Correlation Between BioNTech and National Beverage
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By analyzing existing cross correlation between BioNTech SE and National Beverage Corp, you can compare the effects of market volatilities on BioNTech and National Beverage 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 National Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and National Beverage.
Diversification Opportunities for BioNTech and National Beverage
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and National is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and National Beverage Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Beverage Corp 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 National Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Beverage Corp has no effect on the direction of BioNTech i.e., BioNTech and National Beverage go up and down completely randomly.
Pair Corralation between BioNTech and National Beverage
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.75 times more return on investment than National Beverage. However, BioNTech is 1.75 times more volatile than National Beverage Corp. It trades about 0.19 of its potential returns per unit of risk. National Beverage Corp is currently generating about -0.2 per unit of risk. If you would invest 11,060 in BioNTech SE on October 15, 2024 and sell it today you would earn a total of 880.00 from holding BioNTech SE or generate 7.96% 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. National Beverage Corp
Performance |
| Timeline |
| BioNTech SE |
| National Beverage Corp |
BioNTech and National Beverage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and National Beverage
The main advantage of trading using opposite BioNTech and National Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, National Beverage 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 National Beverage will offset losses from the drop in National Beverage's long position.| BioNTech vs. Australian Agricultural | BioNTech vs. AEGEAN AIRLINES | BioNTech vs. Southwest Airlines Co | BioNTech vs. Hanison Construction Holdings |
| National Beverage vs. GBS Software AG | National Beverage vs. ACCSYS TECHPLC EO | National Beverage vs. BioNTech SE | National Beverage vs. Take Two Interactive 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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