Correlation Between National Research and Cytek Biosciences
Can any of the company-specific risk be diversified away by investing in both National Research 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 National Research and Cytek Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National Research Corp and Cytek Biosciences, you can compare the effects of market volatilities on National Research 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 National Research with a short position of Cytek Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Research and Cytek Biosciences.
Diversification Opportunities for National Research and Cytek Biosciences
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between National and Cytek is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding National Research Corp and Cytek Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cytek Biosciences and National Research 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 National Research Corp 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 National Research i.e., National Research and Cytek Biosciences go up and down completely randomly.
Pair Corralation between National Research and Cytek Biosciences
Considering the 90-day investment horizon National Research Corp is expected to under-perform the Cytek Biosciences. But the stock apears to be less risky and, when comparing its historical volatility, National Research Corp is 1.61 times less risky than Cytek Biosciences. The stock trades about -0.06 of its potential returns per unit of risk. The Cytek Biosciences is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 640.00 in Cytek Biosciences on June 12, 2025 and sell it today you would lose (266.00) from holding Cytek Biosciences or give up 41.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
National Research Corp vs. Cytek Biosciences
Performance |
| Timeline |
| National Research Corp |
| Cytek Biosciences |
National Research and Cytek Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Research and Cytek Biosciences
The main advantage of trading using opposite National Research and Cytek Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Research 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.| National Research vs. PC Connection | National Research vs. Definitive Healthcare Corp | National Research vs. HealthStream | National Research vs. NI Holdings |
| Cytek Biosciences vs. MaxCyte | Cytek Biosciences vs. Sight Sciences | Cytek Biosciences vs. CVRx Inc | Cytek Biosciences vs. Neuropace |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |