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

JIN MEDICAL  Nyxoah

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

JIN MEDICAL INTERNATIONAL

Risk-Adjusted Performance

Very Weak

Over the last 90 days JIN MEDICAL INTERNATIONAL has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain quite persistent which may send shares a bit higher in April 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Nyxoah

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Nyxoah are ranked lower than 5 (%) 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.

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.

The idea behind JIN MEDICAL INTERNATIONAL and Nyxoah 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 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.