Correlation Between BioNTech and Aegean Airlines
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By analyzing existing cross correlation between BioNTech SE and Aegean Airlines SA, you can compare the effects of market volatilities on BioNTech and Aegean Airlines 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 Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Aegean Airlines.
Diversification Opportunities for BioNTech and Aegean Airlines
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between BioNTech and Aegean is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Aegean Airlines SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aegean Airlines 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 Aegean Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aegean Airlines SA has no effect on the direction of BioNTech i.e., BioNTech and Aegean Airlines go up and down completely randomly.
Pair Corralation between BioNTech and Aegean Airlines
Assuming the 90 days trading horizon BioNTech is expected to generate 1.16 times less return on investment than Aegean Airlines. In addition to that, BioNTech is 2.79 times more volatile than Aegean Airlines SA. It trades about 0.09 of its total potential returns per unit of risk. Aegean Airlines SA is currently generating about 0.3 per unit of volatility. If you would invest 991.00 in Aegean Airlines SA on October 12, 2024 and sell it today you would earn a total of 51.00 from holding Aegean Airlines SA or generate 5.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Aegean Airlines SA
Performance |
| Timeline |
| BioNTech SE |
| Aegean Airlines SA |
BioNTech and Aegean Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Aegean Airlines
The main advantage of trading using opposite BioNTech and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Aegean Airlines 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 Aegean Airlines will offset losses from the drop in Aegean Airlines' long position.| BioNTech vs. Beazer Homes USA | BioNTech vs. 24SEVENOFFICE GROUP AB | BioNTech vs. Wyndham Hotels Resorts | BioNTech vs. Sunstone Hotel Investors |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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