Correlation Between BioNTech and Strategic Education
Specify exactly 2 symbols:
By analyzing existing cross correlation between BioNTech SE and Strategic Education, you can compare the effects of market volatilities on BioNTech and Strategic Education 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 Strategic Education. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Strategic Education.
Diversification Opportunities for BioNTech and Strategic Education
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioNTech and Strategic is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Strategic Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Strategic Education 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 Strategic Education. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Strategic Education has no effect on the direction of BioNTech i.e., BioNTech and Strategic Education go up and down completely randomly.
Pair Corralation between BioNTech and Strategic Education
Assuming the 90 days trading horizon BioNTech SE is expected to under-perform the Strategic Education. In addition to that, BioNTech is 1.22 times more volatile than Strategic Education. It trades about -0.01 of its total potential returns per unit of risk. Strategic Education is currently generating about 0.04 per unit of volatility. If you would invest 7,080 in Strategic Education on August 30, 2024 and sell it today you would earn a total of 2,370 from holding Strategic Education or generate 33.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Strategic Education
Performance |
| Timeline |
| BioNTech SE |
| Strategic Education |
BioNTech and Strategic Education Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Strategic Education
The main advantage of trading using opposite BioNTech and Strategic Education positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Strategic Education 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 Strategic Education will offset losses from the drop in Strategic Education'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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |