Correlation Between BioAffinity Technologies and Fonar
Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies and Fonar 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 Fonar 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 Fonar, you can compare the effects of market volatilities on BioAffinity Technologies and Fonar 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 Fonar. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies and Fonar.
Diversification Opportunities for BioAffinity Technologies and Fonar
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BioAffinity and Fonar is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies Warra and Fonar in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fonar 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 Fonar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fonar has no effect on the direction of BioAffinity Technologies i.e., BioAffinity Technologies and Fonar go up and down completely randomly.
Pair Corralation between BioAffinity Technologies and Fonar
Assuming the 90 days horizon bioAffinity Technologies Warrant is expected to under-perform the Fonar. In addition to that, BioAffinity Technologies is 7.46 times more volatile than Fonar. It trades about -0.01 of its total potential returns per unit of risk. Fonar is currently generating about 0.03 per unit of volatility. If you would invest 1,619 in Fonar on August 29, 2024 and sell it today you would earn a total of 26.00 from holding Fonar or generate 1.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.35% |
| Values | Daily Returns |
bioAffinity Technologies Warra vs. Fonar
Performance |
| Timeline |
| BioAffinity Technologies |
| Fonar |
BioAffinity Technologies and Fonar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioAffinity Technologies and Fonar
The main advantage of trading using opposite BioAffinity Technologies and Fonar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioAffinity Technologies position performs unexpectedly, Fonar 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 Fonar will offset losses from the drop in Fonar's long position.| BioAffinity Technologies vs. bioAffinity Technologies, | BioAffinity Technologies vs. AAP Inc | BioAffinity Technologies vs. Discount Print USA | BioAffinity Technologies vs. HUMANA INC |
| Fonar vs. Burning Rock Biotech | Fonar vs. Sera Prognostics | Fonar vs. Exagen Inc | Fonar vs. Castle Biosciences |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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