Correlation Between BRISTOL and Nyxoah
Specify exactly 2 symbols:
By analyzing existing cross correlation between BRISTOL MYERS SQUIBB CO and Nyxoah, you can compare the effects of market volatilities on BRISTOL 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 BRISTOL with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of BRISTOL and Nyxoah.
Diversification Opportunities for BRISTOL and Nyxoah
Significant diversification
The 3 months correlation between BRISTOL and Nyxoah is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding BRISTOL MYERS SQUIBB CO and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and BRISTOL 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 BRISTOL MYERS SQUIBB CO 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 BRISTOL i.e., BRISTOL and Nyxoah go up and down completely randomly.
Pair Corralation between BRISTOL and Nyxoah
Assuming the 90 days trading horizon BRISTOL MYERS SQUIBB CO is expected to generate 0.12 times more return on investment than Nyxoah. However, BRISTOL MYERS SQUIBB CO is 8.55 times less risky than Nyxoah. It trades about -0.21 of its potential returns per unit of risk. Nyxoah is currently generating about -0.33 per unit of risk. If you would invest 9,816 in BRISTOL MYERS SQUIBB CO on August 28, 2024 and sell it today you would lose (119.00) from holding BRISTOL MYERS SQUIBB CO or give up 1.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BRISTOL MYERS SQUIBB CO vs. Nyxoah
Performance |
| Timeline |
| BRISTOL MYERS SQUIBB |
| Nyxoah |
BRISTOL and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BRISTOL and Nyxoah
The main advantage of trading using opposite BRISTOL and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BRISTOL 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.The idea behind BRISTOL MYERS SQUIBB CO and Nyxoah pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Global Correlations Find global opportunities by holding instruments from different markets |