Correlation Between BioNTech and Advanced Medical
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By analyzing existing cross correlation between BioNTech SE and Advanced Medical Solutions, you can compare the effects of market volatilities on BioNTech and Advanced Medical 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 Advanced Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Advanced Medical.
Diversification Opportunities for BioNTech and Advanced Medical
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and Advanced is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Advanced Medical Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advanced Medical Sol 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 Advanced Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advanced Medical Sol has no effect on the direction of BioNTech i.e., BioNTech and Advanced Medical go up and down completely randomly.
Pair Corralation between BioNTech and Advanced Medical
Assuming the 90 days trading horizon BioNTech is expected to generate 2.95 times less return on investment than Advanced Medical. But when comparing it to its historical volatility, BioNTech SE is 1.3 times less risky than Advanced Medical. It trades about 0.04 of its potential returns per unit of risk. Advanced Medical Solutions is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 238.00 in Advanced Medical Solutions on October 26, 2024 and sell it today you would earn a total of 12.00 from holding Advanced Medical Solutions or generate 5.04% 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. Advanced Medical Solutions
Performance |
| Timeline |
| BioNTech SE |
| Advanced Medical Sol |
BioNTech and Advanced Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Advanced Medical
The main advantage of trading using opposite BioNTech and Advanced Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Advanced Medical 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 Advanced Medical will offset losses from the drop in Advanced Medical's long position.| BioNTech vs. Cairo Communication SpA | BioNTech vs. Spirent Communications plc | BioNTech vs. MagnaChip Semiconductor Corp | BioNTech vs. Charter Communications |
| Advanced Medical vs. YATRA ONLINE DL 0001 | Advanced Medical vs. BioNTech SE | Advanced Medical vs. BOS BETTER ONLINE | Advanced Medical vs. HELIOS TECHS INC |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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