Correlation Between BioNTech and Aya Gold
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By analyzing existing cross correlation between BioNTech SE and Aya Gold Silver, you can compare the effects of market volatilities on BioNTech and Aya Gold 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 BioNTech with a short position of Aya Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Aya Gold.
Diversification Opportunities for BioNTech and Aya Gold
Very good diversification
The 3 months correlation between BioNTech and Aya is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Aya Gold Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aya Gold Silver and BioNTech 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 BioNTech SE are associated (or correlated) with Aya Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aya Gold Silver has no effect on the direction of BioNTech i.e., BioNTech and Aya Gold go up and down completely randomly.
Pair Corralation between BioNTech and Aya Gold
Assuming the 90 days trading horizon BioNTech SE is expected to generate 0.99 times more return on investment than Aya Gold. However, BioNTech SE is 1.01 times less risky than Aya Gold. It trades about 0.14 of its potential returns per unit of risk. Aya Gold Silver is currently generating about -0.46 per unit of risk. 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 |
BioNTech SE vs. Aya Gold Silver
Performance |
| Timeline |
| BioNTech SE |
| Aya Gold Silver |
BioNTech and Aya Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Aya Gold
The main advantage of trading using opposite BioNTech and Aya Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Aya Gold 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 Aya Gold will offset losses from the drop in Aya Gold's long position.| BioNTech vs. SOGECLAIR SA INH | BioNTech vs. Axway Software SA | BioNTech vs. UPDATE SOFTWARE | BioNTech vs. Alaska Air Group |
| Aya Gold vs. ORMAT TECHNOLOGIES | Aya Gold vs. Sunny Optical Technology | Aya Gold vs. CARSALESCOM | Aya Gold vs. Kingdee International Software |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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