Correlation Between Burning Rock and BioAffinity Technologies,
Can any of the company-specific risk be diversified away by investing in both Burning Rock and BioAffinity Technologies, 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 Burning Rock and BioAffinity Technologies, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Burning Rock Biotech and bioAffinity Technologies,, you can compare the effects of market volatilities on Burning Rock and BioAffinity Technologies, 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 Burning Rock with a short position of BioAffinity Technologies,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Burning Rock and BioAffinity Technologies,.
Diversification Opportunities for Burning Rock and BioAffinity Technologies,
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Burning and BioAffinity is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Burning Rock Biotech and bioAffinity Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bioAffinity Technologies, and Burning Rock 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 Burning Rock Biotech are associated (or correlated) with BioAffinity Technologies,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of bioAffinity Technologies, has no effect on the direction of Burning Rock i.e., Burning Rock and BioAffinity Technologies, go up and down completely randomly.
Pair Corralation between Burning Rock and BioAffinity Technologies,
Considering the 90-day investment horizon Burning Rock Biotech is expected to generate 1.1 times more return on investment than BioAffinity Technologies,. However, Burning Rock is 1.1 times more volatile than bioAffinity Technologies,. It trades about 0.0 of its potential returns per unit of risk. bioAffinity Technologies, is currently generating about -0.06 per unit of risk. If you would invest 715.00 in Burning Rock Biotech on August 29, 2024 and sell it today you would lose (184.00) from holding Burning Rock Biotech or give up 25.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Burning Rock Biotech vs. bioAffinity Technologies,
Performance |
| Timeline |
| Burning Rock Biotech |
| bioAffinity Technologies, |
Burning Rock and BioAffinity Technologies, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Burning Rock and BioAffinity Technologies,
The main advantage of trading using opposite Burning Rock and BioAffinity Technologies, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Burning Rock position performs unexpectedly, BioAffinity Technologies, 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 BioAffinity Technologies, will offset losses from the drop in BioAffinity Technologies,'s long position.| Burning Rock vs. Fonar | Burning Rock vs. Sera Prognostics | Burning Rock vs. Neuronetics | Burning Rock vs. DarioHealth Corp |
| BioAffinity Technologies, vs. Intelligent Bio Solutions | BioAffinity Technologies, vs. T2 Biosystms | BioAffinity Technologies, vs. Genetic Technologies | BioAffinity Technologies, vs. Psychemedics |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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