Correlation Between BioNTech and Harmony Gold
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By analyzing existing cross correlation between BioNTech SE and Harmony Gold Mining, you can compare the effects of market volatilities on BioNTech and Harmony Gold 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 Harmony Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Harmony Gold.
Diversification Opportunities for BioNTech and Harmony Gold
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioNTech and Harmony is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Harmony Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harmony Gold 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 Harmony Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harmony Gold Mining has no effect on the direction of BioNTech i.e., BioNTech and Harmony Gold go up and down completely randomly.
Pair Corralation between BioNTech and Harmony Gold
Assuming the 90 days trading horizon BioNTech is expected to generate 10.92 times less return on investment than Harmony Gold. But when comparing it to its historical volatility, BioNTech SE is 1.11 times less risky than Harmony Gold. It trades about 0.04 of its potential returns per unit of risk. Harmony Gold Mining is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 790.00 in Harmony Gold Mining on October 21, 2024 and sell it today you would earn a total of 155.00 from holding Harmony Gold Mining or generate 19.62% 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. Harmony Gold Mining
Performance |
| Timeline |
| BioNTech SE |
| Harmony Gold Mining |
BioNTech and Harmony Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Harmony Gold
The main advantage of trading using opposite BioNTech and Harmony Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Harmony Gold 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 Harmony Gold will offset losses from the drop in Harmony Gold's long position.| BioNTech vs. RCI Hospitality Holdings | BioNTech vs. United Natural Foods | BioNTech vs. PLANT VEDA FOODS | BioNTech vs. NIGHTINGALE HEALTH EO |
| Harmony Gold vs. Soken Chemical Engineering | Harmony Gold vs. Amkor Technology | Harmony Gold vs. Siamgas And Petrochemicals | Harmony Gold vs. BioNTech SE |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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