Correlation Between BioNTech and Siamgas
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By analyzing existing cross correlation between BioNTech SE and Siamgas And Petrochemicals, you can compare the effects of market volatilities on BioNTech and Siamgas 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 Siamgas. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Siamgas.
Diversification Opportunities for BioNTech and Siamgas
Weak diversification
The 3 months correlation between BioNTech and Siamgas is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Siamgas And Petrochemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siamgas And Petroche 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 Siamgas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siamgas And Petroche has no effect on the direction of BioNTech i.e., BioNTech and Siamgas go up and down completely randomly.
Pair Corralation between BioNTech and Siamgas
Assuming the 90 days trading horizon BioNTech is expected to generate 49.51 times less return on investment than Siamgas. But when comparing it to its historical volatility, BioNTech SE is 2.74 times less risky than Siamgas. It trades about 0.0 of its potential returns per unit of risk. Siamgas And Petrochemicals is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 11.00 in Siamgas And Petrochemicals on October 31, 2024 and sell it today you would earn a total of 8.00 from holding Siamgas And Petrochemicals or generate 72.73% 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. Siamgas And Petrochemicals
Performance |
| Timeline |
| BioNTech SE |
| Siamgas And Petroche |
BioNTech and Siamgas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Siamgas
The main advantage of trading using opposite BioNTech and Siamgas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Siamgas 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 Siamgas will offset losses from the drop in Siamgas' long position.| BioNTech vs. EIDESVIK OFFSHORE NK | BioNTech vs. SBM OFFSHORE | BioNTech vs. Meta Financial Group | BioNTech vs. UNIQA INSURANCE GR |
| Siamgas vs. LANDSEA GREEN MANAGEMENT | Siamgas vs. The Home Depot | Siamgas vs. CENTURIA OFFICE REIT | Siamgas vs. American Homes 4 |
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 Stocks Directory module to find actively traded stocks across global markets.
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