Correlation Between BioNTech and Amkor Technology
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By analyzing existing cross correlation between BioNTech SE and Amkor Technology, you can compare the effects of market volatilities on BioNTech and Amkor 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 Amkor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Amkor Technology.
Diversification Opportunities for BioNTech and Amkor Technology
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and Amkor is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Amkor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amkor Technology 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 Amkor Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amkor Technology has no effect on the direction of BioNTech i.e., BioNTech and Amkor Technology go up and down completely randomly.
Pair Corralation between BioNTech and Amkor Technology
Assuming the 90 days trading horizon BioNTech is expected to generate 23.09 times less return on investment than Amkor Technology. In addition to that, BioNTech is 1.26 times more volatile than Amkor Technology. It trades about 0.0 of its total potential returns per unit of risk. Amkor Technology is currently generating about 0.04 per unit of volatility. If you would invest 2,516 in Amkor Technology on October 25, 2024 and sell it today you would earn a total of 63.00 from holding Amkor Technology or generate 2.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Amkor Technology
Performance |
| Timeline |
| BioNTech SE |
| Amkor Technology |
BioNTech and Amkor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Amkor Technology
The main advantage of trading using opposite BioNTech and Amkor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Amkor 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 Amkor Technology will offset losses from the drop in Amkor Technology's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
| Amkor Technology vs. NVIDIA | Amkor Technology vs. Taiwan Semiconductor Manufacturing | Amkor Technology vs. Broadcom | Amkor Technology vs. QUALCOMM Incorporated |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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