89bio Correlation With Market

Weak diversification

The correlation between 89bio Inc and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 89bio Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in 89bio 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 board of governors.

Moving together with 89bio Stock

0.69	EQ	Equillium	Pair Corr
0.68	DMAC	DiaMedica Therapeutics	Pair Corr
0.7	VALN	Valneva SE ADR	Pair Corr
0.73	VERV	Verve Therapeutics	Pair Corr
0.77	VIGL	Vigil Neuroscience	Pair Corr
0.72	VTVT	vTv Therapeutics Trending	Pair Corr

Moving against 89bio Stock

0.53	VINC	Vincerx Pharma	Pair Corr
0.48	DRRX	Durect Earnings Call This Week	Pair Corr
0.44	DRTS	Alpha Tau Medical	Pair Corr
0.44	SABSW	SAB Biotherapeutics	Pair Corr
0.4	VKTX	Viking Therapeutics	Pair Corr
0.38	DSGN	Design Therapeutics	Pair Corr
0.37	ME	23Andme Holding	Pair Corr
0.36	DRMA	Dermata Therapeutics	Pair Corr
0.37	VTYX	Ventyx Biosciences	Pair Corr
0.34	VRAX	Virax Biolabs Group	Pair Corr

Related Correlations Analysis

	MDGL	PLRX	ACLX	STOK	DAWN	XFOR	INZY	ABOS	MREO	VKTX
MDGL		-0.53	-0.25	-0.12	-0.19	-0.13	-0.34	-0.21	-0.31	-0.37	MDGL
PLRX	-0.53		0.47	0.7	0.56	0.56	0.73	0.44	0.81	0.76	PLRX
ACLX	-0.25	0.47		0.35	0.13	0.5	0.79	0.47	0.68	0.72	ACLX
STOK	-0.12	0.7	0.35		0.62	0.58	0.52	0.36	0.69	0.54	STOK
DAWN	-0.19	0.56	0.13	0.62		0.79	0.41	0.76	0.56	0.51	DAWN
XFOR	-0.13	0.56	0.5	0.58	0.79		0.6	0.81	0.66	0.63	XFOR
INZY	-0.34	0.73	0.79	0.52	0.41	0.6		0.43	0.88	0.88	INZY
ABOS	-0.21	0.44	0.47	0.36	0.76	0.81	0.43		0.48	0.55	ABOS
MREO	-0.31	0.81	0.68	0.69	0.56	0.66	0.88	0.48		0.93	MREO
VKTX	-0.37	0.76	0.72	0.54	0.51	0.63	0.88	0.55	0.93		VKTX
	MDGL	PLRX	ACLX	STOK	DAWN	XFOR	INZY	ABOS	MREO	VKTX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

VKTX	+ 0.93	MREO
MREO	+ 0.88	INZY
VKTX	+ 0.88	INZY
MREO	+ 0.81	PLRX
ABOS	+ 0.81	XFOR
INZY	+ 0.79	ACLX

High negative correlations

PLRX	- 0.53	MDGL
VKTX	- 0.37	MDGL
INZY	- 0.34	MDGL
MREO	- 0.31	MDGL
ACLX	- 0.25	MDGL
ABOS	- 0.21	MDGL

Risk-Adjusted Indicators

There is a big difference between 89bio Stock performing well and 89bio 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 89bio'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
MDGL	3.15	0.44	0.10	0.28	4.14	(3.23)	7.84	(8.15)	23.14
PLRX	6.84	(1.76)	0.00	(0.56)	0.00	0.00	12.37	(34.81)	80.84
ACLX	2.35	0.01	0.00	(0.09)	0.00	0.00	4.95	(5.21)	10.80
STOK	3.48	(0.14)	0.00	(0.18)	0.00	0.00	7.65	(9.52)	20.29
DAWN	2.84	(0.57)	0.00	(0.74)	0.00	0.00	6.36	(6.67)	22.86
XFOR	6.95	(0.70)	0.00	(2.58)	0.00	0.00	13.43	(14.29)	68.45
INZY	4.18	(1.42)	0.00	(0.88)	0.00	0.00	7.72	(12.21)	36.29
ABOS	2.93	(0.64)	0.00	(0.62)	0.00	0.00	6.57	(5.85)	19.77
MREO	2.61	(0.39)	0.00	2.53	0.00	0.00	6.16	(5.92)	20.77
VKTX	3.42	(0.53)	0.00	0.76	0.00	0.00	7.71	(7.34)	24.65

89bio Corporate Management

Harry MD	Chief Officer	Profile
Francis Sarena	Chief Officer	Profile
Rohan Palekar	CEO Director	Profile
Quoc LeNguyen	Chief Quality	Profile
Shiva CPA	Senior Officer	Profile
Shiva Natarajan	Senior Officer	Profile
Amanda Hill	VP Culture	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC