Correlation Between BioNTech and TT Electronics
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By analyzing existing cross correlation between BioNTech SE and TT Electronics PLC, you can compare the effects of market volatilities on BioNTech and TT Electronics 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 TT Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and TT Electronics.
Diversification Opportunities for BioNTech and TT Electronics
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BioNTech and 7TT is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and TT Electronics PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TT Electronics PLC 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 TT Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TT Electronics PLC has no effect on the direction of BioNTech i.e., BioNTech and TT Electronics go up and down completely randomly.
Pair Corralation between BioNTech and TT Electronics
Assuming the 90 days trading horizon BioNTech SE is expected to generate 0.89 times more return on investment than TT Electronics. However, BioNTech SE is 1.12 times less risky than TT Electronics. It trades about 0.01 of its potential returns per unit of risk. TT Electronics PLC is currently generating about -0.01 per unit of risk. If you would invest 13,095 in BioNTech SE on October 11, 2024 and sell it today you would lose (1,105) from holding BioNTech SE or give up 8.44% 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. TT Electronics PLC
Performance |
| Timeline |
| BioNTech SE |
| TT Electronics PLC |
BioNTech and TT Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and TT Electronics
The main advantage of trading using opposite BioNTech and TT Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, TT Electronics 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 TT Electronics will offset losses from the drop in TT Electronics' long position.| BioNTech vs. SOGECLAIR SA INH | BioNTech vs. Axway Software SA | BioNTech vs. UPDATE SOFTWARE | BioNTech vs. Alaska Air Group |
| TT Electronics vs. BioNTech SE | TT Electronics vs. ORMAT TECHNOLOGIES | TT Electronics vs. Motorcar Parts of | TT Electronics vs. Digilife Technologies Limited |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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