Correlation Between Nutex Health and Cardax

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

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

Diversification Opportunities for Nutex Health and Cardax

0.0

Correlation Coefficient

Nutex Health  Cardax

Pay attention - limited upside

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

Pair Corralation between Nutex Health and Cardax

If you would invest  0.01  in Cardax Inc on May 3, 2025 and sell it today you would earn a total of  0.00  from holding Cardax Inc or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Nutex Health  vs.  Cardax Inc

Nutex Health

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nutex Health has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of inconsistent performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in September 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Cardax Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Cardax Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong basic indicators, Cardax is not utilizing all of its potentials. The recent stock price confusion, may contribute to short-horizon losses for the traders.

Pair Trading with Nutex Health and Cardax

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

The idea behind Nutex Health and Cardax Inc 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.