Correlation Between BioNTech and BOSTON BEER
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By analyzing existing cross correlation between BioNTech SE and BOSTON BEER A , you can compare the effects of market volatilities on BioNTech and BOSTON BEER 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 BOSTON BEER. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and BOSTON BEER.
Diversification Opportunities for BioNTech and BOSTON BEER
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between BioNTech and BOSTON is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and BOSTON BEER A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOSTON BEER A 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 BOSTON BEER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOSTON BEER A has no effect on the direction of BioNTech i.e., BioNTech and BOSTON BEER go up and down completely randomly.
Pair Corralation between BioNTech and BOSTON BEER
Assuming the 90 days trading horizon BioNTech is expected to generate 1.15 times less return on investment than BOSTON BEER. In addition to that, BioNTech is 2.22 times more volatile than BOSTON BEER A . It trades about 0.09 of its total potential returns per unit of risk. BOSTON BEER A is currently generating about 0.23 per unit of volatility. If you would invest 27,200 in BOSTON BEER A on August 28, 2024 and sell it today you would earn a total of 2,480 from holding BOSTON BEER A or generate 9.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. BOSTON BEER A
Performance |
| Timeline |
| BioNTech SE |
| BOSTON BEER A |
BioNTech and BOSTON BEER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and BOSTON BEER
The main advantage of trading using opposite BioNTech and BOSTON BEER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, BOSTON BEER 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 BOSTON BEER will offset losses from the drop in BOSTON BEER's long position.| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
| BOSTON BEER vs. Apple Inc | BOSTON BEER vs. Apple Inc | BOSTON BEER vs. Apple Inc | BOSTON BEER vs. Microsoft |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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