Correlation Between BioAffinity Technologies, and Sera Prognostics
Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies, and Sera Prognostics at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining BioAffinity Technologies, and Sera Prognostics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between bioAffinity Technologies, and Sera Prognostics, you can compare the effects of market volatilities on BioAffinity Technologies, and Sera Prognostics and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in BioAffinity Technologies, with a short position of Sera Prognostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies, and Sera Prognostics.
Diversification Opportunities for BioAffinity Technologies, and Sera Prognostics
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioAffinity and Sera is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies, and Sera Prognostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sera Prognostics and BioAffinity Technologies, is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on bioAffinity Technologies, are associated (or correlated) with Sera Prognostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sera Prognostics has no effect on the direction of BioAffinity Technologies, i.e., BioAffinity Technologies, and Sera Prognostics go up and down completely randomly.
Pair Corralation between BioAffinity Technologies, and Sera Prognostics
Given the investment horizon of 90 days BioAffinity Technologies, is expected to generate 6.75 times less return on investment than Sera Prognostics. But when comparing it to its historical volatility, bioAffinity Technologies, is 1.27 times less risky than Sera Prognostics. It trades about 0.01 of its potential returns per unit of risk. Sera Prognostics is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 125.00 in Sera Prognostics on August 26, 2024 and sell it today you would earn a total of 529.00 from holding Sera Prognostics or generate 423.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
bioAffinity Technologies, vs. Sera Prognostics
Performance |
| Timeline |
| bioAffinity Technologies, |
| Sera Prognostics |
BioAffinity Technologies, and Sera Prognostics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioAffinity Technologies, and Sera Prognostics
The main advantage of trading using opposite BioAffinity Technologies, and Sera Prognostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioAffinity Technologies, position performs unexpectedly, Sera Prognostics can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Sera Prognostics will offset losses from the drop in Sera Prognostics' long position.| BioAffinity Technologies, vs. Eliem Therapeutics | BioAffinity Technologies, vs. HCW Biologics | BioAffinity Technologies, vs. Scpharmaceuticals | BioAffinity Technologies, vs. Milestone Pharmaceuticals |
| Sera Prognostics vs. Fonar | Sera Prognostics vs. Burning Rock Biotech | Sera Prognostics vs. Exagen Inc | Sera Prognostics vs. Sotera Health Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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