Correlation Between Nanalysis Scientific and Celtic Plc

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

By analyzing existing cross correlation between Nanalysis Scientific Corp and Celtic plc, you can compare the effects of market volatilities on Nanalysis Scientific and Celtic Plc 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 Nanalysis Scientific with a short position of Celtic Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanalysis Scientific and Celtic Plc.

Diversification Opportunities for Nanalysis Scientific and Celtic Plc

-0.64

Correlation Coefficient

Nanalysis Scientific  Celtic Plc

Excellent diversification

The 3 months correlation between Nanalysis and Celtic is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Nanalysis Scientific Corp and Celtic plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celtic plc and Nanalysis Scientific 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 Nanalysis Scientific Corp are associated (or correlated) with Celtic Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celtic plc has no effect on the direction of Nanalysis Scientific i.e., Nanalysis Scientific and Celtic Plc go up and down completely randomly.

Pair Corralation between Nanalysis Scientific and Celtic Plc

Assuming the 90 days horizon Nanalysis Scientific Corp is expected to under-perform the Celtic Plc. In addition to that, Nanalysis Scientific is 1.17 times more volatile than Celtic plc. It trades about -0.05 of its total potential returns per unit of risk. Celtic plc is currently generating about 0.17 per unit of volatility. If you would invest  199.00  in Celtic plc on May 3, 2025 and sell it today you would earn a total of  74.00  from holding Celtic plc or generate 37.19% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	98.41%
Values	Daily Returns

Nanalysis Scientific Corp  vs.  Celtic plc

Nanalysis Scientific Corp

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nanalysis Scientific Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest fragile performance, the Stock's forward indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.

Celtic plc

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Celtic plc are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile technical and fundamental indicators, Celtic Plc reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Nanalysis Scientific and Celtic Plc

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

The idea behind Nanalysis Scientific Corp and Celtic plc 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.