Correlation Between Hexcel and BioAffinity Technologies,

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

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

Diversification Opportunities for Hexcel and BioAffinity Technologies,

0.23

Correlation Coefficient

Hexcel  BioAffinity Technologies,

Modest diversification

The 3 months correlation between Hexcel and BioAffinity is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Hexcel and bioAffinity Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bioAffinity Technologies, and Hexcel 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 Hexcel 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 Hexcel i.e., Hexcel and BioAffinity Technologies, go up and down completely randomly.

Pair Corralation between Hexcel and BioAffinity Technologies,

Considering the 90-day investment horizon Hexcel is expected to generate 4.28 times less return on investment than BioAffinity Technologies,. But when comparing it to its historical volatility, Hexcel is 7.14 times less risky than BioAffinity Technologies,. It trades about 0.17 of its potential returns per unit of risk. bioAffinity Technologies, is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  20.00  in bioAffinity Technologies, on May 8, 2025 and sell it today you would earn a total of  8.70  from holding bioAffinity Technologies, or generate 43.5% return on investment over 90 days.

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

Hexcel  vs.  bioAffinity Technologies,

Hexcel

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Hexcel are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite quite abnormal basic indicators, Hexcel disclosed solid returns over the last few months and may actually be approaching a breakup point.

bioAffinity Technologies,

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in bioAffinity Technologies, are ranked lower than 7 (%) 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.

Pair Trading with Hexcel and BioAffinity Technologies,

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

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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.