Correlation Between Nutex Health and Nyxoah
Can any of the company-specific risk be diversified away by investing in both Nutex Health 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 Nutex Health and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nutex Health and Nyxoah, you can compare the effects of market volatilities on Nutex Health 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 Nutex Health with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nutex Health and Nyxoah.
Diversification Opportunities for Nutex Health and Nyxoah
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nutex and Nyxoah is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Nutex Health and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and Nutex Health 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 Nutex Health 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 Nutex Health i.e., Nutex Health and Nyxoah go up and down completely randomly.
Pair Corralation between Nutex Health and Nyxoah
Given the investment horizon of 90 days Nutex Health is expected to generate 2.16 times more return on investment than Nyxoah. However, Nutex Health is 2.16 times more volatile than Nyxoah. It trades about 0.21 of its potential returns per unit of risk. Nyxoah is currently generating about -0.01 per unit of risk. If you would invest 683.00 in Nutex Health on August 29, 2024 and sell it today you would earn a total of 3,009 from holding Nutex Health or generate 440.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nutex Health vs. Nyxoah
Performance |
| Timeline |
| Nutex Health |
| Nyxoah |
Nutex Health and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nutex Health and Nyxoah
The main advantage of trading using opposite Nutex Health and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nutex Health 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.| Nutex Health vs. FOXO Technologies | Nutex Health vs. Heartbeam | Nutex Health vs. EUDA Health Holdings | Nutex Health vs. Privia Health Group |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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