Correlation Between Virax Biolabs and BioAffinity Technologies,
Can any of the company-specific risk be diversified away by investing in both Virax Biolabs 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 Virax Biolabs and BioAffinity Technologies, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Virax Biolabs Group and bioAffinity Technologies,, you can compare the effects of market volatilities on Virax Biolabs 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 Virax Biolabs with a short position of BioAffinity Technologies,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Virax Biolabs and BioAffinity Technologies,.
Diversification Opportunities for Virax Biolabs and BioAffinity Technologies,
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Virax and BioAffinity is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Virax Biolabs Group and bioAffinity Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bioAffinity Technologies, and Virax Biolabs 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 Virax Biolabs Group 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 Virax Biolabs i.e., Virax Biolabs and BioAffinity Technologies, go up and down completely randomly.
Pair Corralation between Virax Biolabs and BioAffinity Technologies,
Given the investment horizon of 90 days Virax Biolabs Group is expected to under-perform the BioAffinity Technologies,. But the stock apears to be less risky and, when comparing its historical volatility, Virax Biolabs Group is 1.8 times less risky than BioAffinity Technologies,. The stock trades about -0.13 of its potential returns per unit of risk. The bioAffinity Technologies, is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 26.00 in bioAffinity Technologies, on May 31, 2025 and sell it today you would lose (2.00) from holding bioAffinity Technologies, or give up 7.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Virax Biolabs Group vs. bioAffinity Technologies,
Performance |
| Timeline |
| Virax Biolabs Group |
| bioAffinity Technologies, |
Virax Biolabs and BioAffinity Technologies, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Virax Biolabs and BioAffinity Technologies,
The main advantage of trading using opposite Virax Biolabs and BioAffinity Technologies, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Virax Biolabs 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.| Virax Biolabs vs. Quoin Pharmaceuticals Ltd | Virax Biolabs vs. Onconetix | Virax Biolabs vs. Revelation Biosciences | Virax Biolabs vs. Intelligent Living Application |
| BioAffinity Technologies, vs. Addentax Group Corp | BioAffinity Technologies, vs. bioAffinity Technologies Warrant | BioAffinity Technologies, vs. Shuttle Pharmaceuticals |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |