Correlation Between JIN MEDICAL and Nyxoah
Can any of the company-specific risk be diversified away by investing in both JIN MEDICAL and Nyxoah 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 JIN MEDICAL and Nyxoah into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JIN MEDICAL INTERNATIONAL and Nyxoah, you can compare the effects of market volatilities on JIN MEDICAL 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 JIN MEDICAL with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of JIN MEDICAL and Nyxoah.
Diversification Opportunities for JIN MEDICAL and Nyxoah
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JIN and Nyxoah is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding JIN MEDICAL INTERNATIONAL and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and JIN MEDICAL 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 JIN MEDICAL INTERNATIONAL 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 JIN MEDICAL i.e., JIN MEDICAL and Nyxoah go up and down completely randomly.
Pair Corralation between JIN MEDICAL and Nyxoah
Given the investment horizon of 90 days JIN MEDICAL INTERNATIONAL is expected to under-perform the Nyxoah. In addition to that, JIN MEDICAL is 2.04 times more volatile than Nyxoah. It trades about -0.04 of its total potential returns per unit of risk. Nyxoah is currently generating about 0.06 per unit of volatility. If you would invest 800.00 in Nyxoah on December 27, 2024 and sell it today you would earn a total of 91.00 from holding Nyxoah or generate 11.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
JIN MEDICAL INTERNATIONAL vs. Nyxoah
Performance |
Timeline |
JIN MEDICAL INTERNATIONAL |
Nyxoah |
JIN MEDICAL and Nyxoah Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JIN MEDICAL and Nyxoah
The main advantage of trading using opposite JIN MEDICAL and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JIN MEDICAL 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.JIN MEDICAL vs. Universal Music Group | JIN MEDICAL vs. Titan America SA | JIN MEDICAL vs. Denison Mines Corp | JIN MEDICAL vs. Guess Inc |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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