Correlation Between Nyxoah and Daxor
Can any of the company-specific risk be diversified away by investing in both Nyxoah and Daxor 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 Daxor into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nyxoah and Daxor, you can compare the effects of market volatilities on Nyxoah and Daxor 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 Daxor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Daxor.
Diversification Opportunities for Nyxoah and Daxor
Excellent diversification
The 3 months correlation between Nyxoah and Daxor is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Daxor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Daxor 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 Daxor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Daxor has no effect on the direction of Nyxoah i.e., Nyxoah and Daxor go up and down completely randomly.
Pair Corralation between Nyxoah and Daxor
Given the investment horizon of 90 days Nyxoah is expected to under-perform the Daxor. But the stock apears to be less risky and, when comparing its historical volatility, Nyxoah is 1.46 times less risky than Daxor. The stock trades about -0.22 of its potential returns per unit of risk. The Daxor is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 769.00 in Daxor on December 2, 2024 and sell it today you would lose (13.00) from holding Daxor or give up 1.69% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Nyxoah vs. Daxor
Performance |
Timeline |
Nyxoah |
Daxor |
Nyxoah and Daxor Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nyxoah and Daxor
The main advantage of trading using opposite Nyxoah and Daxor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Daxor 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 Daxor will offset losses from the drop in Daxor's long position.Nyxoah vs. Milestone Scientific | Nyxoah vs. Pro Dex | Nyxoah vs. InfuSystems Holdings | Nyxoah vs. Repro Med Systems |
Daxor vs. InfuSystems Holdings | Daxor vs. Meihua International Medical | Daxor vs. Repro Med Systems | Daxor vs. LeMaitre Vascular |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
Money Managers Screen money managers from public funds and ETFs managed around the world | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |