Correlation Between BioNTech and Nanjing Panda
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By analyzing existing cross correlation between BioNTech SE and Nanjing Panda Electronics, you can compare the effects of market volatilities on BioNTech and Nanjing Panda 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 Nanjing Panda. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Nanjing Panda.
Diversification Opportunities for BioNTech and Nanjing Panda
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and Nanjing is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Nanjing Panda Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Panda Electronics 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 Nanjing Panda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Panda Electronics has no effect on the direction of BioNTech i.e., BioNTech and Nanjing Panda go up and down completely randomly.
Pair Corralation between BioNTech and Nanjing Panda
If you would invest 11,000 in BioNTech SE on October 28, 2024 and sell it today you would earn a total of 600.00 from holding BioNTech SE or generate 5.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
BioNTech SE vs. Nanjing Panda Electronics
Performance |
| Timeline |
| BioNTech SE |
| Nanjing Panda Electronics |
BioNTech and Nanjing Panda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Nanjing Panda
The main advantage of trading using opposite BioNTech and Nanjing Panda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Nanjing Panda 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 Nanjing Panda will offset losses from the drop in Nanjing Panda's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
| Nanjing Panda vs. Hon Hai Precision | Nanjing Panda vs. Samsung SDI Co | Nanjing Panda vs. Corning Incorporated | Nanjing Panda vs. Mitsubishi Electric |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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