Correlation Between BioNTech and Aedas Homes
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By analyzing existing cross correlation between BioNTech SE and Aedas Homes SA, you can compare the effects of market volatilities on BioNTech and Aedas Homes 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 Aedas Homes. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Aedas Homes.
Diversification Opportunities for BioNTech and Aedas Homes
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and Aedas is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Aedas Homes SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aedas Homes SA 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 Aedas Homes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aedas Homes SA has no effect on the direction of BioNTech i.e., BioNTech and Aedas Homes go up and down completely randomly.
Pair Corralation between BioNTech and Aedas Homes
Assuming the 90 days trading horizon BioNTech is expected to generate 1.05 times less return on investment than Aedas Homes. In addition to that, BioNTech is 1.74 times more volatile than Aedas Homes SA. It trades about 0.09 of its total potential returns per unit of risk. Aedas Homes SA is currently generating about 0.15 per unit of volatility. If you would invest 1,585 in Aedas Homes SA on October 14, 2024 and sell it today you would earn a total of 950.00 from holding Aedas Homes SA or generate 59.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Aedas Homes SA
Performance |
| Timeline |
| BioNTech SE |
| Aedas Homes SA |
BioNTech and Aedas Homes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Aedas Homes
The main advantage of trading using opposite BioNTech and Aedas Homes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Aedas Homes 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 Aedas Homes will offset losses from the drop in Aedas Homes' long position.| BioNTech vs. PT Wintermar Offshore | BioNTech vs. Eidesvik Offshore ASA | BioNTech vs. WT OFFSHORE | BioNTech vs. Texas Roadhouse |
| Aedas Homes vs. International Consolidated Airlines | Aedas Homes vs. Corporate Office Properties | Aedas Homes vs. Aegean Airlines SA | Aedas Homes vs. Nok Airlines PCL |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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