Correlation Between BioNTech and Hyatt Hotels
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By analyzing existing cross correlation between BioNTech SE and Hyatt Hotels, you can compare the effects of market volatilities on BioNTech and Hyatt Hotels 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 Hyatt Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Hyatt Hotels.
Diversification Opportunities for BioNTech and Hyatt Hotels
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BioNTech and Hyatt is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Hyatt Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyatt Hotels 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 Hyatt Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyatt Hotels has no effect on the direction of BioNTech i.e., BioNTech and Hyatt Hotels go up and down completely randomly.
Pair Corralation between BioNTech and Hyatt Hotels
Assuming the 90 days trading horizon BioNTech SE is expected to under-perform the Hyatt Hotels. In addition to that, BioNTech is 2.22 times more volatile than Hyatt Hotels. It trades about -0.02 of its total potential returns per unit of risk. Hyatt Hotels is currently generating about 0.04 per unit of volatility. If you would invest 15,145 in Hyatt Hotels on November 7, 2024 and sell it today you would earn a total of 120.00 from holding Hyatt Hotels or generate 0.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Hyatt Hotels
Performance |
| Timeline |
| BioNTech SE |
| Hyatt Hotels |
BioNTech and Hyatt Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Hyatt Hotels
The main advantage of trading using opposite BioNTech and Hyatt Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Hyatt Hotels 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 Hyatt Hotels will offset losses from the drop in Hyatt Hotels' long position.| BioNTech vs. QINGCI GAMES INC | BioNTech vs. ecotel communication ag | BioNTech vs. T MOBILE INCDL 00001 | BioNTech vs. GigaMedia |
| Hyatt Hotels vs. ADRIATIC METALS LS 013355 | Hyatt Hotels vs. Cairo Communication SpA | Hyatt Hotels vs. Geely Automobile Holdings | Hyatt Hotels vs. SIERRA METALS |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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