Correlation Between BioNTech and Teradata Corp
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By analyzing existing cross correlation between BioNTech SE and Teradata Corp, you can compare the effects of market volatilities on BioNTech and Teradata Corp 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 Teradata Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Teradata Corp.
Diversification Opportunities for BioNTech and Teradata Corp
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BioNTech and Teradata is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Teradata Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teradata 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 Teradata Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teradata Corp has no effect on the direction of BioNTech i.e., BioNTech and Teradata Corp go up and down completely randomly.
Pair Corralation between BioNTech and Teradata Corp
Assuming the 90 days trading horizon BioNTech SE is expected to generate 2.07 times more return on investment than Teradata Corp. However, BioNTech is 2.07 times more volatile than Teradata Corp. It trades about 0.09 of its potential returns per unit of risk. Teradata Corp is currently generating about -0.16 per unit of risk. If you would invest 11,510 in BioNTech SE on October 14, 2024 and sell it today you would earn a total of 430.00 from holding BioNTech SE or generate 3.74% 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. Teradata Corp
Performance |
| Timeline |
| BioNTech SE |
| Teradata Corp |
BioNTech and Teradata Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Teradata Corp
The main advantage of trading using opposite BioNTech and Teradata Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Teradata Corp 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 Teradata Corp will offset losses from the drop in Teradata Corp's long position.| BioNTech vs. Australian Agricultural | BioNTech vs. AEGEAN AIRLINES | BioNTech vs. Southwest Airlines Co | BioNTech vs. Hanison Construction Holdings |
| Teradata Corp vs. Agilent Technologies | Teradata Corp vs. Addtech AB | Teradata Corp vs. Easy Software AG | Teradata Corp vs. BioNTech SE |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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