Correlation Between Cytek Biosciences and Beyond Air

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

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

Diversification Opportunities for Cytek Biosciences and Beyond Air

-0.51

Correlation Coefficient

Cytek Biosciences  Beyond Air

Excellent diversification

The 3 months correlation between Cytek and Beyond is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Cytek Biosciences and Beyond Air in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beyond Air 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 Beyond Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beyond Air has no effect on the direction of Cytek Biosciences i.e., Cytek Biosciences and Beyond Air go up and down completely randomly.

Pair Corralation between Cytek Biosciences and Beyond Air

Given the investment horizon of 90 days Cytek Biosciences is expected to generate 0.45 times more return on investment than Beyond Air. However, Cytek Biosciences is 2.24 times less risky than Beyond Air. It trades about 0.18 of its potential returns per unit of risk. Beyond Air is currently generating about -0.02 per unit of risk. If you would invest  267.00  in Cytek Biosciences on May 16, 2025 and sell it today you would earn a total of  150.00  from holding Cytek Biosciences or generate 56.18% 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.  Beyond Air

Cytek Biosciences

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Cytek Biosciences are ranked lower than 14 (%) 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.

Beyond Air

Risk-Adjusted Performance

Weakest

Over the last 90 days Beyond Air has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest unfluctuating performance, the Stock's forward indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the enterprise retail investors.

Pair Trading with Cytek Biosciences and Beyond Air

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

The idea behind Cytek Biosciences and Beyond Air 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.

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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.