Correlation Between BioNTech and EIDESVIK OFFSHORE
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By analyzing existing cross correlation between BioNTech SE and EIDESVIK OFFSHORE NK, you can compare the effects of market volatilities on BioNTech and EIDESVIK OFFSHORE 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 EIDESVIK OFFSHORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and EIDESVIK OFFSHORE.
Diversification Opportunities for BioNTech and EIDESVIK OFFSHORE
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and EIDESVIK is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and EIDESVIK OFFSHORE NK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EIDESVIK OFFSHORE 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 EIDESVIK OFFSHORE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EIDESVIK OFFSHORE has no effect on the direction of BioNTech i.e., BioNTech and EIDESVIK OFFSHORE go up and down completely randomly.
Pair Corralation between BioNTech and EIDESVIK OFFSHORE
Assuming the 90 days trading horizon BioNTech SE is expected to generate 0.69 times more return on investment than EIDESVIK OFFSHORE. However, BioNTech SE is 1.45 times less risky than EIDESVIK OFFSHORE. It trades about 0.19 of its potential returns per unit of risk. EIDESVIK OFFSHORE NK is currently generating about 0.05 per unit of risk. If you would invest 11,290 in BioNTech SE on October 10, 2024 and sell it today you would earn a total of 1,000.00 from holding BioNTech SE or generate 8.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
BioNTech SE vs. EIDESVIK OFFSHORE NK
Performance |
| Timeline |
| BioNTech SE |
| EIDESVIK OFFSHORE |
BioNTech and EIDESVIK OFFSHORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and EIDESVIK OFFSHORE
The main advantage of trading using opposite BioNTech and EIDESVIK OFFSHORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, EIDESVIK OFFSHORE 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 EIDESVIK OFFSHORE will offset losses from the drop in EIDESVIK OFFSHORE's long position.| BioNTech vs. SOGECLAIR SA INH | BioNTech vs. Axway Software SA | BioNTech vs. UPDATE SOFTWARE | BioNTech vs. Alaska Air Group |
| EIDESVIK OFFSHORE vs. Fast Retailing Co | EIDESVIK OFFSHORE vs. UNITED RENTALS | EIDESVIK OFFSHORE vs. Canon Marketing Japan | EIDESVIK OFFSHORE vs. GRENKELEASING Dusseldorf |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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