Correlation Between BioNTech and GEAR4MUSIC (HLDGS)
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By analyzing existing cross correlation between BioNTech SE and GEAR4MUSIC LS 10, you can compare the effects of market volatilities on BioNTech and GEAR4MUSIC (HLDGS) 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 GEAR4MUSIC (HLDGS). Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and GEAR4MUSIC (HLDGS).
Diversification Opportunities for BioNTech and GEAR4MUSIC (HLDGS)
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BioNTech and GEAR4MUSIC is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and GEAR4MUSIC LS 10 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEAR4MUSIC (HLDGS) 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 GEAR4MUSIC (HLDGS). Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEAR4MUSIC (HLDGS) has no effect on the direction of BioNTech i.e., BioNTech and GEAR4MUSIC (HLDGS) go up and down completely randomly.
Pair Corralation between BioNTech and GEAR4MUSIC (HLDGS)
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.03 times more return on investment than GEAR4MUSIC (HLDGS). However, BioNTech is 1.03 times more volatile than GEAR4MUSIC LS 10. It trades about 0.14 of its potential returns per unit of risk. GEAR4MUSIC LS 10 is currently generating about -0.01 per unit of risk. If you would invest 11,280 in BioNTech SE on October 11, 2024 and sell it today you would earn a total of 710.00 from holding BioNTech SE or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
BioNTech SE vs. GEAR4MUSIC LS 10
Performance |
| Timeline |
| BioNTech SE |
| GEAR4MUSIC (HLDGS) |
BioNTech and GEAR4MUSIC (HLDGS) Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and GEAR4MUSIC (HLDGS)
The main advantage of trading using opposite BioNTech and GEAR4MUSIC (HLDGS) positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, GEAR4MUSIC (HLDGS) 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 GEAR4MUSIC (HLDGS) will offset losses from the drop in GEAR4MUSIC (HLDGS)'s long position.| BioNTech vs. Beazer Homes USA | BioNTech vs. 24SEVENOFFICE GROUP AB | BioNTech vs. Wyndham Hotels Resorts | BioNTech vs. Sunstone Hotel Investors |
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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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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