Correlation Between Keurig Dr and Nyxoah
Can any of the company-specific risk be diversified away by investing in both Keurig Dr 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 Keurig Dr and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Keurig Dr Pepper and Nyxoah, you can compare the effects of market volatilities on Keurig Dr 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 Keurig Dr with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keurig Dr and Nyxoah.
Diversification Opportunities for Keurig Dr and Nyxoah
Modest diversification
The 3 months correlation between Keurig and Nyxoah is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Keurig Dr Pepper and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and Keurig Dr 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 Keurig Dr Pepper 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 Keurig Dr i.e., Keurig Dr and Nyxoah go up and down completely randomly.
Pair Corralation between Keurig Dr and Nyxoah
Considering the 90-day investment horizon Keurig Dr is expected to generate 14.83 times less return on investment than Nyxoah. But when comparing it to its historical volatility, Keurig Dr Pepper is 5.99 times less risky than Nyxoah. It trades about 0.02 of its potential returns per unit of risk. Nyxoah is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 497.00 in Nyxoah on September 12, 2024 and sell it today you would earn a total of 299.00 from holding Nyxoah or generate 60.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keurig Dr Pepper vs. Nyxoah
Performance |
| Timeline |
| Keurig Dr Pepper |
| Nyxoah |
Keurig Dr and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keurig Dr and Nyxoah
The main advantage of trading using opposite Keurig Dr and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keurig Dr 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.| Keurig Dr vs. Celsius Holdings | Keurig Dr vs. Vita Coco | Keurig Dr vs. PepsiCo | Keurig Dr vs. Coca Cola Femsa SAB |
| Nyxoah vs. West Pharmaceutical Services | Nyxoah vs. ResMed Inc | Nyxoah vs. ICU Medical | Nyxoah vs. The Cooper Companies, |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |