Correlation Between Apyx Medical and Tevogen Bio
Can any of the company-specific risk be diversified away by investing in both Apyx Medical and Tevogen Bio 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 Tevogen Bio into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apyx Medical and Tevogen Bio Holdings, you can compare the effects of market volatilities on Apyx Medical and Tevogen Bio 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 Tevogen Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apyx Medical and Tevogen Bio.
Diversification Opportunities for Apyx Medical and Tevogen Bio
-0.95 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apyx and Tevogen is -0.95. Overlapping area represents the amount of risk that can be diversified away by holding Apyx Medical and Tevogen Bio Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tevogen Bio Holdings 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 Tevogen Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tevogen Bio Holdings has no effect on the direction of Apyx Medical i.e., Apyx Medical and Tevogen Bio go up and down completely randomly.
Pair Corralation between Apyx Medical and Tevogen Bio
Given the investment horizon of 90 days Apyx Medical is expected to generate 1.03 times more return on investment than Tevogen Bio. However, Apyx Medical is 1.03 times more volatile than Tevogen Bio Holdings. It trades about 0.22 of its potential returns per unit of risk. Tevogen Bio Holdings is currently generating about -0.21 per unit of risk. If you would invest 205.00 in Apyx Medical on September 4, 2025 and sell it today you would earn a total of 202.00 from holding Apyx Medical or generate 98.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apyx Medical vs. Tevogen Bio Holdings
Performance |
| Timeline |
| Apyx Medical |
| Tevogen Bio Holdings |
Apyx Medical and Tevogen Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apyx Medical and Tevogen Bio
The main advantage of trading using opposite Apyx Medical and Tevogen Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apyx Medical position performs unexpectedly, Tevogen Bio 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 Tevogen Bio will offset losses from the drop in Tevogen Bio's long position.| Apyx Medical vs. Safety Insurance Group | Apyx Medical vs. Vienna Insurance Group | Apyx Medical vs. Universal Insurance Holdings | Apyx Medical vs. Jaco Electronics |
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Check out your portfolio center.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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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