Correlation Between NanoTech Entertainment and Axcelis Technologies

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

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

Diversification Opportunities for NanoTech Entertainment and Axcelis Technologies

0.0

Correlation Coefficient

NanoTech Entertainment  Axcelis Technologies

Pay attention - limited upside

The 3 months correlation between NanoTech and Axcelis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NanoTech Entertainment and Axcelis Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axcelis Technologies and NanoTech Entertainment 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 NanoTech Entertainment are associated (or correlated) with Axcelis Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axcelis Technologies has no effect on the direction of NanoTech Entertainment i.e., NanoTech Entertainment and Axcelis Technologies go up and down completely randomly.

Pair Corralation between NanoTech Entertainment and Axcelis Technologies

If you would invest  8,004  in Axcelis Technologies on August 29, 2025 and sell it today you would earn a total of  209.00  from holding Axcelis Technologies or generate 2.61% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

NanoTech Entertainment  vs.  Axcelis Technologies

NanoTech Entertainment

Risk-Adjusted Performance

Weakest

Over the last 90 days NanoTech Entertainment has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent technical and fundamental indicators, NanoTech Entertainment is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

Axcelis Technologies

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Axcelis Technologies are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable essential indicators, Axcelis Technologies is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with NanoTech Entertainment and Axcelis Technologies

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

The idea behind NanoTech Entertainment and Axcelis Technologies 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.