Correlation Between BioAffinity Technologies, and Star Equity
Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies, and Star Equity 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 Star Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between bioAffinity Technologies, and Star Equity Holdings, you can compare the effects of market volatilities on BioAffinity Technologies, and Star Equity 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 Star Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies, and Star Equity.
Diversification Opportunities for BioAffinity Technologies, and Star Equity
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BioAffinity and Star is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies, and Star Equity Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Star Equity Holdings 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 Star Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Star Equity Holdings has no effect on the direction of BioAffinity Technologies, i.e., BioAffinity Technologies, and Star Equity go up and down completely randomly.
Pair Corralation between BioAffinity Technologies, and Star Equity
Given the investment horizon of 90 days bioAffinity Technologies, is expected to generate 0.74 times more return on investment than Star Equity. However, bioAffinity Technologies, is 1.35 times less risky than Star Equity. It trades about -0.29 of its potential returns per unit of risk. Star Equity Holdings is currently generating about -0.28 per unit of risk. If you would invest 143.00 in bioAffinity Technologies, on September 1, 2024 and sell it today you would lose (21.00) from holding bioAffinity Technologies, or give up 14.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
bioAffinity Technologies, vs. Star Equity Holdings
Performance |
| Timeline |
| bioAffinity Technologies, |
| Star Equity Holdings |
BioAffinity Technologies, and Star Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioAffinity Technologies, and Star Equity
The main advantage of trading using opposite BioAffinity Technologies, and Star Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioAffinity Technologies, position performs unexpectedly, Star Equity 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 Star Equity will offset losses from the drop in Star Equity's long position.| BioAffinity Technologies, vs. Tff Pharmaceuticals | BioAffinity Technologies, vs. Eliem Therapeutics | BioAffinity Technologies, vs. Inhibrx | BioAffinity Technologies, vs. Enliven Therapeutics |
| Star Equity vs. Tff Pharmaceuticals | Star Equity vs. Eliem Therapeutics | Star Equity vs. Inhibrx | Star Equity vs. Enliven Therapeutics |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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