Correlation Between Nyxoah and Cellcom Israel

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Cellcom Israel 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 Nyxoah and Cellcom Israel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Cellcom Israel, you can compare the effects of market volatilities on Nyxoah and Cellcom Israel 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 Cellcom Israel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Cellcom Israel.

Diversification Opportunities for Nyxoah and Cellcom Israel

NyxoahCellcomDiversified AwayNyxoahCellcomDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Nyxoah and Cellcom is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Cellcom Israel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellcom Israel 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 Cellcom Israel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cellcom Israel has no effect on the direction of Nyxoah i.e., Nyxoah and Cellcom Israel go up and down completely randomly.

Pair Corralation between Nyxoah and Cellcom Israel

If you would invest  959.00  in Nyxoah on October 23, 2024 and sell it today you would earn a total of  132.00  from holding Nyxoah or generate 13.76% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Nyxoah  vs.  Cellcom Israel

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -20-15-10-505
JavaScript chart by amCharts 3.21.15NYXH CEL
       Timeline  
Nyxoah 

Risk-Adjusted Performance

6 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Nyxoah are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite fairly uncertain basic indicators, Nyxoah demonstrated solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan7.588.599.51010.511
Cellcom Israel 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Cellcom Israel has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent technical and fundamental indicators, Cellcom Israel is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

Nyxoah and Cellcom Israel Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-9.55-7.15-4.76-2.360.02.464.957.459.95 0.010.020.030.04
JavaScript chart by amCharts 3.21.15NYXH CEL
       Returns  

Pair Trading with Nyxoah and Cellcom Israel

The main advantage of trading using opposite Nyxoah and Cellcom Israel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Cellcom Israel 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 Cellcom Israel will offset losses from the drop in Cellcom Israel's long position.
The idea behind Nyxoah and Cellcom Israel 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.
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.

Other Complementary Tools

Commodity Channel
Use Commodity Channel Index to analyze current equity momentum
Technical Analysis
Check basic technical indicators and analysis based on most latest market data
Idea Optimizer
Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio
Portfolio Optimization
Compute new portfolio that will generate highest expected return given your specified tolerance for risk
Bonds Directory
Find actively traded corporate debentures issued by US companies