Correlation Between BriaCell Therapeutics and Augmedix

Can any of the company-specific risk be diversified away by investing in both BriaCell Therapeutics and Augmedix 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 BriaCell Therapeutics and Augmedix into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between BriaCell Therapeutics Corp and Augmedix, you can compare the effects of market volatilities on BriaCell Therapeutics and Augmedix 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 BriaCell Therapeutics with a short position of Augmedix. Check out your portfolio center. Please also check ongoing floating volatility patterns of BriaCell Therapeutics and Augmedix.

Diversification Opportunities for BriaCell Therapeutics and Augmedix

0.47

Correlation Coefficient

BriaCell Therapeutics  Augmedix

Very weak diversification

The 3 months correlation between BriaCell and Augmedix is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding BriaCell Therapeutics Corp and Augmedix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Augmedix and BriaCell Therapeutics 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 BriaCell Therapeutics Corp are associated (or correlated) with Augmedix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Augmedix has no effect on the direction of BriaCell Therapeutics i.e., BriaCell Therapeutics and Augmedix go up and down completely randomly.

Pair Corralation between BriaCell Therapeutics and Augmedix

If you would invest  28.00  in BriaCell Therapeutics Corp on September 20, 2024 and sell it today you would lose (1.52) from holding BriaCell Therapeutics Corp or give up 5.43% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	4.55%
Values	Daily Returns

BriaCell Therapeutics Corp  vs.  Augmedix

BriaCell Therapeutics

Risk-Adjusted Performance

5 of 100

OK

Compared to the overall equity markets, risk-adjusted returns on investments in BriaCell Therapeutics Corp are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, BriaCell Therapeutics showed solid returns over the last few months and may actually be approaching a breakup point.

Augmedix

Risk-Adjusted Performance

0 of 100

OK

Over the last 90 days Augmedix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong technical and fundamental indicators, Augmedix is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with BriaCell Therapeutics and Augmedix

The main advantage of trading using opposite BriaCell Therapeutics and Augmedix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BriaCell Therapeutics position performs unexpectedly, Augmedix 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 Augmedix will offset losses from the drop in Augmedix's long position.

The idea behind BriaCell Therapeutics Corp and Augmedix pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.