Correlation Between BioNTech and Neoen SA
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By analyzing existing cross correlation between BioNTech SE and Neoen SA, you can compare the effects of market volatilities on BioNTech and Neoen SA 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 Neoen SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Neoen SA.
Diversification Opportunities for BioNTech and Neoen SA
Very weak diversification
The 3 months correlation between BioNTech and Neoen is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Neoen SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neoen SA 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 Neoen SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neoen SA has no effect on the direction of BioNTech i.e., BioNTech and Neoen SA go up and down completely randomly.
Pair Corralation between BioNTech and Neoen SA
Assuming the 90 days trading horizon BioNTech SE is expected to under-perform the Neoen SA. In addition to that, BioNTech is 1.36 times more volatile than Neoen SA. It trades about 0.0 of its total potential returns per unit of risk. Neoen SA is currently generating about 0.02 per unit of volatility. If you would invest 3,500 in Neoen SA on October 25, 2024 and sell it today you would earn a total of 472.00 from holding Neoen SA or generate 13.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
BioNTech SE vs. Neoen SA
Performance |
| Timeline |
| BioNTech SE |
| Neoen SA |
BioNTech and Neoen SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Neoen SA
The main advantage of trading using opposite BioNTech and Neoen SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Neoen SA 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 Neoen SA will offset losses from the drop in Neoen SA's long position.| BioNTech vs. Cairo Communication SpA | BioNTech vs. Spirent Communications plc | BioNTech vs. MagnaChip Semiconductor Corp | BioNTech vs. Charter Communications |
| Neoen SA vs. Gaming and Leisure | Neoen SA vs. Scientific Games | Neoen SA vs. PENN NATL GAMING | Neoen SA 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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