Correlation Between BioNTech and Algonquin Power
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By analyzing existing cross correlation between BioNTech SE and Algonquin Power Utilities, you can compare the effects of market volatilities on BioNTech and Algonquin Power 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 Algonquin Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Algonquin Power.
Diversification Opportunities for BioNTech and Algonquin Power
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioNTech and Algonquin is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Algonquin Power Utilities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Algonquin Power Utilities 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 Algonquin Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Algonquin Power Utilities has no effect on the direction of BioNTech i.e., BioNTech and Algonquin Power go up and down completely randomly.
Pair Corralation between BioNTech and Algonquin Power
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.54 times more return on investment than Algonquin Power. However, BioNTech is 1.54 times more volatile than Algonquin Power Utilities. It trades about 0.09 of its potential returns per unit of risk. Algonquin Power Utilities is currently generating about -0.06 per unit of risk. If you would invest 8,015 in BioNTech SE on October 17, 2024 and sell it today you would earn a total of 3,275 from holding BioNTech SE or generate 40.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.32% |
| Values | Daily Returns |
BioNTech SE vs. Algonquin Power Utilities
Performance |
| Timeline |
| BioNTech SE |
| Algonquin Power Utilities |
BioNTech and Algonquin Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Algonquin Power
The main advantage of trading using opposite BioNTech and Algonquin Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Algonquin Power 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 Algonquin Power will offset losses from the drop in Algonquin Power's long position.| BioNTech vs. Dalata Hotel Group | BioNTech vs. MHP Hotel AG | BioNTech vs. The Hongkong and | BioNTech vs. Global Ship Lease |
| Algonquin Power vs. Easy Software AG | Algonquin Power vs. BioNTech SE | Algonquin Power vs. H2O Retailing | Algonquin Power vs. MARKET VECTR RETAIL |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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