Correlation Between Apyx Medical and DocGo

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

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

Diversification Opportunities for Apyx Medical and DocGo

-0.7

Correlation Coefficient

Apyx Medical  DocGo

Excellent diversification

The 3 months correlation between Apyx and DocGo is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Apyx Medical and DocGo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DocGo Inc and Apyx Medical 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 Apyx Medical are associated (or correlated) with DocGo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DocGo Inc has no effect on the direction of Apyx Medical i.e., Apyx Medical and DocGo go up and down completely randomly.

Pair Corralation between Apyx Medical and DocGo

Given the investment horizon of 90 days Apyx Medical is expected to generate 1.06 times more return on investment than DocGo. However, Apyx Medical is 1.06 times more volatile than DocGo Inc. It trades about 0.17 of its potential returns per unit of risk. DocGo Inc is currently generating about -0.04 per unit of risk. If you would invest  175.00  in Apyx Medical on August 1, 2025 and sell it today you would earn a total of  120.00  from holding Apyx Medical or generate 68.57% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Apyx Medical  vs.  DocGo Inc

Apyx Medical

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Apyx Medical are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. In spite of fairly conflicting basic indicators, Apyx Medical showed solid returns over the last few months and may actually be approaching a breakup point.

DocGo Inc

Risk-Adjusted Performance

Weakest

Over the last 90 days DocGo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest uncertain performance, the Stock's technical and fundamental indicators remain healthy and the recent disarray on Wall Street may also be a sign of long period gains for the firm investors.

Pair Trading with Apyx Medical and DocGo

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

The idea behind Apyx Medical and DocGo 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..