Correlation Between BioNTech and T MOBILE
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By analyzing existing cross correlation between BioNTech SE and T MOBILE INCDL 00001, you can compare the effects of market volatilities on BioNTech and T MOBILE 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 T MOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and T MOBILE.
Diversification Opportunities for BioNTech and T MOBILE
Significant diversification
The 3 months correlation between BioNTech and TM5 is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and T MOBILE INCDL 00001 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on T MOBILE INCDL 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 T MOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of T MOBILE INCDL has no effect on the direction of BioNTech i.e., BioNTech and T MOBILE go up and down completely randomly.
Pair Corralation between BioNTech and T MOBILE
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.84 times more return on investment than T MOBILE. However, BioNTech is 1.84 times more volatile than T MOBILE INCDL 00001. It trades about 0.17 of its potential returns per unit of risk. T MOBILE INCDL 00001 is currently generating about -0.13 per unit of risk. If you would invest 9,500 in BioNTech SE on October 17, 2024 and sell it today you would earn a total of 1,790 from holding BioNTech SE or generate 18.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. T MOBILE INCDL 00001
Performance |
| Timeline |
| BioNTech SE |
| T MOBILE INCDL |
BioNTech and T MOBILE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and T MOBILE
The main advantage of trading using opposite BioNTech and T MOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, T MOBILE 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 T MOBILE will offset losses from the drop in T MOBILE's long position.| BioNTech vs. MOVIE GAMES SA | BioNTech vs. Tencent Music Entertainment | BioNTech vs. AM EAGLE OUTFITTERS | BioNTech vs. UNIVMUSIC GRPADR050 |
| T MOBILE vs. VELA TECHNOLPLC LS 0001 | T MOBILE vs. BioNTech SE | T MOBILE vs. Sunny Optical Technology | T MOBILE vs. Addtech AB |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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