Correlation Between Nyxoah and Retail Estates
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Retail Estates 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 Retail Estates into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Retail Estates , you can compare the effects of market volatilities on Nyxoah and Retail Estates 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 Retail Estates. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Retail Estates.
Diversification Opportunities for Nyxoah and Retail Estates
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nyxoah and Retail is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Retail Estates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Retail Estates 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 Retail Estates. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Retail Estates has no effect on the direction of Nyxoah i.e., Nyxoah and Retail Estates go up and down completely randomly.
Pair Corralation between Nyxoah and Retail Estates
Assuming the 90 days trading horizon Nyxoah is expected to generate 4.34 times more return on investment than Retail Estates. However, Nyxoah is 4.34 times more volatile than Retail Estates . It trades about 0.03 of its potential returns per unit of risk. Retail Estates is currently generating about 0.02 per unit of risk. If you would invest 694.00 in Nyxoah on September 12, 2024 and sell it today you would earn a total of 48.00 from holding Nyxoah or generate 6.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nyxoah vs. Retail Estates
Performance |
| Timeline |
| Nyxoah |
| Retail Estates |
Nyxoah and Retail Estates Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and Retail Estates
The main advantage of trading using opposite Nyxoah and Retail Estates positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Retail Estates 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 Retail Estates will offset losses from the drop in Retail Estates' long position.| Nyxoah vs. Retail Estates | Nyxoah vs. Ion Beam Applications | Nyxoah vs. Vastned Retail Belgium | Nyxoah vs. Keyware Technologies NV |
| Retail Estates vs. Cofinimmo SA | Retail Estates vs. Warehouses de Pauw | Retail Estates vs. Montea CVA | Retail Estates vs. Aedifica |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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