Correlation Between BioNTech and REINET INVESTMENTS
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By analyzing existing cross correlation between BioNTech SE and REINET INVESTMENTS SCA, you can compare the effects of market volatilities on BioNTech and REINET INVESTMENTS 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 REINET INVESTMENTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and REINET INVESTMENTS.
Diversification Opportunities for BioNTech and REINET INVESTMENTS
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and REINET is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and REINET INVESTMENTS SCA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on REINET INVESTMENTS SCA 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 REINET INVESTMENTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of REINET INVESTMENTS SCA has no effect on the direction of BioNTech i.e., BioNTech and REINET INVESTMENTS go up and down completely randomly.
Pair Corralation between BioNTech and REINET INVESTMENTS
Assuming the 90 days trading horizon BioNTech SE is expected to under-perform the REINET INVESTMENTS. But the stock apears to be less risky and, when comparing its historical volatility, BioNTech SE is 1.13 times less risky than REINET INVESTMENTS. The stock trades about -0.01 of its potential returns per unit of risk. The REINET INVESTMENTS SCA is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,669 in REINET INVESTMENTS SCA on August 30, 2024 and sell it today you would earn a total of 831.00 from holding REINET INVESTMENTS SCA or generate 49.79% 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. REINET INVESTMENTS SCA
Performance |
| Timeline |
| BioNTech SE |
| REINET INVESTMENTS SCA |
BioNTech and REINET INVESTMENTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and REINET INVESTMENTS
The main advantage of trading using opposite BioNTech and REINET INVESTMENTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, REINET INVESTMENTS 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 REINET INVESTMENTS will offset losses from the drop in REINET INVESTMENTS's long position.| BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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