Correlation Between Nyxoah and Advanced Micro
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Advanced Micro 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 Advanced Micro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Advanced Micro Devices, you can compare the effects of market volatilities on Nyxoah and Advanced Micro 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 Advanced Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Advanced Micro.
Diversification Opportunities for Nyxoah and Advanced Micro
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nyxoah and Advanced is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Advanced Micro Devices in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advanced Micro Devices 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 Advanced Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advanced Micro Devices has no effect on the direction of Nyxoah i.e., Nyxoah and Advanced Micro go up and down completely randomly.
Pair Corralation between Nyxoah and Advanced Micro
Given the investment horizon of 90 days Nyxoah is expected to under-perform the Advanced Micro. But the stock apears to be less risky and, when comparing its historical volatility, Nyxoah is 1.44 times less risky than Advanced Micro. The stock trades about -0.29 of its potential returns per unit of risk. The Advanced Micro Devices is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 15,291 in Advanced Micro Devices on August 24, 2024 and sell it today you would lose (1,531) from holding Advanced Micro Devices or give up 10.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Nyxoah vs. Advanced Micro Devices
Performance |
| Timeline |
| Nyxoah |
| Advanced Micro Devices |
Nyxoah and Advanced Micro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and Advanced Micro
The main advantage of trading using opposite Nyxoah and Advanced Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Advanced Micro 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 Advanced Micro will offset losses from the drop in Advanced Micro's long position.| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
| Advanced Micro vs. Eshallgo Class A | Advanced Micro vs. Amtech Systems | Advanced Micro vs. Gold Fields Ltd | Advanced Micro vs. Aegean Airlines SA |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |