Correlation Between BioAffinity Technologies, and Widepoint

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

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

Diversification Opportunities for BioAffinity Technologies, and Widepoint

-0.56

Correlation Coefficient

BioAffinity Technologies,  Widepoint

Excellent diversification

The 3 months correlation between BioAffinity and Widepoint is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding bioAffinity Technologies, and Widepoint C in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Widepoint C 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, are associated (or correlated) with Widepoint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Widepoint C has no effect on the direction of BioAffinity Technologies, i.e., BioAffinity Technologies, and Widepoint go up and down completely randomly.

Pair Corralation between BioAffinity Technologies, and Widepoint

Given the investment horizon of 90 days bioAffinity Technologies, is expected to generate 2.21 times more return on investment than Widepoint. However, BioAffinity Technologies, is 2.21 times more volatile than Widepoint C. It trades about 0.07 of its potential returns per unit of risk. Widepoint C is currently generating about 0.01 per unit of risk. If you would invest  23.00  in bioAffinity Technologies, on May 17, 2025 and sell it today you would earn a total of  3.00  from holding bioAffinity Technologies, or generate 13.04% return on investment over 90 days.

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

bioAffinity Technologies,  vs.  Widepoint C

bioAffinity Technologies,

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in bioAffinity Technologies, are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, BioAffinity Technologies, reported solid returns over the last few months and may actually be approaching a breakup point.

Widepoint C

Risk-Adjusted Performance

Weakest

Over the last 90 days Widepoint C has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong basic indicators, Widepoint is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with BioAffinity Technologies, and Widepoint

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

The idea behind bioAffinity Technologies, and Widepoint C 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.