Correlation Between BioAffinity Technologies and Jeffs Brands
Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies and Jeffs Brands 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 Jeffs Brands 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 Jeffs Brands, you can compare the effects of market volatilities on BioAffinity Technologies and Jeffs Brands 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 Jeffs Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies and Jeffs Brands.
Diversification Opportunities for BioAffinity Technologies and Jeffs Brands
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BioAffinity and Jeffs is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies Warra and Jeffs Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jeffs Brands 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 Jeffs Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jeffs Brands has no effect on the direction of BioAffinity Technologies i.e., BioAffinity Technologies and Jeffs Brands go up and down completely randomly.
Pair Corralation between BioAffinity Technologies and Jeffs Brands
Assuming the 90 days horizon bioAffinity Technologies Warrant is expected to generate 6.48 times more return on investment than Jeffs Brands. However, BioAffinity Technologies is 6.48 times more volatile than Jeffs Brands. It trades about 0.24 of its potential returns per unit of risk. Jeffs Brands is currently generating about -0.14 per unit of risk. If you would invest 30.00 in bioAffinity Technologies Warrant on November 3, 2024 and sell it today you would earn a total of 30.00 from holding bioAffinity Technologies Warrant or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
bioAffinity Technologies Warra vs. Jeffs Brands
Performance |
| Timeline |
| BioAffinity Technologies |
| Jeffs Brands |
BioAffinity Technologies and Jeffs Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioAffinity Technologies and Jeffs Brands
The main advantage of trading using opposite BioAffinity Technologies and Jeffs Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioAffinity Technologies position performs unexpectedly, Jeffs Brands 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 Jeffs Brands will offset losses from the drop in Jeffs Brands' long position.| BioAffinity Technologies vs. bioAffinity Technologies, | BioAffinity Technologies vs. AAP Inc | BioAffinity Technologies vs. Discount Print USA | BioAffinity Technologies vs. China Dongsheng International |
| Jeffs Brands vs. Hour Loop | Jeffs Brands vs. Kidpik Corp | Jeffs Brands vs. MOGU Inc | Jeffs Brands vs. Jowell Global |
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.
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