Correlation Between BioNTech and GEELY AUTOMOBILE
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By analyzing existing cross correlation between BioNTech SE and GEELY AUTOMOBILE, you can compare the effects of market volatilities on BioNTech and GEELY AUTOMOBILE 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 GEELY AUTOMOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and GEELY AUTOMOBILE.
Diversification Opportunities for BioNTech and GEELY AUTOMOBILE
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and GEELY is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and GEELY AUTOMOBILE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEELY AUTOMOBILE 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 GEELY AUTOMOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEELY AUTOMOBILE has no effect on the direction of BioNTech i.e., BioNTech and GEELY AUTOMOBILE go up and down completely randomly.
Pair Corralation between BioNTech and GEELY AUTOMOBILE
Assuming the 90 days trading horizon BioNTech is expected to generate 7.48 times less return on investment than GEELY AUTOMOBILE. But when comparing it to its historical volatility, BioNTech SE is 1.0 times less risky than GEELY AUTOMOBILE. It trades about 0.01 of its potential returns per unit of risk. GEELY AUTOMOBILE is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 73.00 in GEELY AUTOMOBILE on November 1, 2024 and sell it today you would earn a total of 104.00 from holding GEELY AUTOMOBILE or generate 142.47% 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. GEELY AUTOMOBILE
Performance |
| Timeline |
| BioNTech SE |
| GEELY AUTOMOBILE |
BioNTech and GEELY AUTOMOBILE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and GEELY AUTOMOBILE
The main advantage of trading using opposite BioNTech and GEELY AUTOMOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, GEELY AUTOMOBILE 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 GEELY AUTOMOBILE will offset losses from the drop in GEELY AUTOMOBILE's long position.| BioNTech vs. Perseus Mining Limited | BioNTech vs. GALENA MINING LTD | BioNTech vs. HK Electric Investments | BioNTech vs. New Residential Investment |
| GEELY AUTOMOBILE vs. NorAm Drilling AS | GEELY AUTOMOBILE vs. Ribbon Communications | GEELY AUTOMOBILE vs. UNITED UTILITIES GR | GEELY AUTOMOBILE vs. DXC Technology Co |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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