Correlation Between Cytek Biosciences and Rapid Micro
Can any of the company-specific risk be diversified away by investing in both Cytek Biosciences and Rapid Micro 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 Cytek Biosciences and Rapid Micro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cytek Biosciences and Rapid Micro Biosystems, you can compare the effects of market volatilities on Cytek Biosciences and Rapid Micro 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 Cytek Biosciences with a short position of Rapid Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cytek Biosciences and Rapid Micro.
Diversification Opportunities for Cytek Biosciences and Rapid Micro
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cytek and Rapid is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Cytek Biosciences and Rapid Micro Biosystems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rapid Micro Biosystems and Cytek 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 Cytek Biosciences are associated (or correlated) with Rapid Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rapid Micro Biosystems has no effect on the direction of Cytek Biosciences i.e., Cytek Biosciences and Rapid Micro go up and down completely randomly.
Pair Corralation between Cytek Biosciences and Rapid Micro
Given the investment horizon of 90 days Cytek Biosciences is expected to under-perform the Rapid Micro. In addition to that, Cytek Biosciences is 1.02 times more volatile than Rapid Micro Biosystems. It trades about -0.03 of its total potential returns per unit of risk. Rapid Micro Biosystems is currently generating about 0.15 per unit of volatility. If you would invest 227.00 in Rapid Micro Biosystems on April 20, 2025 and sell it today you would earn a total of 114.00 from holding Rapid Micro Biosystems or generate 50.22% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Cytek Biosciences vs. Rapid Micro Biosystems
Performance |
Timeline |
Cytek Biosciences |
Rapid Micro Biosystems |
Cytek Biosciences and Rapid Micro Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cytek Biosciences and Rapid Micro
The main advantage of trading using opposite Cytek Biosciences and Rapid Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cytek Biosciences position performs unexpectedly, Rapid Micro 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 Rapid Micro will offset losses from the drop in Rapid Micro's long position.Cytek Biosciences vs. MaxCyte | Cytek Biosciences vs. Sight Sciences | Cytek Biosciences vs. CVRx Inc | Cytek Biosciences vs. Neuropace |
Rapid Micro vs. Sight Sciences | Rapid Micro vs. STRATA Skin Sciences | Rapid Micro vs. Neuropace | Rapid Micro vs. Dole PLC |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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