Correlation Between Ion Beam and Nyxoah
Can any of the company-specific risk be diversified away by investing in both Ion Beam 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 Ion Beam and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ion Beam Applications and Nyxoah, you can compare the effects of market volatilities on Ion Beam 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 Ion Beam with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ion Beam and Nyxoah.
Diversification Opportunities for Ion Beam and Nyxoah
Good diversification
The 3 months correlation between Ion and Nyxoah is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Ion Beam Applications and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and Ion Beam 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 Ion Beam Applications 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 Ion Beam i.e., Ion Beam and Nyxoah go up and down completely randomly.
Pair Corralation between Ion Beam and Nyxoah
Assuming the 90 days trading horizon Ion Beam Applications is expected to generate 1.09 times more return on investment than Nyxoah. However, Ion Beam is 1.09 times more volatile than Nyxoah. It trades about 0.01 of its potential returns per unit of risk. Nyxoah is currently generating about -0.09 per unit of risk. If you would invest 1,364 in Ion Beam Applications on November 28, 2024 and sell it today you would earn a total of 0.00 from holding Ion Beam Applications or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ion Beam Applications vs. Nyxoah
Performance |
| Timeline |
| Ion Beam Applications |
| Nyxoah |
Ion Beam and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ion Beam and Nyxoah
The main advantage of trading using opposite Ion Beam and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ion Beam 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.| Ion Beam vs. EVS Broadcast Equipment | Ion Beam vs. NV Bekaert SA | Ion Beam vs. Melexis NV | Ion Beam vs. Barco NV |
| 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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