Vytrus Biotech Correlations

VYT Stock

2.84 0.04 1.43%

The current 90-days correlation between Vytrus Biotech SA and Millenium Hotels Real is -0.23 (i.e., Very good diversification). The correlation of Vytrus Biotech 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.

Vytrus Biotech Correlation With Market

Average diversification

The correlation between Vytrus Biotech SA 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 Vytrus Biotech SA and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Vytrus Biotech could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Vytrus Biotech when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Vytrus Biotech - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Vytrus Biotech SA to buy it.

Moving together with Vytrus Stock

0.63	AIR	Airbus Group SE	Pair Corr
0.63	XVALO	Vale SA	Pair Corr
0.68	IBE	Iberdrola SA	Pair Corr
0.95	SAN	Banco Santander	Pair Corr
0.92	BBVA	Banco Bilbao Vizcaya	Pair Corr
0.92	CABK	Caixabank SA	Pair Corr
0.79	NEA	Nicolas Correa SA	Pair Corr
0.64	ALNT	Alantra Partners Earnings Call Today	Pair Corr
0.92	MTS	ArcelorMittal SA	Pair Corr
0.62	YATO	Atom Hoteles Socimi	Pair Corr
0.87	YVIT	Vitruvio Real Estate	Pair Corr
0.77	ENG	Enags SA	Pair Corr
0.68	BST	Biotechnology Assets	Pair Corr
0.9	SAB	Banco de Sabadell	Pair Corr
0.69	MAP	Mapfre	Pair Corr
0.91	YHSP	Hispanotels Inversiones	Pair Corr
0.74	EIDF	Energa Innovacin y	Pair Corr
0.77	PHM	Pharma Mar SA	Pair Corr
0.94	MVC	Metrovacesa SA	Pair Corr
0.74	ANA	Acciona	Pair Corr
0.74	TRE	Tecnicas Reunidas	Pair Corr
0.69	ALB	Corporacion Financiera	Pair Corr
0.7	GRE	Grenergy Renovables	Pair Corr
0.87	NTGY	Naturgy Energy Group	Pair Corr

Related Correlations Analysis

	YMHRE	BST	HOME	BAIN	YHSP	AEDAS	MIO
YMHRE		-0.67	0.34	-0.72	-0.8	-0.6	0.48	YMHRE
BST	-0.67		-0.07	0.71	0.62	0.57	-0.65	BST
HOME	0.34	-0.07		-0.27	-0.36	0.34	-0.01	HOME
BAIN	-0.72	0.71	-0.27		0.81	0.57	-0.59	BAIN
YHSP	-0.8	0.62	-0.36	0.81		0.65	-0.7	YHSP
AEDAS	-0.6	0.57	0.34	0.57	0.65		-0.66	AEDAS
MIO	0.48	-0.65	-0.01	-0.59	-0.7	-0.66		MIO
	YMHRE	BST	HOME	BAIN	YHSP	AEDAS	MIO

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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

YHSP	+ 0.81	BAIN
BAIN	+ 0.71	BST
AEDAS	+ 0.65	YHSP
YHSP	+ 0.62	BST
AEDAS	+ 0.57	BST
AEDAS	+ 0.57	BAIN

High negative correlations

YHSP	- 0.8	YMHRE
BAIN	- 0.72	YMHRE
MIO	- 0.7	YHSP
BST	- 0.67	YMHRE
MIO	- 0.66	AEDAS
MIO	- 0.65	BST

Risk-Adjusted Indicators

There is a big difference between Vytrus Stock performing well and Vytrus Biotech 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 Vytrus Biotech'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
YMHRE	0.56	(0.12)	0.00	0.67	0.00	0.00	1.53	(0.83)	6.70
BST	2.82	0.10	0.04	0.18	3.09	(4.72)	6.45	(5.88)	16.77
HOME	1.24	(0.01)	0.00	(0.20)	0.00	0.00	2.97	(2.55)	9.53
BAIN	0.70	0.26	0.21	(8.75)	0.00	(3.55)	0.59	(0.58)	17.58
YHSP	0.69	0.12	0.12	1.87	0.61	(2.20)	2.44	(1.72)	4.22
AEDAS	1.29	0.33	0.25	0.49	1.25	(1.46)	3.21	(2.24)	8.74
MIO	0.75	(0.32)	0.00	(1.83)	0.00	0.00	0.74	(3.45)	7.85

Vytrus Biotech Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Vytrus Biotech stock to make a market-neutral strategy. Peer analysis of Vytrus Biotech could also be used in its relative valuation, which is a method of valuing Vytrus Biotech by comparing valuation metrics with similar companies.

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