Correlation Between MaxCyte and Ekso Bionics

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

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

Diversification Opportunities for MaxCyte and Ekso Bionics

0.78

Correlation Coefficient

MaxCyte  Ekso Bionics

Poor diversification

The 3 months correlation between MaxCyte and Ekso is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding MaxCyte and Ekso Bionics Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ekso Bionics Holdings and MaxCyte 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 MaxCyte are associated (or correlated) with Ekso Bionics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ekso Bionics Holdings has no effect on the direction of MaxCyte i.e., MaxCyte and Ekso Bionics go up and down completely randomly.

Pair Corralation between MaxCyte and Ekso Bionics

Given the investment horizon of 90 days MaxCyte is expected to under-perform the Ekso Bionics. But the stock apears to be less risky and, when comparing its historical volatility, MaxCyte is 1.67 times less risky than Ekso Bionics. The stock trades about -0.16 of its potential returns per unit of risk. The Ekso Bionics Holdings is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  61.00  in Ekso Bionics Holdings on December 28, 2024 and sell it today you would lose (17.00) from holding Ekso Bionics Holdings or give up 27.87% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

MaxCyte  vs.  Ekso Bionics Holdings

MaxCyte

Risk-Adjusted Performance

Very Weak

Over the last 90 days MaxCyte has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's fundamental indicators remain comparatively stable which may send shares a bit higher in April 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Ekso Bionics Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days Ekso Bionics Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in April 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with MaxCyte and Ekso Bionics

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

The idea behind MaxCyte and Ekso Bionics Holdings 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.