Correlation Between Akoya Biosciences and Cytek Biosciences

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

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

Diversification Opportunities for Akoya Biosciences and Cytek Biosciences

0.44

Correlation Coefficient

Akoya Biosciences  Cytek Biosciences

Very weak diversification

The 3 months correlation between Akoya and Cytek is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Akoya Biosciences and Cytek Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cytek Biosciences and Akoya Biosciences 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 Akoya Biosciences are associated (or correlated) with Cytek Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cytek Biosciences has no effect on the direction of Akoya Biosciences i.e., Akoya Biosciences and Cytek Biosciences go up and down completely randomly.

Pair Corralation between Akoya Biosciences and Cytek Biosciences

Given the investment horizon of 90 days Akoya Biosciences is expected to generate 1.07 times less return on investment than Cytek Biosciences. In addition to that, Akoya Biosciences is 1.27 times more volatile than Cytek Biosciences. It trades about 0.12 of its total potential returns per unit of risk. Cytek Biosciences is currently generating about 0.17 per unit of volatility. If you would invest  269.00  in Cytek Biosciences on May 17, 2025 and sell it today you would earn a total of  139.00  from holding Cytek Biosciences or generate 51.67% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	58.06%
Values	Daily Returns

Akoya Biosciences  vs.  Cytek Biosciences

Akoya Biosciences

Risk-Adjusted Performance

Fair

Over the last 90 days Akoya Biosciences has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat unfluctuating basic indicators, Akoya Biosciences sustained solid returns over the last few months and may actually be approaching a breakup point.

Cytek Biosciences

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Cytek Biosciences are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain forward-looking signals, Cytek Biosciences sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Akoya Biosciences and Cytek Biosciences

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

The idea behind Akoya Biosciences and Cytek Biosciences 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.