Correlation Between AptarGroup and Nyxoah
Can any of the company-specific risk be diversified away by investing in both AptarGroup 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 AptarGroup and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AptarGroup and Nyxoah, you can compare the effects of market volatilities on AptarGroup 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 AptarGroup with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of AptarGroup and Nyxoah.
Diversification Opportunities for AptarGroup and Nyxoah
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AptarGroup and Nyxoah is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding AptarGroup and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and AptarGroup 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 AptarGroup 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 AptarGroup i.e., AptarGroup and Nyxoah go up and down completely randomly.
Pair Corralation between AptarGroup and Nyxoah
Considering the 90-day investment horizon AptarGroup is expected to generate 0.37 times more return on investment than Nyxoah. However, AptarGroup is 2.73 times less risky than Nyxoah. It trades about 0.0 of its potential returns per unit of risk. Nyxoah is currently generating about -0.29 per unit of risk. If you would invest 14,476 in AptarGroup on January 12, 2025 and sell it today you would lose (65.00) from holding AptarGroup or give up 0.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AptarGroup vs. Nyxoah
Performance |
| Timeline |
| AptarGroup |
| Nyxoah |
AptarGroup and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AptarGroup and Nyxoah
The main advantage of trading using opposite AptarGroup and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AptarGroup 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.| AptarGroup vs. Haemonetics | AptarGroup vs. Merit Medical Systems | AptarGroup vs. AngioDynamics | AptarGroup vs. Envista Holdings Corp |
| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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