Correlation Between BioNTech and Firan Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between BioNTech SE and Firan Technology Group, you can compare the effects of market volatilities on BioNTech and Firan Technology 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 Firan Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Firan Technology.
Diversification Opportunities for BioNTech and Firan Technology
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BioNTech and Firan is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Firan Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Firan Technology 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 Firan Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Firan Technology has no effect on the direction of BioNTech i.e., BioNTech and Firan Technology go up and down completely randomly.
Pair Corralation between BioNTech and Firan Technology
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.59 times more return on investment than Firan Technology. However, BioNTech is 1.59 times more volatile than Firan Technology Group. It trades about 0.11 of its potential returns per unit of risk. Firan Technology Group is currently generating about 0.12 per unit of risk. If you would invest 7,350 in BioNTech SE on October 30, 2024 and sell it today you would earn a total of 4,110 from holding BioNTech SE or generate 55.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Firan Technology Group
Performance |
| Timeline |
| BioNTech SE |
| Firan Technology |
BioNTech and Firan Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Firan Technology
The main advantage of trading using opposite BioNTech and Firan Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Firan Technology 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 Firan Technology will offset losses from the drop in Firan Technology's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
| Firan Technology vs. MidCap Financial Investment | Firan Technology vs. AOYAMA TRADING | Firan Technology vs. MEDCAW INVESTMENTS LS 01 | Firan Technology vs. Guangdong Investment Limited |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |