Correlation Between NISOURCE and Nyxoah
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By analyzing existing cross correlation between NISOURCE FIN P and Nyxoah, you can compare the effects of market volatilities on NISOURCE 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 NISOURCE with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of NISOURCE and Nyxoah.
Diversification Opportunities for NISOURCE and Nyxoah
Good diversification
The 3 months correlation between NISOURCE and Nyxoah is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding NISOURCE FIN P and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and NISOURCE 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 NISOURCE FIN P 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 NISOURCE i.e., NISOURCE and Nyxoah go up and down completely randomly.
Pair Corralation between NISOURCE and Nyxoah
Assuming the 90 days trading horizon NISOURCE FIN P is expected to generate 9.75 times more return on investment than Nyxoah. However, NISOURCE is 9.75 times more volatile than Nyxoah. It trades about 0.05 of its potential returns per unit of risk. Nyxoah is currently generating about 0.04 per unit of risk. If you would invest 9,479 in NISOURCE FIN P on September 4, 2024 and sell it today you would lose (662.00) from holding NISOURCE FIN P or give up 6.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 73.89% |
| Values | Daily Returns |
NISOURCE FIN P vs. Nyxoah
Performance |
| Timeline |
| NISOURCE FIN P |
| Nyxoah |
NISOURCE and Nyxoah Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NISOURCE and Nyxoah
The main advantage of trading using opposite NISOURCE and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NISOURCE 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.| NISOURCE vs. Nyxoah | NISOURCE vs. HNI Corp | NISOURCE vs. Highway Holdings Limited | NISOURCE vs. Virco Manufacturing |
| 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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