Correlation Between Nyxoah and SUMITR
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nyxoah and SUMITR 255 10 MAR 25, you can compare the effects of market volatilities on Nyxoah and SUMITR 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 SUMITR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and SUMITR.
Diversification Opportunities for Nyxoah and SUMITR
Weak diversification
The 3 months correlation between Nyxoah and SUMITR is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and SUMITR 255 10 MAR 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMITR 255 10 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 SUMITR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMITR 255 10 has no effect on the direction of Nyxoah i.e., Nyxoah and SUMITR go up and down completely randomly.
Pair Corralation between Nyxoah and SUMITR
Given the investment horizon of 90 days Nyxoah is expected to generate 1.34 times more return on investment than SUMITR. However, Nyxoah is 1.34 times more volatile than SUMITR 255 10 MAR 25. It trades about -0.28 of its potential returns per unit of risk. SUMITR 255 10 MAR 25 is currently generating about -0.5 per unit of risk. If you would invest 955.00 in Nyxoah on September 2, 2024 and sell it today you would lose (129.00) from holding Nyxoah or give up 13.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 19.05% |
| Values | Daily Returns |
Nyxoah vs. SUMITR 255 10 MAR 25
Performance |
| Timeline |
| Nyxoah |
| SUMITR 255 10 |
Nyxoah and SUMITR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nyxoah and SUMITR
The main advantage of trading using opposite Nyxoah and SUMITR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, SUMITR 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 SUMITR will offset losses from the drop in SUMITR's long position.| Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
| SUMITR vs. Franklin Wireless Corp | SUMITR vs. Hudson Pacific Properties | SUMITR vs. Old Republic International | SUMITR vs. Femasys |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |