Correlation Between Nyxoah and Electrovaya Common
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Electrovaya Common 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 Electrovaya Common into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Electrovaya Common Shares, you can compare the effects of market volatilities on Nyxoah and Electrovaya Common 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 Electrovaya Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Electrovaya Common.
Diversification Opportunities for Nyxoah and Electrovaya Common
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Nyxoah and Electrovaya is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Electrovaya Common Shares in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Electrovaya Common Shares 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 Electrovaya Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Electrovaya Common Shares has no effect on the direction of Nyxoah i.e., Nyxoah and Electrovaya Common go up and down completely randomly.
Pair Corralation between Nyxoah and Electrovaya Common
Given the investment horizon of 90 days Nyxoah is expected to generate 1.51 times more return on investment than Electrovaya Common. However, Nyxoah is 1.51 times more volatile than Electrovaya Common Shares. It trades about 0.05 of its potential returns per unit of risk. Electrovaya Common Shares is currently generating about -0.02 per unit of risk. If you would invest 480.00 in Nyxoah on August 26, 2024 and sell it today you would earn a total of 320.00 from holding Nyxoah or generate 66.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nyxoah vs. Electrovaya Common Shares
Performance |
| Timeline |
| Nyxoah |
| Electrovaya Common Shares |
Nyxoah and Electrovaya Common Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and Electrovaya Common
The main advantage of trading using opposite Nyxoah and Electrovaya Common positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Electrovaya Common 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 Electrovaya Common will offset losses from the drop in Electrovaya Common's long position.| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
| Electrovaya Common vs. Bloom Energy Corp | Electrovaya Common vs. Eos Energy Enterprises | Electrovaya Common vs. Sunrise New Energy | Electrovaya Common vs. Flux Power Holdings |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |