Correlation Between Nyxoah and Onward Medical
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Onward Medical 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 Nyxoah and Onward Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Onward Medical NV, you can compare the effects of market volatilities on Nyxoah and Onward Medical 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 Nyxoah with a short position of Onward Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Onward Medical.
Diversification Opportunities for Nyxoah and Onward Medical
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nyxoah and Onward is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Onward Medical NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Onward Medical NV and Nyxoah 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 Nyxoah are associated (or correlated) with Onward Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Onward Medical NV has no effect on the direction of Nyxoah i.e., Nyxoah and Onward Medical go up and down completely randomly.
Pair Corralation between Nyxoah and Onward Medical
Assuming the 90 days trading horizon Nyxoah is expected to generate 0.96 times more return on investment than Onward Medical. However, Nyxoah is 1.04 times less risky than Onward Medical. It trades about 0.03 of its potential returns per unit of risk. Onward Medical NV is currently generating about 0.01 per unit of risk. 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 Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nyxoah vs. Onward Medical NV
Performance |
| Timeline |
| Nyxoah |
| Onward Medical NV |
Nyxoah and Onward Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and Onward Medical
The main advantage of trading using opposite Nyxoah and Onward Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Onward Medical 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 Onward Medical will offset losses from the drop in Onward Medical's long position.| Nyxoah vs. Shurgard Self Storage | Nyxoah vs. Onward Medical NV | Nyxoah vs. Home Invest Belgium | Nyxoah vs. EVS Broadcast Equipment |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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