Correlation Between BioNTech and ALERION CLEANPOWER
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By analyzing existing cross correlation between BioNTech SE and ALERION CLEANPOWER, you can compare the effects of market volatilities on BioNTech and ALERION CLEANPOWER 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 ALERION CLEANPOWER. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and ALERION CLEANPOWER.
Diversification Opportunities for BioNTech and ALERION CLEANPOWER
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioNTech and ALERION is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and ALERION CLEANPOWER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALERION CLEANPOWER 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 ALERION CLEANPOWER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALERION CLEANPOWER has no effect on the direction of BioNTech i.e., BioNTech and ALERION CLEANPOWER go up and down completely randomly.
Pair Corralation between BioNTech and ALERION CLEANPOWER
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.24 times more return on investment than ALERION CLEANPOWER. However, BioNTech is 1.24 times more volatile than ALERION CLEANPOWER. It trades about 0.09 of its potential returns per unit of risk. ALERION CLEANPOWER is currently generating about 0.08 per unit of risk. If you would invest 10,210 in BioNTech SE on August 26, 2024 and sell it today you would earn a total of 690.00 from holding BioNTech SE or generate 6.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. ALERION CLEANPOWER
Performance |
| Timeline |
| BioNTech SE |
| ALERION CLEANPOWER |
BioNTech and ALERION CLEANPOWER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and ALERION CLEANPOWER
The main advantage of trading using opposite BioNTech and ALERION CLEANPOWER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, ALERION CLEANPOWER 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 ALERION CLEANPOWER will offset losses from the drop in ALERION CLEANPOWER's long position.| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
| ALERION CLEANPOWER vs. Lyxor 1 | ALERION CLEANPOWER vs. Xtrackers LevDAX | ALERION CLEANPOWER vs. Xtrackers ShortDAX |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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