Correlation Between Nyxoah and Freeport

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

By analyzing existing cross correlation between Nyxoah and Freeport McMoRan 545 percent, you can compare the effects of market volatilities on Nyxoah and Freeport 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 Freeport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nyxoah and Freeport.

Diversification Opportunities for Nyxoah and Freeport

0.23

Correlation Coefficient

Nyxoah  Freeport

Modest diversification

The 3 months correlation between Nyxoah and Freeport is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Nyxoah and Freeport McMoRan 545 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Freeport McMoRan 545 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 Freeport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Freeport McMoRan 545 has no effect on the direction of Nyxoah i.e., Nyxoah and Freeport go up and down completely randomly.

Pair Corralation between Nyxoah and Freeport

Given the investment horizon of 90 days Nyxoah is expected to generate 3.4 times more return on investment than Freeport. However, Nyxoah is 3.4 times more volatile than Freeport McMoRan 545 percent. It trades about -0.05 of its potential returns per unit of risk. Freeport McMoRan 545 percent is currently generating about -0.18 per unit of risk. If you would invest  820.00  in Nyxoah on September 26, 2024 and sell it today you would lose (20.00) from holding Nyxoah or give up 2.44% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	95.45%
Values	Daily Returns

Nyxoah  vs.  Freeport McMoRan 545 percent

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 inconsistent 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.

Freeport McMoRan 545

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Freeport McMoRan 545 percent has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Freeport is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Nyxoah and Freeport

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

The idea behind Nyxoah and Freeport McMoRan 545 percent 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.