Correlation Between BioNTech and Monument Mining
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By analyzing existing cross correlation between BioNTech SE and Monument Mining Limited, you can compare the effects of market volatilities on BioNTech and Monument Mining 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 Monument Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Monument Mining.
Diversification Opportunities for BioNTech and Monument Mining
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and Monument is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Monument Mining Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monument Mining 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 Monument Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monument Mining has no effect on the direction of BioNTech i.e., BioNTech and Monument Mining go up and down completely randomly.
Pair Corralation between BioNTech and Monument Mining
Assuming the 90 days trading horizon BioNTech is expected to generate 2.85 times less return on investment than Monument Mining. But when comparing it to its historical volatility, BioNTech SE is 1.75 times less risky than Monument Mining. It trades about 0.1 of its potential returns per unit of risk. Monument Mining Limited is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 9.15 in Monument Mining Limited on October 25, 2024 and sell it today you would earn a total of 13.85 from holding Monument Mining Limited or generate 151.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Monument Mining Limited
Performance |
| Timeline |
| BioNTech SE |
| Monument Mining |
BioNTech and Monument Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Monument Mining
The main advantage of trading using opposite BioNTech and Monument Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Monument Mining 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 Monument Mining will offset losses from the drop in Monument Mining's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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