Correlation Between WFD Unibail and BioNTech
Specify exactly 2 symbols:
By analyzing existing cross correlation between WFD Unibail Rodamco and BioNTech SE, you can compare the effects of market volatilities on WFD Unibail 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 WFD Unibail with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of WFD Unibail and BioNTech.
Diversification Opportunities for WFD Unibail and BioNTech
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between WFD and BioNTech is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding WFD Unibail Rodamco and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and WFD Unibail 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 WFD Unibail Rodamco 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 WFD Unibail i.e., WFD Unibail and BioNTech go up and down completely randomly.
Pair Corralation between WFD Unibail and BioNTech
Assuming the 90 days trading horizon WFD Unibail Rodamco is expected to under-perform the BioNTech. But the stock apears to be less risky and, when comparing its historical volatility, WFD Unibail Rodamco is 1.97 times less risky than BioNTech. The stock trades about -0.01 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,660 in BioNTech SE on August 26, 2024 and sell it today you would earn a total of 2,240 from holding BioNTech SE or generate 25.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
WFD Unibail Rodamco vs. BioNTech SE
Performance |
| Timeline |
| WFD Unibail Rodamco |
| BioNTech SE |
WFD Unibail and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WFD Unibail and BioNTech
The main advantage of trading using opposite WFD Unibail and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WFD Unibail 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.| WFD Unibail vs. BioNTech SE | WFD Unibail vs. CapitaLand Investment Limited | WFD Unibail vs. ALERION CLEANPOWER | WFD Unibail vs. WisdomTree Investments |
| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |