Correlation Between Biocept and BioAffinity Technologies,

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

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

Diversification Opportunities for Biocept and BioAffinity Technologies,

0.34

Correlation Coefficient

Biocept  BioAffinity Technologies,

Weak diversification

The 3 months correlation between Biocept and BioAffinity is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Biocept and bioAffinity Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bioAffinity Technologies, and Biocept 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 Biocept 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 Biocept i.e., Biocept and BioAffinity Technologies, go up and down completely randomly.

Pair Corralation between Biocept and BioAffinity Technologies,

If you would invest  145.00  in Biocept on August 31, 2024 and sell it today you would earn a total of  0.00  from holding Biocept or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	1.59%
Values	Daily Returns

Biocept  vs.  bioAffinity Technologies,

Biocept

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Biocept has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Biocept is not utilizing all of its potentials. The recent stock price tumult, may contribute to shorter-term losses for the shareholders.

bioAffinity Technologies,

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days bioAffinity Technologies, has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, BioAffinity Technologies, is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with Biocept and BioAffinity Technologies,

The main advantage of trading using opposite Biocept and BioAffinity Technologies, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biocept 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.

The idea behind Biocept and bioAffinity 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.

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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.