Correlation Between BioMark Diagnostics and Sera Prognostics
Can any of the company-specific risk be diversified away by investing in both BioMark Diagnostics and Sera Prognostics 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 BioMark Diagnostics and Sera Prognostics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioMark Diagnostics and Sera Prognostics, you can compare the effects of market volatilities on BioMark Diagnostics and Sera Prognostics 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 BioMark Diagnostics with a short position of Sera Prognostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioMark Diagnostics and Sera Prognostics.
Diversification Opportunities for BioMark Diagnostics and Sera Prognostics
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioMark and Sera is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding BioMark Diagnostics and Sera Prognostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sera Prognostics and BioMark Diagnostics 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 BioMark Diagnostics are associated (or correlated) with Sera Prognostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sera Prognostics has no effect on the direction of BioMark Diagnostics i.e., BioMark Diagnostics and Sera Prognostics go up and down completely randomly.
Pair Corralation between BioMark Diagnostics and Sera Prognostics
Assuming the 90 days horizon BioMark Diagnostics is expected to under-perform the Sera Prognostics. But the pink sheet apears to be less risky and, when comparing its historical volatility, BioMark Diagnostics is 1.41 times less risky than Sera Prognostics. The pink sheet trades about -0.09 of its potential returns per unit of risk. The Sera Prognostics is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 701.00 in Sera Prognostics on October 24, 2024 and sell it today you would lose (59.00) from holding Sera Prognostics or give up 8.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.65% |
| Values | Daily Returns |
BioMark Diagnostics vs. Sera Prognostics
Performance |
| Timeline |
| BioMark Diagnostics |
| Sera Prognostics |
BioMark Diagnostics and Sera Prognostics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioMark Diagnostics and Sera Prognostics
The main advantage of trading using opposite BioMark Diagnostics and Sera Prognostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioMark Diagnostics position performs unexpectedly, Sera Prognostics 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 Sera Prognostics will offset losses from the drop in Sera Prognostics' long position.| BioMark Diagnostics vs. Spectral Med | BioMark Diagnostics vs. bioAffinity Technologies, | BioMark Diagnostics vs. Avricore Health | BioMark Diagnostics vs. DarioHealth Corp |
| Sera Prognostics vs. Fonar | Sera Prognostics vs. Burning Rock Biotech | Sera Prognostics vs. Exagen Inc | Sera Prognostics vs. Sotera Health Co |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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