Correlation Between Thermogenesis Holdings and Apyx Medical

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

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

Diversification Opportunities for Thermogenesis Holdings and Apyx Medical

0.0

Correlation Coefficient

Thermogenesis Holdings  Apyx Medical

Pay attention - limited upside

The 3 months correlation between Thermogenesis and Apyx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thermogenesis Holdings and Apyx Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apyx Medical and Thermogenesis Holdings 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 Thermogenesis Holdings are associated (or correlated) with Apyx Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apyx Medical has no effect on the direction of Thermogenesis Holdings i.e., Thermogenesis Holdings and Apyx Medical go up and down completely randomly.

Pair Corralation between Thermogenesis Holdings and Apyx Medical

If you would invest  107.00  in Apyx Medical on May 6, 2025 and sell it today you would earn a total of  78.00  from holding Apyx Medical or generate 72.9% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Thermogenesis Holdings  vs.  Apyx Medical

Thermogenesis Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days Thermogenesis Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy primary indicators, Thermogenesis Holdings is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Apyx Medical

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Apyx Medical are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, Apyx Medical showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Thermogenesis Holdings and Apyx Medical

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

The idea behind Thermogenesis Holdings and Apyx Medical 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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.