Correlation Between Nyxoah and Nasdaq
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Nasdaq 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 Nasdaq into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Nasdaq Inc, you can compare the effects of market volatilities on Nyxoah and Nasdaq 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 Nasdaq. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Nasdaq.
Diversification Opportunities for Nyxoah and Nasdaq
Excellent diversification
The 3 months correlation between Nyxoah and Nasdaq is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Nasdaq Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq Inc 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 Nasdaq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq Inc has no effect on the direction of Nyxoah i.e., Nyxoah and Nasdaq go up and down completely randomly.
Pair Corralation between Nyxoah and Nasdaq
Given the investment horizon of 90 days Nyxoah is expected to generate 3.62 times more return on investment than Nasdaq. However, Nyxoah is 3.62 times more volatile than Nasdaq Inc. It trades about 0.41 of its potential returns per unit of risk. Nasdaq Inc is currently generating about 0.11 per unit of risk. If you would invest 800.00 in Nyxoah on October 23, 2024 and sell it today you would earn a total of 291.00 from holding Nyxoah or generate 36.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Nyxoah vs. Nasdaq Inc
Performance |
| Timeline |
| Nyxoah |
| Nasdaq Inc |
Nyxoah and Nasdaq Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and Nasdaq
The main advantage of trading using opposite Nyxoah and Nasdaq positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Nasdaq 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 Nasdaq will offset losses from the drop in Nasdaq's long position.| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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