Correlation Between Teleflex Incorporated and Nyxoah
Can any of the company-specific risk be diversified away by investing in both Teleflex Incorporated and Nyxoah 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 Teleflex Incorporated and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Teleflex Incorporated and Nyxoah, you can compare the effects of market volatilities on Teleflex Incorporated and Nyxoah 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 Teleflex Incorporated with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teleflex Incorporated and Nyxoah.
Diversification Opportunities for Teleflex Incorporated and Nyxoah
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Teleflex and Nyxoah is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Teleflex Incorporated and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and Teleflex Incorporated 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 Teleflex Incorporated are associated (or correlated) with Nyxoah. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nyxoah has no effect on the direction of Teleflex Incorporated i.e., Teleflex Incorporated and Nyxoah go up and down completely randomly.
Pair Corralation between Teleflex Incorporated and Nyxoah
Considering the 90-day investment horizon Teleflex Incorporated is expected to under-perform the Nyxoah. In addition to that, Teleflex Incorporated is 1.46 times more volatile than Nyxoah. It trades about -0.24 of its total potential returns per unit of risk. Nyxoah is currently generating about -0.21 per unit of volatility. If you would invest 946.00 in Nyxoah on August 30, 2024 and sell it today you would lose (107.00) from holding Nyxoah or give up 11.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Teleflex Incorporated vs. Nyxoah
Performance |
| Timeline |
| Teleflex Incorporated |
| Nyxoah |
Teleflex Incorporated and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teleflex Incorporated and Nyxoah
The main advantage of trading using opposite Teleflex Incorporated and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teleflex Incorporated position performs unexpectedly, Nyxoah 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 Nyxoah will offset losses from the drop in Nyxoah's long position.| Teleflex Incorporated vs. West Pharmaceutical Services | Teleflex Incorporated vs. Alcon AG | Teleflex Incorporated vs. ResMed Inc | Teleflex Incorporated vs. ICU Medical |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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