Correlation Between BioNTech and GLG LIFE
Specify exactly 2 symbols:
By analyzing existing cross correlation between BioNTech SE and GLG LIFE TECH, you can compare the effects of market volatilities on BioNTech and GLG LIFE 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 GLG LIFE. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and GLG LIFE.
Diversification Opportunities for BioNTech and GLG LIFE
Pay attention - limited upside
The 3 months correlation between BioNTech and GLG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and GLG LIFE TECH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLG LIFE TECH 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 GLG LIFE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLG LIFE TECH has no effect on the direction of BioNTech i.e., BioNTech and GLG LIFE go up and down completely randomly.
Pair Corralation between BioNTech and GLG LIFE
If you would invest 10,390 in BioNTech SE on August 25, 2024 and sell it today you would earn a total of 510.00 from holding BioNTech SE or generate 4.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. GLG LIFE TECH
Performance |
| Timeline |
| BioNTech SE |
| GLG LIFE TECH |
BioNTech and GLG LIFE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and GLG LIFE
The main advantage of trading using opposite BioNTech and GLG LIFE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, GLG LIFE 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 GLG LIFE will offset losses from the drop in GLG LIFE's long position.| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |