Correlation Between Nyxoah and Anheuser Busch
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Anheuser Busch 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 Anheuser Busch into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Anheuser Busch Inbev, you can compare the effects of market volatilities on Nyxoah and Anheuser Busch 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 Anheuser Busch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Anheuser Busch.
Diversification Opportunities for Nyxoah and Anheuser Busch
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nyxoah and Anheuser is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Anheuser Busch Inbev in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anheuser Busch Inbev 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 Anheuser Busch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anheuser Busch Inbev has no effect on the direction of Nyxoah i.e., Nyxoah and Anheuser Busch go up and down completely randomly.
Pair Corralation between Nyxoah and Anheuser Busch
Given the investment horizon of 90 days Nyxoah is expected to generate 5.07 times more return on investment than Anheuser Busch. However, Nyxoah is 5.07 times more volatile than Anheuser Busch Inbev. It trades about 0.06 of its potential returns per unit of risk. Anheuser Busch Inbev is currently generating about -0.05 per unit of risk. If you would invest 497.00 in Nyxoah on September 12, 2024 and sell it today you would earn a total of 299.00 from holding Nyxoah or generate 60.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nyxoah vs. Anheuser Busch Inbev
Performance |
| Timeline |
| Nyxoah |
| Anheuser Busch Inbev |
Nyxoah and Anheuser Busch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and Anheuser Busch
The main advantage of trading using opposite Nyxoah and Anheuser Busch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Anheuser Busch 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 Anheuser Busch will offset losses from the drop in Anheuser Busch's long position.| Nyxoah vs. West Pharmaceutical Services | Nyxoah vs. ResMed Inc | Nyxoah vs. ICU Medical | Nyxoah vs. The Cooper Companies, |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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