Correlation Between BioNTech and Jacquet Metal
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By analyzing existing cross correlation between BioNTech SE and Jacquet Metal Service, you can compare the effects of market volatilities on BioNTech and Jacquet Metal 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 Jacquet Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Jacquet Metal.
Diversification Opportunities for BioNTech and Jacquet Metal
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and Jacquet is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Jacquet Metal Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jacquet Metal Service 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 Jacquet Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jacquet Metal Service has no effect on the direction of BioNTech i.e., BioNTech and Jacquet Metal go up and down completely randomly.
Pair Corralation between BioNTech and Jacquet Metal
Assuming the 90 days trading horizon BioNTech SE is expected to generate 3.19 times more return on investment than Jacquet Metal. However, BioNTech is 3.19 times more volatile than Jacquet Metal Service. It trades about 0.07 of its potential returns per unit of risk. Jacquet Metal Service is currently generating about -0.14 per unit of risk. If you would invest 10,390 in BioNTech SE on August 25, 2024 and sell it today you would earn a total of 510.00 from holding BioNTech SE or generate 4.91% 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. Jacquet Metal Service
Performance |
| Timeline |
| BioNTech SE |
| Jacquet Metal Service |
BioNTech and Jacquet Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Jacquet Metal
The main advantage of trading using opposite BioNTech and Jacquet Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Jacquet Metal 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 Jacquet Metal will offset losses from the drop in Jacquet Metal's long position.| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
| Jacquet Metal vs. ArcelorMittal SA | Jacquet Metal vs. ArcelorMittal | Jacquet Metal vs. Nippon Steel | Jacquet Metal vs. NIPPON STEEL SPADR |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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