Correlation Between BioNTech and CapitaLand Investment
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By analyzing existing cross correlation between BioNTech SE and CapitaLand Investment Limited, you can compare the effects of market volatilities on BioNTech and CapitaLand Investment 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 CapitaLand Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and CapitaLand Investment.
Diversification Opportunities for BioNTech and CapitaLand Investment
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BioNTech and CapitaLand is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and CapitaLand Investment Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CapitaLand Investment 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 CapitaLand Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CapitaLand Investment has no effect on the direction of BioNTech i.e., BioNTech and CapitaLand Investment go up and down completely randomly.
Pair Corralation between BioNTech and CapitaLand Investment
Assuming the 90 days trading horizon BioNTech SE is expected to under-perform the CapitaLand Investment. In addition to that, BioNTech is 1.67 times more volatile than CapitaLand Investment Limited. It trades about -0.01 of its total potential returns per unit of risk. CapitaLand Investment Limited is currently generating about -0.01 per unit of volatility. If you would invest 216.00 in CapitaLand Investment Limited on August 30, 2024 and sell it today you would lose (21.00) from holding CapitaLand Investment Limited or give up 9.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. CapitaLand Investment Limited
Performance |
| Timeline |
| BioNTech SE |
| CapitaLand Investment |
BioNTech and CapitaLand Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and CapitaLand Investment
The main advantage of trading using opposite BioNTech and CapitaLand Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, CapitaLand Investment 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 CapitaLand Investment will offset losses from the drop in CapitaLand Investment's long position.| BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co |
| CapitaLand Investment vs. Vonovia SE | CapitaLand Investment vs. Wharf Real Estate | CapitaLand Investment vs. Superior Plus Corp | CapitaLand Investment vs. NMI Holdings |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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