Correlation Between BioAffinity Technologies and SINTX Technologies

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

Diversification Opportunities for BioAffinity Technologies and SINTX Technologies

0.39

Correlation Coefficient

BioAffinity Technologies  SINTX Technologies

Weak diversification

The 3 months correlation between BioAffinity and SINTX is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies Warra and SINTX Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SINTX Technologies 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 SINTX Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SINTX Technologies has no effect on the direction of BioAffinity Technologies i.e., BioAffinity Technologies and SINTX Technologies go up and down completely randomly.

Pair Corralation between BioAffinity Technologies and SINTX Technologies

Assuming the 90 days horizon bioAffinity Technologies Warrant is expected to under-perform the SINTX Technologies. But the stock apears to be less risky and, when comparing its historical volatility, bioAffinity Technologies Warrant is 1.55 times less risky than SINTX Technologies. The stock trades about -0.05 of its potential returns per unit of risk. The SINTX Technologies is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  308.00  in SINTX Technologies on December 3, 2024 and sell it today you would earn a total of  23.00  from holding SINTX Technologies or generate 7.47% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	90.0%
Values	Daily Returns

bioAffinity Technologies Warra  vs.  SINTX Technologies

BioAffinity Technologies

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in bioAffinity Technologies Warrant are ranked lower than 3 (%) 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.

SINTX Technologies

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in SINTX Technologies are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, SINTX Technologies unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with BioAffinity Technologies and SINTX Technologies

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

The idea behind bioAffinity Technologies Warrant and SINTX Technologies 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.