Correlation Between BioNTech and MAG SILVER
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By analyzing existing cross correlation between BioNTech SE and MAG SILVER, you can compare the effects of market volatilities on BioNTech and MAG SILVER 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 MAG SILVER. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and MAG SILVER.
Diversification Opportunities for BioNTech and MAG SILVER
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioNTech and MAG is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and MAG SILVER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAG SILVER 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 MAG SILVER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAG SILVER has no effect on the direction of BioNTech i.e., BioNTech and MAG SILVER go up and down completely randomly.
Pair Corralation between BioNTech and MAG SILVER
Assuming the 90 days trading horizon BioNTech is expected to generate 2.4 times less return on investment than MAG SILVER. In addition to that, BioNTech is 1.04 times more volatile than MAG SILVER. It trades about 0.0 of its total potential returns per unit of risk. MAG SILVER is currently generating about 0.0 per unit of volatility. If you would invest 1,453 in MAG SILVER on October 25, 2024 and sell it today you would lose (8.00) from holding MAG SILVER or give up 0.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. MAG SILVER
Performance |
| Timeline |
| BioNTech SE |
| MAG SILVER |
BioNTech and MAG SILVER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and MAG SILVER
The main advantage of trading using opposite BioNTech and MAG SILVER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, MAG SILVER 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 MAG SILVER will offset losses from the drop in MAG SILVER's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
| MAG SILVER vs. Summit Hotel Properties | MAG SILVER vs. Tower Semiconductor | MAG SILVER vs. UNIVMUSIC GRPADR050 | MAG SILVER vs. BE Semiconductor Industries |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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