Correlation Between BioNTech and PKSHA TECHNOLOGY
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By analyzing existing cross correlation between BioNTech SE and PKSHA TECHNOLOGY INC, you can compare the effects of market volatilities on BioNTech and PKSHA TECHNOLOGY 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 PKSHA TECHNOLOGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and PKSHA TECHNOLOGY.
Diversification Opportunities for BioNTech and PKSHA TECHNOLOGY
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BioNTech and PKSHA is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and PKSHA TECHNOLOGY INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKSHA TECHNOLOGY INC 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 PKSHA TECHNOLOGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKSHA TECHNOLOGY INC has no effect on the direction of BioNTech i.e., BioNTech and PKSHA TECHNOLOGY go up and down completely randomly.
Pair Corralation between BioNTech and PKSHA TECHNOLOGY
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.47 times more return on investment than PKSHA TECHNOLOGY. However, BioNTech is 1.47 times more volatile than PKSHA TECHNOLOGY INC. It trades about 0.01 of its potential returns per unit of risk. PKSHA TECHNOLOGY INC is currently generating about -0.33 per unit of risk. If you would invest 11,000 in BioNTech SE on October 25, 2024 and sell it today you would earn a total of 0.00 from holding BioNTech SE or generate 0.0% 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. PKSHA TECHNOLOGY INC
Performance |
| Timeline |
| BioNTech SE |
| PKSHA TECHNOLOGY INC |
BioNTech and PKSHA TECHNOLOGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and PKSHA TECHNOLOGY
The main advantage of trading using opposite BioNTech and PKSHA TECHNOLOGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, PKSHA TECHNOLOGY 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 PKSHA TECHNOLOGY will offset losses from the drop in PKSHA TECHNOLOGY's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
| PKSHA TECHNOLOGY vs. TEXAS ROADHOUSE | PKSHA TECHNOLOGY vs. Liberty Broadband | PKSHA TECHNOLOGY vs. TreeHouse Foods | PKSHA TECHNOLOGY vs. CAL MAINE FOODS |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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