Correlation Between Apyx Medical and Lucid Diagnostics

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

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

Diversification Opportunities for Apyx Medical and Lucid Diagnostics

-0.15

Correlation Coefficient

Apyx Medical  Lucid Diagnostics

Good diversification

The 3 months correlation between Apyx and Lucid is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Apyx Medical and Lucid Diagnostics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lucid Diagnostics 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 Lucid Diagnostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lucid Diagnostics has no effect on the direction of Apyx Medical i.e., Apyx Medical and Lucid Diagnostics go up and down completely randomly.

Pair Corralation between Apyx Medical and Lucid Diagnostics

Given the investment horizon of 90 days Apyx Medical is expected to generate 1.23 times more return on investment than Lucid Diagnostics. However, Apyx Medical is 1.23 times more volatile than Lucid Diagnostics. It trades about 0.24 of its potential returns per unit of risk. Lucid Diagnostics is currently generating about -0.05 per unit of risk. If you would invest  190.00  in Apyx Medical on September 3, 2025 and sell it today you would earn a total of  217.00  from holding Apyx Medical or generate 114.21% return on investment over 90 days.

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

Apyx Medical  vs.  Lucid Diagnostics

Apyx Medical

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Apyx Medical are ranked lower than 18 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain basic indicators, Apyx Medical showed solid returns over the last few months and may actually be approaching a breakup point.

Lucid Diagnostics

Risk-Adjusted Performance

Weakest

Over the last 90 days Lucid Diagnostics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's fundamental indicators remain rather sound which may send shares a bit higher in January 2026. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Pair Trading with Apyx Medical and Lucid Diagnostics

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

The idea behind Apyx Medical and Lucid Diagnostics 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.