Correlation Between Nyxoah and SOUTHERN
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By analyzing existing cross correlation between Nyxoah and SOUTHERN CALIF GAS, you can compare the effects of market volatilities on Nyxoah and SOUTHERN 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 SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and SOUTHERN.
Diversification Opportunities for Nyxoah and SOUTHERN
Poor diversification
The 3 months correlation between Nyxoah and SOUTHERN is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and SOUTHERN CALIF GAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN CALIF GAS 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 SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN CALIF GAS has no effect on the direction of Nyxoah i.e., Nyxoah and SOUTHERN go up and down completely randomly.
Pair Corralation between Nyxoah and SOUTHERN
Given the investment horizon of 90 days Nyxoah is expected to generate 4.17 times more return on investment than SOUTHERN. However, Nyxoah is 4.17 times more volatile than SOUTHERN CALIF GAS. It trades about 0.03 of its potential returns per unit of risk. SOUTHERN CALIF GAS is currently generating about 0.04 per unit of risk. If you would invest 801.00 in Nyxoah on September 12, 2024 and sell it today you would lose (4.20) from holding Nyxoah or give up 0.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 53.17% |
| Values | Daily Returns |
Nyxoah vs. SOUTHERN CALIF GAS
Performance |
| Timeline |
| Nyxoah |
| SOUTHERN CALIF GAS |
Nyxoah and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and SOUTHERN
The main advantage of trading using opposite Nyxoah and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.| Nyxoah vs. West Pharmaceutical Services | Nyxoah vs. Alcon AG | Nyxoah vs. ResMed Inc | Nyxoah vs. ICU Medical |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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