Correlation Between Ageas SANV and Nyxoah
Can any of the company-specific risk be diversified away by investing in both Ageas SANV and Nyxoah 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 Ageas SANV and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ageas SANV and Nyxoah, you can compare the effects of market volatilities on Ageas SANV and Nyxoah 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 Ageas SANV with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ageas SANV and Nyxoah.
Diversification Opportunities for Ageas SANV and Nyxoah
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ageas and Nyxoah is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding ageas SANV and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and Ageas SANV 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 ageas SANV are associated (or correlated) with Nyxoah. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nyxoah has no effect on the direction of Ageas SANV i.e., Ageas SANV and Nyxoah go up and down completely randomly.
Pair Corralation between Ageas SANV and Nyxoah
Assuming the 90 days trading horizon ageas SANV is expected to generate 0.55 times more return on investment than Nyxoah. However, ageas SANV is 1.83 times less risky than Nyxoah. It trades about 0.25 of its potential returns per unit of risk. Nyxoah is currently generating about -0.09 per unit of risk. If you would invest 4,908 in ageas SANV on November 28, 2024 and sell it today you would earn a total of 252.00 from holding ageas SANV or generate 5.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ageas SANV vs. Nyxoah
Performance |
| Timeline |
| ageas SANV |
| Nyxoah |
Ageas SANV and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ageas SANV and Nyxoah
The main advantage of trading using opposite Ageas SANV and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ageas SANV position performs unexpectedly, Nyxoah 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 Nyxoah will offset losses from the drop in Nyxoah's long position.| Ageas SANV vs. KBC Groep NV | Ageas SANV vs. Groep Brussel Lambert | Ageas SANV vs. Solvay SA | Ageas SANV vs. Ackermans Van Haaren |
| Nyxoah vs. Ion Beam Applications | Nyxoah vs. Vastned Retail Belgium | Nyxoah vs. Retail Estates | Nyxoah vs. Onward Medical NV |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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