Correlation Between EVS Broadcast and Nyxoah
Can any of the company-specific risk be diversified away by investing in both EVS Broadcast 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 EVS Broadcast and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EVS Broadcast Equipment and Nyxoah, you can compare the effects of market volatilities on EVS Broadcast 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 EVS Broadcast with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of EVS Broadcast and Nyxoah.
Diversification Opportunities for EVS Broadcast and Nyxoah
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EVS and Nyxoah is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding EVS Broadcast Equipment and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and EVS Broadcast 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 EVS Broadcast Equipment 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 EVS Broadcast i.e., EVS Broadcast and Nyxoah go up and down completely randomly.
Pair Corralation between EVS Broadcast and Nyxoah
Assuming the 90 days trading horizon EVS Broadcast is expected to generate 1.66 times less return on investment than Nyxoah. But when comparing it to its historical volatility, EVS Broadcast Equipment is 3.47 times less risky than Nyxoah. It trades about 0.06 of its potential returns per unit of risk. Nyxoah is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 708.00 in Nyxoah on September 2, 2024 and sell it today you would earn a total of 60.00 from holding Nyxoah or generate 8.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EVS Broadcast Equipment vs. Nyxoah
Performance |
| Timeline |
| EVS Broadcast Equipment |
| Nyxoah |
EVS Broadcast and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EVS Broadcast and Nyxoah
The main advantage of trading using opposite EVS Broadcast and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EVS Broadcast 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.| EVS Broadcast vs. Retail Estates | EVS Broadcast vs. Onward Medical NV | EVS Broadcast vs. Shurgard Self Storage | EVS Broadcast vs. Vastned Retail Belgium |
| Nyxoah vs. Shurgard Self Storage | Nyxoah vs. Onward Medical NV | Nyxoah vs. Home Invest Belgium | Nyxoah vs. EVS Broadcast Equipment |
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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