Correlation Between Aya Gold and BioNTech
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By analyzing existing cross correlation between Aya Gold Silver and BioNTech SE, you can compare the effects of market volatilities on Aya Gold and BioNTech 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 Aya Gold with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aya Gold and BioNTech.
Diversification Opportunities for Aya Gold and BioNTech
Very good diversification
The 3 months correlation between Aya and BioNTech is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Aya Gold Silver and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Aya Gold 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 Aya Gold Silver are associated (or correlated) with BioNTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioNTech SE has no effect on the direction of Aya Gold i.e., Aya Gold and BioNTech go up and down completely randomly.
Pair Corralation between Aya Gold and BioNTech
Assuming the 90 days trading horizon Aya Gold Silver is expected to under-perform the BioNTech. In addition to that, Aya Gold is 1.01 times more volatile than BioNTech SE. It trades about -0.46 of its total potential returns per unit of risk. BioNTech SE is currently generating about 0.14 per unit of volatility. If you would invest 11,290 in BioNTech SE on October 10, 2024 and sell it today you would earn a total of 700.00 from holding BioNTech SE or generate 6.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aya Gold Silver vs. BioNTech SE
Performance |
| Timeline |
| Aya Gold Silver |
| BioNTech SE |
Aya Gold and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aya Gold and BioNTech
The main advantage of trading using opposite Aya Gold and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aya Gold position performs unexpectedly, BioNTech 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 BioNTech will offset losses from the drop in BioNTech's long position.| Aya Gold vs. ORMAT TECHNOLOGIES | Aya Gold vs. Sunny Optical Technology | Aya Gold vs. CARSALESCOM | Aya Gold vs. Kingdee International Software |
| BioNTech vs. SOGECLAIR SA INH | BioNTech vs. Axway Software SA | BioNTech vs. UPDATE SOFTWARE | BioNTech vs. Alaska Air Group |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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