Correlation Between BioAffinity Technologies and G Medical
Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies and G Medical 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 G Medical 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 G Medical Innovations, you can compare the effects of market volatilities on BioAffinity Technologies and G Medical 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 G Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies and G Medical.
Diversification Opportunities for BioAffinity Technologies and G Medical
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BioAffinity and GMVDW is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies Warra and G Medical Innovations in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G Medical Innovations 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 G Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G Medical Innovations has no effect on the direction of BioAffinity Technologies i.e., BioAffinity Technologies and G Medical go up and down completely randomly.
Pair Corralation between BioAffinity Technologies and G Medical
If you would invest 78.00 in bioAffinity Technologies Warrant on September 1, 2024 and sell it today you would lose (6.00) from holding bioAffinity Technologies Warrant or give up 7.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
bioAffinity Technologies Warra vs. G Medical Innovations
Performance |
| Timeline |
| BioAffinity Technologies |
| G Medical Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BioAffinity Technologies and G Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioAffinity Technologies and G Medical
The main advantage of trading using opposite BioAffinity Technologies and G Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioAffinity Technologies position performs unexpectedly, G Medical 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 G Medical will offset losses from the drop in G Medical's long position.| BioAffinity Technologies vs. bioAffinity Technologies, | BioAffinity Technologies vs. AAP Inc | BioAffinity Technologies vs. Discount Print USA | BioAffinity Technologies vs. China Dongsheng International |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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