Correlation Between Jade Biosciences, and Cytek Biosciences

Can any of the company-specific risk be diversified away by investing in both Jade 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 Jade 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 Jade Biosciences, and Cytek Biosciences, you can compare the effects of market volatilities on Jade 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 Jade Biosciences, with a short position of Cytek Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jade Biosciences, and Cytek Biosciences.

Diversification Opportunities for Jade Biosciences, and Cytek Biosciences

0.41

Correlation Coefficient

Jade Biosciences,  Cytek Biosciences

Very weak diversification

The 3 months correlation between Jade and Cytek is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Jade Biosciences, and Cytek Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cytek Biosciences and Jade 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 Jade 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 Jade Biosciences, i.e., Jade Biosciences, and Cytek Biosciences go up and down completely randomly.

Pair Corralation between Jade Biosciences, and Cytek Biosciences

Given the investment horizon of 90 days Jade Biosciences, is expected to under-perform the Cytek Biosciences. In addition to that, Jade Biosciences, is 1.23 times more volatile than Cytek Biosciences. It trades about -0.02 of its total potential returns per unit of risk. Cytek Biosciences is currently generating about 0.03 per unit of volatility. If you would invest  375.00  in Cytek Biosciences on April 29, 2025 and sell it today you would earn a total of  0.00  from holding Cytek Biosciences or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Jade Biosciences,  vs.  Cytek Biosciences

Jade Biosciences,

Risk-Adjusted Performance

Very Weak

Over the last 90 days Jade Biosciences, has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Stock's forward indicators remain healthy and the recent disarray on Wall Street may also be a sign of long period gains for the firm investors.

Cytek Biosciences

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Cytek Biosciences are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain forward-looking signals, Cytek Biosciences may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Pair Trading with Jade Biosciences, and Cytek Biosciences

The main advantage of trading using opposite Jade Biosciences, and Cytek Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jade 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 Jade 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.

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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.