Correlation Between BioNTech and SPARTAN STORES
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By analyzing existing cross correlation between BioNTech SE and SPARTAN STORES, you can compare the effects of market volatilities on BioNTech and SPARTAN STORES 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 SPARTAN STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and SPARTAN STORES.
Diversification Opportunities for BioNTech and SPARTAN STORES
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BioNTech and SPARTAN is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and SPARTAN STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPARTAN STORES 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 SPARTAN STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPARTAN STORES has no effect on the direction of BioNTech i.e., BioNTech and SPARTAN STORES go up and down completely randomly.
Pair Corralation between BioNTech and SPARTAN STORES
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.76 times more return on investment than SPARTAN STORES. However, BioNTech is 1.76 times more volatile than SPARTAN STORES. It trades about 0.19 of its potential returns per unit of risk. SPARTAN STORES is currently generating about -0.22 per unit of risk. If you would invest 11,060 in BioNTech SE on October 15, 2024 and sell it today you would earn a total of 880.00 from holding BioNTech SE or generate 7.96% 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. SPARTAN STORES
Performance |
| Timeline |
| BioNTech SE |
| SPARTAN STORES |
BioNTech and SPARTAN STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and SPARTAN STORES
The main advantage of trading using opposite BioNTech and SPARTAN STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, SPARTAN STORES 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 SPARTAN STORES will offset losses from the drop in SPARTAN STORES's long position.| BioNTech vs. Australian Agricultural | BioNTech vs. AEGEAN AIRLINES | BioNTech vs. Southwest Airlines Co | BioNTech vs. Hanison Construction Holdings |
| SPARTAN STORES vs. PKSHA TECHNOLOGY INC | SPARTAN STORES vs. BioNTech SE | SPARTAN STORES vs. Digilife Technologies Limited | SPARTAN STORES vs. CLEAN ENERGY FUELS |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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