Correlation Between Cellink AB and Nanomix

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

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

Diversification Opportunities for Cellink AB and Nanomix

0.0

Correlation Coefficient

Cellink AB  Nanomix

Pay attention - limited upside

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

Pair Corralation between Cellink AB and Nanomix

If you would invest  280.00  in Cellink AB on December 29, 2024 and sell it today you would earn a total of  85.00  from holding Cellink AB or generate 30.36% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	96.83%
Values	Daily Returns

Cellink AB  vs.  Nanomix

Cellink AB

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Cellink AB are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile forward-looking signals, Cellink AB reported solid returns over the last few months and may actually be approaching a breakup point.

Nanomix

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nanomix has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong primary indicators, Nanomix is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Cellink AB and Nanomix

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

The idea behind Cellink AB and Nanomix 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..