Correlation Between BioAffinity Technologies and Creatd

Can any of the company-specific risk be diversified away by investing in both BioAffinity Technologies and Creatd 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 Creatd 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 Creatd Inc, you can compare the effects of market volatilities on BioAffinity Technologies and Creatd 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 Creatd. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioAffinity Technologies and Creatd.

Diversification Opportunities for BioAffinity Technologies and Creatd

0.0

Correlation Coefficient

BioAffinity Technologies  Creatd

Pay attention - limited upside

The 3 months correlation between BioAffinity and Creatd is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies Warra and Creatd Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Creatd Inc 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 Creatd. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Creatd Inc has no effect on the direction of BioAffinity Technologies i.e., BioAffinity Technologies and Creatd go up and down completely randomly.

Pair Corralation between BioAffinity Technologies and Creatd

If you would invest  72.00  in bioAffinity Technologies Warrant on November 29, 2024 and sell it today you would lose (26.00) from holding bioAffinity Technologies Warrant or give up 36.11% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

bioAffinity Technologies Warra  vs.  Creatd Inc

BioAffinity Technologies

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in bioAffinity Technologies Warrant are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of fairly fragile technical and fundamental indicators, BioAffinity Technologies showed solid returns over the last few months and may actually be approaching a breakup point.

Creatd Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Creatd Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable fundamental indicators, Creatd is not utilizing all of its potentials. The latest stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Pair Trading with BioAffinity Technologies and Creatd

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

The idea behind bioAffinity Technologies Warrant and Creatd Inc 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.