Correlation Between BioAffinity Technologies and AppTech Payments
Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies and AppTech Payments 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 AppTech Payments into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between bioAffinity Technologies Warrant and AppTech Payments Corp, you can compare the effects of market volatilities on BioAffinity Technologies and AppTech Payments 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 AppTech Payments. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies and AppTech Payments.
Diversification Opportunities for BioAffinity Technologies and AppTech Payments
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BioAffinity and AppTech is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies Warra and AppTech Payments Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AppTech Payments Corp 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 Warrant are associated (or correlated) with AppTech Payments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AppTech Payments Corp has no effect on the direction of BioAffinity Technologies i.e., BioAffinity Technologies and AppTech Payments go up and down completely randomly.
Pair Corralation between BioAffinity Technologies and AppTech Payments
Assuming the 90 days horizon bioAffinity Technologies Warrant is expected to generate 0.84 times more return on investment than AppTech Payments. However, bioAffinity Technologies Warrant is 1.19 times less risky than AppTech Payments. It trades about 0.23 of its potential returns per unit of risk. AppTech Payments Corp is currently generating about -0.06 per unit of risk. If you would invest 37.00 in bioAffinity Technologies Warrant on October 23, 2024 and sell it today you would earn a total of 12.00 from holding bioAffinity Technologies Warrant or generate 32.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 77.78% |
| Values | Daily Returns |
bioAffinity Technologies Warra vs. AppTech Payments Corp
Performance |
| Timeline |
| BioAffinity Technologies |
| AppTech Payments Corp |
BioAffinity Technologies and AppTech Payments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioAffinity Technologies and AppTech Payments
The main advantage of trading using opposite BioAffinity Technologies and AppTech Payments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioAffinity Technologies position performs unexpectedly, AppTech Payments 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 AppTech Payments will offset losses from the drop in AppTech Payments' long position.| BioAffinity Technologies vs. bioAffinity Technologies, | BioAffinity Technologies vs. AAP Inc | BioAffinity Technologies vs. Discount Print USA | BioAffinity Technologies vs. China Dongsheng International |
| AppTech Payments vs. American Rebel Holdings | AppTech Payments vs. bioAffinity Technologies Warrant | AppTech Payments vs. TC BioPharm plc | AppTech Payments vs. NextNav Warrant |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |