Correlation Between BioMark Diagnostics and SenesTech

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

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

Diversification Opportunities for BioMark Diagnostics and SenesTech

0.7

Correlation Coefficient

BioMark Diagnostics  SenesTech

Poor diversification

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

Pair Corralation between BioMark Diagnostics and SenesTech

Assuming the 90 days horizon BioMark Diagnostics is expected to generate 3.17 times less return on investment than SenesTech. But when comparing it to its historical volatility, BioMark Diagnostics is 1.19 times less risky than SenesTech. It trades about 0.09 of its potential returns per unit of risk. SenesTech is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest  225.00  in SenesTech on April 30, 2025 and sell it today you would earn a total of  322.00  from holding SenesTech or generate 143.11% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	98.39%
Values	Daily Returns

BioMark Diagnostics  vs.  SenesTech

BioMark Diagnostics

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in BioMark Diagnostics are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile fundamental indicators, BioMark Diagnostics reported solid returns over the last few months and may actually be approaching a breakup point.

SenesTech

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in SenesTech are ranked lower than 19 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unfluctuating technical and fundamental indicators, SenesTech unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with BioMark Diagnostics and SenesTech

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

The idea behind BioMark Diagnostics and SenesTech 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.