Cytek Biosciences Correlations

CTKB Stock

USD 3.65 0.02 0.54%

The correlation of Cytek Biosciences is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Cytek Biosciences Correlation With Market

Weak diversification

The correlation between Cytek Biosciences and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cytek Biosciences and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Cytek Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cytek Biosciences. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

For information on how to trade Cytek Stock refer to our How to Trade Cytek Stock guide.

Moving together with Cytek Stock

0.64	AHG	Akso Health Group	Pair Corr
0.85	XAIR	Beyond Air	Pair Corr
0.63	EVH	Evolent Health	Pair Corr
0.85	NRC	National Research Corp	Pair Corr
0.9	TFX	Teleflex Incorporated	Pair Corr
0.72	XTNT	Xtant Medical Holdings	Pair Corr
0.85	VMD	Viemed Healthcare	Pair Corr
0.84	GCTK	GlucoTrack	Pair Corr
0.87	GUTS	Fractyl Health, Common	Pair Corr
0.63	ATEC	Alphatec Holdings	Pair Corr
0.82	STRM	Streamline Health	Pair Corr
0.66	TMCI	Treace Medical Concepts	Pair Corr
0.91	TNDM	Tandem Diabetes Care	Pair Corr
0.76	CCLD	CareCloud	Pair Corr
0.9	A	Agilent Technologies Sell-off Trend	Pair Corr
0.67	VERV	Verve Therapeutics Trending	Pair Corr
0.89	ESPR	Esperion Therapeutics	Pair Corr
0.88	FLGC	Flora Growth Corp	Pair Corr
0.72	DNA	Ginkgo Bioworks Holdings	Pair Corr

Moving against Cytek Stock

0.84	CVS	CVS Health Corp	Pair Corr
0.83	LNSR	LENSAR Inc	Pair Corr
0.79	ALHC	Alignment Healthcare LLC Downward Rally	Pair Corr
0.78	MASS	908 Devices	Pair Corr
0.67	MOH	Molina Healthcare Earnings Call This Week	Pair Corr
0.59	CAH	Cardinal Health	Pair Corr
0.51	XYLO	Xylo Technologies Symbol Change	Pair Corr
0.31	HSCSW	Heart Test Laboratories	Pair Corr
0.77	VRTX	Vertex Pharmaceuticals	Pair Corr
0.71	GILD	Gilead Sciences Sell-off Trend	Pair Corr
0.51	JNJ	Johnson Johnson	Pair Corr
0.43	ABBV	AbbVie Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	HSKA	KIDS	ELMD	LUNG	RXST	AXGN	TMCI	OFIX	NPCE	INGN
HSKA		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	HSKA
KIDS	0.0		0.45	0.07	0.55	0.43	0.39	0.62	0.25	0.37	KIDS
ELMD	0.0	0.45		-0.23	0.84	0.43	0.8	0.83	0.63	0.96	ELMD
LUNG	0.0	0.07	-0.23		0.15	0.49	0.15	0.22	0.0	-0.25	LUNG
RXST	0.0	0.55	0.84	0.15		0.68	0.88	0.94	0.58	0.81	RXST
AXGN	0.0	0.43	0.43	0.49	0.68		0.6	0.68	0.54	0.33	AXGN
TMCI	0.0	0.39	0.8	0.15	0.88	0.6		0.92	0.71	0.78	TMCI
OFIX	0.0	0.62	0.83	0.22	0.94	0.68	0.92		0.65	0.8	OFIX
NPCE	0.0	0.25	0.63	0.0	0.58	0.54	0.71	0.65		0.64	NPCE
INGN	0.0	0.37	0.96	-0.25	0.81	0.33	0.78	0.8	0.64		INGN
	HSKA	KIDS	ELMD	LUNG	RXST	AXGN	TMCI	OFIX	NPCE	INGN

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

INGN	+ 0.96	ELMD
OFIX	+ 0.94	RXST
OFIX	+ 0.92	TMCI
TMCI	+ 0.88	RXST
RXST	+ 0.84	ELMD
OFIX	+ 0.83	ELMD

High negative correlations

INGN	- 0.25	LUNG
LUNG	- 0.23	ELMD
NPCE	- 0.0	LUNG
INGN	- 0.0	HSKA
NPCE	- 0.0	HSKA
OFIX	- 0.0	HSKA

Risk-Adjusted Indicators

There is a big difference between Cytek Stock performing well and Cytek Biosciences Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Cytek Biosciences' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
HSKA	0.00	0.00	0.00	0.00	0.00	0.00
KIDS	2.20	(0.19)	38.36	5.03	(3.96)	22.11
ELMD	2.14	(0.35)	113.19	5.82	(4.89)	21.31
LUNG	3.48	(0.42)	0.43	6.22	(6.65)	45.56
RXST	2.71	(0.82)	(0.67)	3.57	(6.46)	47.38
AXGN	2.20	(0.22)	0.54	4.86	(3.73)	17.39
TMCI	2.63	(0.25)	(0.39)	5.77	(5.67)	16.85
OFIX	1.56	(0.36)	4.38	2.18	(3.53)	10.88
NPCE	3.47	(0.18)	0.29	6.67	(8.73)	18.94
INGN	2.74	(0.46)	(0.54)	5.13	(5.56)	21.69

Cytek Biosciences Corporate Management

Todd Garland	Chief Officer	Profile
Ming Yan	CTO Director	Profile
Melik Ulusu	Senior Chain	Profile
Mark Edinger	VP Affairs	Profile
Allen Poirson	Senior Development	Profile
Connie Wedel	Chief Officer	Profile

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