Correlation Between Nyxoah and NISOURCE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nyxoah and NISOURCE FIN P, you can compare the effects of market volatilities on Nyxoah and NISOURCE 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 NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and NISOURCE.
Diversification Opportunities for Nyxoah and NISOURCE
Pay attention - limited upside
The 3 months correlation between Nyxoah and NISOURCE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and NISOURCE FIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE FIN P 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 NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE FIN P has no effect on the direction of Nyxoah i.e., Nyxoah and NISOURCE go up and down completely randomly.
Pair Corralation between Nyxoah and NISOURCE
Given the investment horizon of 90 days Nyxoah is expected to under-perform the NISOURCE. In addition to that, Nyxoah is 1.39 times more volatile than NISOURCE FIN P. It trades about -0.33 of its total potential returns per unit of risk. NISOURCE FIN P is currently generating about -0.08 per unit of volatility. If you would invest 9,055 in NISOURCE FIN P on September 5, 2024 and sell it today you would lose (238.00) from holding NISOURCE FIN P or give up 2.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Nyxoah vs. NISOURCE FIN P
Performance |
| Timeline |
| Nyxoah |
| NISOURCE FIN P |
Nyxoah and NISOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and NISOURCE
The main advantage of trading using opposite Nyxoah and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE's long position.| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
| NISOURCE vs. AEP TEX INC | NISOURCE vs. US BANK NATIONAL | NISOURCE vs. MetLife | NISOURCE vs. Jackson Financial |
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
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |