Correlation Between BioNTech and Kingdee International
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By analyzing existing cross correlation between BioNTech SE and Kingdee International Software, you can compare the effects of market volatilities on BioNTech and Kingdee International 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 Kingdee International. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Kingdee International.
Diversification Opportunities for BioNTech and Kingdee International
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BioNTech and Kingdee is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Kingdee International Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingdee International 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 Kingdee International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingdee International has no effect on the direction of BioNTech i.e., BioNTech and Kingdee International go up and down completely randomly.
Pair Corralation between BioNTech and Kingdee International
Assuming the 90 days trading horizon BioNTech SE is expected to generate 0.8 times more return on investment than Kingdee International. However, BioNTech SE is 1.26 times less risky than Kingdee International. It trades about 0.14 of its potential returns per unit of risk. Kingdee International Software is currently generating about 0.04 per unit of risk. If you would invest 9,500 in BioNTech SE on October 19, 2024 and sell it today you would earn a total of 1,480 from holding BioNTech SE or generate 15.58% 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. Kingdee International Software
Performance |
| Timeline |
| BioNTech SE |
| Kingdee International |
BioNTech and Kingdee International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Kingdee International
The main advantage of trading using opposite BioNTech and Kingdee International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Kingdee International 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 Kingdee International will offset losses from the drop in Kingdee International's long position.| BioNTech vs. GEELY AUTOMOBILE | BioNTech vs. AAC TECHNOLOGHLDGADR | BioNTech vs. Entravision Communications | BioNTech vs. Ribbon Communications |
| Kingdee International vs. SIEM OFFSHORE NEW | Kingdee International vs. NURAN WIRELESS INC | Kingdee International vs. PLAYSTUDIOS A DL 0001 | Kingdee International vs. PLAY2CHILL SA ZY |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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