Correlation Between Nyxoah and Integral

Can any of the company-specific risk be diversified away by investing in both Nyxoah and Integral 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 Integral into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Nyxoah and Integral Ad Science, you can compare the effects of market volatilities on Nyxoah and Integral 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 Integral. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Integral.

Diversification Opportunities for Nyxoah and Integral

0.39

Correlation Coefficient

Nyxoah  Integral

Weak diversification

The 3 months correlation between Nyxoah and Integral is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Integral Ad Science in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integral Ad Science 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 Integral. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integral Ad Science has no effect on the direction of Nyxoah i.e., Nyxoah and Integral go up and down completely randomly.

Pair Corralation between Nyxoah and Integral

Given the investment horizon of 90 days Nyxoah is expected to generate 1.61 times more return on investment than Integral. However, Nyxoah is 1.61 times more volatile than Integral Ad Science. It trades about 0.01 of its potential returns per unit of risk. Integral Ad Science is currently generating about -0.43 per unit of risk. If you would invest  800.00  in Nyxoah on October 3, 2024 and sell it today you would earn a total of  0.00  from holding Nyxoah or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Nyxoah  vs.  Integral Ad Science

Nyxoah

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Nyxoah has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest unfluctuating performance, the Stock's basic indicators remain strong and the recent confusion on Wall Street may also be a sign of long-lasting gains for the firm traders.

Integral Ad Science

Risk-Adjusted Performance

1 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Integral Ad Science are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable basic indicators, Integral is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with Nyxoah and Integral

The main advantage of trading using opposite Nyxoah and Integral positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nyxoah position performs unexpectedly, Integral 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 Integral will offset losses from the drop in Integral's long position.

The idea behind Nyxoah and Integral Ad Science 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.

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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 Global Correlations module to find global opportunities by holding instruments from different markets.