Correlation Between Healthcare Triangle and Nyxoah
Can any of the company-specific risk be diversified away by investing in both Healthcare Triangle 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 Healthcare Triangle and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Healthcare Triangle and Nyxoah, you can compare the effects of market volatilities on Healthcare Triangle 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 Healthcare Triangle with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare Triangle and Nyxoah.
Diversification Opportunities for Healthcare Triangle and Nyxoah
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Healthcare and Nyxoah is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Triangle and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and Healthcare Triangle 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 Healthcare Triangle 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 Healthcare Triangle i.e., Healthcare Triangle and Nyxoah go up and down completely randomly.
Pair Corralation between Healthcare Triangle and Nyxoah
Given the investment horizon of 90 days Healthcare Triangle is expected to generate 3.86 times more return on investment than Nyxoah. However, Healthcare Triangle is 3.86 times more volatile than Nyxoah. It trades about 0.05 of its potential returns per unit of risk. Nyxoah is currently generating about -0.01 per unit of risk. If you would invest 70.00 in Healthcare Triangle on August 29, 2024 and sell it today you would lose (2.00) from holding Healthcare Triangle or give up 2.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Triangle vs. Nyxoah
Performance |
| Timeline |
| Healthcare Triangle |
| Nyxoah |
Healthcare Triangle and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare Triangle and Nyxoah
The main advantage of trading using opposite Healthcare Triangle and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare Triangle 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.| Healthcare Triangle vs. Bullfrog AI Holdings, | Healthcare Triangle vs. EUDA Health Holdings | Healthcare Triangle vs. Mangoceuticals, Common Stock | Healthcare Triangle vs. FOXO Technologies |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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