Fintech vs Bank : En kvantitativ analys av volatilitet och risk på den svenska aktiemarknaden

This study examines differences in volatility between fintech stocks and traditional bank stocks on the Swedish stock market, with a particular focus on the period from 2023 to 2025. The background of the research is grounded in the increasing relevance of technology-driven financial actors commonly referred to as fintech companies and their impact on established financial institutions. While the fintech sector has experienced substantial growth over the past decade, it is also characterized by uncertainty in valuation and long-term stability. Against this backdrop, the study aims to explore how volatility differs between these two stock categories and which factors significantly influence such differences. The analysis is based on three foundational theories in financial economics, the Efficient Market Hypothesis (EMH), Modern Portfolio Theory (MPT), and the Capital Asset Pricing Model (CAPM). Together, these frameworks allow for a theoretically grounded examination of the relationship between risk, information, return, and market efficiency. A quantitative research design was applied, including a purposive sample of 25 fintech companies and five major banks listed on Nasdaq and Nordic Growth Market SME. Data was collected for the period April 15, 2023, to April 11, 2025, and includes key variables such as volatility, P/E ratio, beta, return, market capitalization, and trading volume. The results show that, on average, volatility is higher for traditional bank stocks than for fintech stocks, which can partly be explained by differences in how trading volume and market capitalization affect price movements within each sector. Several independent variables exhibit significant correlations with volatility according to the regression analysis, with the interaction between trading volume and market capitalization appearing particularly noteworthy. The study shows that volatility in the financial sector is driven more by the interaction of financial metrics with firms’ structural characteristics than by industry affiliation alone. Theoretically, the study contributes by applying established financial models in a context where new actors are reshaping market structures. From a practical perspective, the findings are relevant for portfolio managers, investors, and analysts seeking to understand the risk profile of fintech stocks compared to bank stocks in a Swedish context. The results may support more informed investment decisions, particularly in times of market uncertainty and rapid technological change. Future research should consider the application of alternative modeling approaches and non-linear relationships to deepen the understanding of volatility drivers.