Briacell Therapeutics Correlations

BCTX Stock

USD 0.60 0.02 3.97%

The current 90-days correlation between Briacell Therapeutics and Elevation Oncology is 0.19 (i.e., Average diversification). The correlation of Briacell Therapeutics 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Briacell Therapeutics Correlation With Market

Significant diversification

The correlation between Briacell Therapeutics Corp and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Briacell Therapeutics Corp 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 Briacell Therapeutics Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Briacell Stock

0.62

FLGC

Flora Growth Corp

Pair Corr

Moving against Briacell Stock

0.35	PTN	Palatin Technologies	Pair Corr
0.41	SMMT	Summit Therapeutics PLC	Pair Corr
0.4	TOVX	Theriva Biologics	Pair Corr

Related Correlations Analysis

	XFOR	TERN	DAWN	PDSB	INZY	EFTR	ELEV	MREO	HEPA
XFOR		0.74	0.09	0.43	0.55	0.28	0.12	0.42	-0.14	XFOR
TERN	0.74		0.2	0.61	0.8	0.55	-0.23	0.55	0.19	TERN
DAWN	0.09	0.2		0.55	0.41	0.02	-0.07	0.62	0.39	DAWN
PDSB	0.43	0.61	0.55		0.86	0.23	-0.51	0.84	0.2	PDSB
INZY	0.55	0.8	0.41	0.86		0.47	-0.46	0.86	0.33	INZY
EFTR	0.28	0.55	0.02	0.23	0.47		-0.09	0.26	0.27	EFTR
ELEV	0.12	-0.23	-0.07	-0.51	-0.46	-0.09		-0.33	-0.08	ELEV
MREO	0.42	0.55	0.62	0.84	0.86	0.26	-0.33		0.31	MREO
HEPA	-0.14	0.19	0.39	0.2	0.33	0.27	-0.08	0.31		HEPA
	XFOR	TERN	DAWN	PDSB	INZY	EFTR	ELEV	MREO	HEPA

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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

INZY	+ 0.86	PDSB
MREO	+ 0.86	INZY
MREO	+ 0.84	PDSB
INZY	+ 0.8	TERN
TERN	+ 0.74	XFOR
MREO	+ 0.62	DAWN

High negative correlations

ELEV	- 0.51	PDSB
ELEV	- 0.46	INZY
MREO	- 0.33	ELEV
ELEV	- 0.23	TERN
HEPA	- 0.14	XFOR
ELEV	- 0.09	EFTR

Risk-Adjusted Indicators

There is a big difference between Briacell Stock performing well and Briacell Therapeutics 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 Briacell Therapeutics' 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
XFOR	6.56	0.96	0.07	(0.46)	10.69	(8.15)	13.85	(11.11)	67.48
TERN	2.84	(0.44)	0.00	(1.27)	0.00	0.00	5.68	(5.96)	20.36
DAWN	1.90	(0.11)	0.00	(0.15)	0.00	0.00	3.71	(3.69)	11.05
PDSB	3.77	(0.55)	0.00	(5.53)	0.00	0.00	8.37	(8.65)	31.83
INZY	2.91	(1.00)	0.00	1.20	0.00	0.00	5.07	(7.92)	16.32
EFTR	7.57	(4.62)	0.00	(1.61)	0.00	0.00	8.70	(27.78)	88.91
ELEV	3.91	0.16	0.03	0.11	4.76	(4.23)	8.33	(8.06)	22.33
MREO	2.60	(0.38)	0.00	(0.50)	0.00	0.00	4.80	(7.59)	16.40
HEPA	3.72	(0.22)	0.00	(0.41)	0.00	0.00	8.06	(8.00)	35.17

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