Correlation Between U Haul and Nyxoah

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

By analyzing existing cross correlation between U Haul Holding and Nyxoah, you can compare the effects of market volatilities on U Haul 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 U Haul with a short position of Nyxoah. Check out your portfolio center. Please also check ongoing floating volatility patterns of U Haul and Nyxoah.

Diversification Opportunities for U Haul and Nyxoah

0.41

Correlation Coefficient

U Haul  Nyxoah

Very weak diversification

The 3 months correlation between UHAL and Nyxoah is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding U Haul Holding and Nyxoah in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nyxoah and U Haul 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 U Haul Holding 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 U Haul i.e., U Haul and Nyxoah go up and down completely randomly.

Pair Corralation between U Haul and Nyxoah

Given the investment horizon of 90 days U Haul Holding is expected to generate 0.76 times more return on investment than Nyxoah. However, U Haul Holding is 1.32 times less risky than Nyxoah. It trades about -0.05 of its potential returns per unit of risk. Nyxoah is currently generating about -0.17 per unit of risk. If you would invest  7,016  in U Haul Holding on September 21, 2024 and sell it today you would lose (270.00) from holding U Haul Holding or give up 3.85% of portfolio value over 90 days.

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

U Haul Holding  vs.  Nyxoah

U Haul Holding

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days U Haul Holding has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest conflicting performance, the Stock's basic indicators remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.

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 fairly strong basic indicators, Nyxoah is not utilizing all of its potentials. The newest stock price confusion, may contribute to short-horizon losses for the traders.

Pair Trading with U Haul and Nyxoah

The main advantage of trading using opposite U Haul and Nyxoah positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if U Haul 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 U Haul Holding 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.

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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.