Correlation Between BioNTech and Linedata Services
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By analyzing existing cross correlation between BioNTech SE and Linedata Services SA, you can compare the effects of market volatilities on BioNTech and Linedata Services 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 Linedata Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Linedata Services.
Diversification Opportunities for BioNTech and Linedata Services
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and Linedata is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Linedata Services SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Linedata Services 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 Linedata Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Linedata Services has no effect on the direction of BioNTech i.e., BioNTech and Linedata Services go up and down completely randomly.
Pair Corralation between BioNTech and Linedata Services
Assuming the 90 days trading horizon BioNTech is expected to generate 3.15 times less return on investment than Linedata Services. In addition to that, BioNTech is 1.93 times more volatile than Linedata Services SA. It trades about 0.03 of its total potential returns per unit of risk. Linedata Services SA is currently generating about 0.17 per unit of volatility. If you would invest 8,040 in Linedata Services SA on October 17, 2024 and sell it today you would earn a total of 340.00 from holding Linedata Services SA or generate 4.23% 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. Linedata Services SA
Performance |
| Timeline |
| BioNTech SE |
| Linedata Services |
BioNTech and Linedata Services Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Linedata Services
The main advantage of trading using opposite BioNTech and Linedata Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Linedata Services 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 Linedata Services will offset losses from the drop in Linedata Services' long position.| BioNTech vs. Dalata Hotel Group | BioNTech vs. MHP Hotel AG | BioNTech vs. The Hongkong and | BioNTech vs. Global Ship Lease |
| Linedata Services vs. SCANSOURCE | Linedata Services vs. BioNTech SE | Linedata Services vs. CanSino Biologics | Linedata Services vs. GLG LIFE TECH |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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