Correlation Between Nyxoah and American Copper
Can any of the company-specific risk be diversified away by investing in both Nyxoah and American Copper 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 American Copper into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and American Copper Development, you can compare the effects of market volatilities on Nyxoah and American Copper 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 American Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and American Copper.
Diversification Opportunities for Nyxoah and American Copper
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Nyxoah and American is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and American Copper Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Copper Deve 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 American Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Copper Deve has no effect on the direction of Nyxoah i.e., Nyxoah and American Copper go up and down completely randomly.
Pair Corralation between Nyxoah and American Copper
Given the investment horizon of 90 days Nyxoah is expected to generate 0.24 times more return on investment than American Copper. However, Nyxoah is 4.19 times less risky than American Copper. It trades about 0.24 of its potential returns per unit of risk. American Copper Development is currently generating about 0.0 per unit of risk. If you would invest 915.00 in Nyxoah on November 4, 2024 and sell it today you would earn a total of 165.00 from holding Nyxoah or generate 18.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Nyxoah vs. American Copper Development
Performance |
| Timeline |
| Nyxoah |
| American Copper Deve |
Nyxoah and American Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and American Copper
The main advantage of trading using opposite Nyxoah and American Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, American Copper 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 American Copper will offset losses from the drop in American Copper's long position.| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
| American Copper vs. EastGroup Properties | American Copper vs. National CineMedia | American Copper vs. Catalyst Metals Limited | American Copper vs. Fluent Inc |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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