Correlation Between 15135BAY7 and Nyxoah
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By analyzing existing cross correlation between US15135BAY74 and Nyxoah, you can compare the effects of market volatilities on 15135BAY7 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 15135BAY7 with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of 15135BAY7 and Nyxoah.
Diversification Opportunities for 15135BAY7 and Nyxoah
Significant diversification
The 3 months correlation between 15135BAY7 and Nyxoah is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding US15135BAY74 and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and 15135BAY7 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 US15135BAY74 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 15135BAY7 i.e., 15135BAY7 and Nyxoah go up and down completely randomly.
Pair Corralation between 15135BAY7 and Nyxoah
Assuming the 90 days trading horizon US15135BAY74 is expected to under-perform the Nyxoah. But the bond apears to be less risky and, when comparing its historical volatility, US15135BAY74 is 3.89 times less risky than Nyxoah. The bond trades about -0.12 of its potential returns per unit of risk. The Nyxoah is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 800.00 in Nyxoah on November 30, 2024 and sell it today you would earn a total of 204.00 from holding Nyxoah or generate 25.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
US15135BAY74 vs. Nyxoah
Performance |
| Timeline |
| US15135BAY74 |
| Nyxoah |
15135BAY7 and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 15135BAY7 and Nyxoah
The main advantage of trading using opposite 15135BAY7 and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 15135BAY7 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.| 15135BAY7 vs. AEP TEX INC | 15135BAY7 vs. iShares Global Consumer | 15135BAY7 vs. Caterpillar | 15135BAY7 vs. 3M Company |
| 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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