Correlation Between BioNTech and CVW CLEANTECH
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By analyzing existing cross correlation between BioNTech SE and CVW CLEANTECH INC, you can compare the effects of market volatilities on BioNTech and CVW CLEANTECH 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 CVW CLEANTECH. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and CVW CLEANTECH.
Diversification Opportunities for BioNTech and CVW CLEANTECH
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BioNTech and CVW is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and CVW CLEANTECH INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CVW CLEANTECH INC 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 CVW CLEANTECH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVW CLEANTECH INC has no effect on the direction of BioNTech i.e., BioNTech and CVW CLEANTECH go up and down completely randomly.
Pair Corralation between BioNTech and CVW CLEANTECH
Assuming the 90 days trading horizon BioNTech is expected to generate 11.85 times less return on investment than CVW CLEANTECH. But when comparing it to its historical volatility, BioNTech SE is 1.84 times less risky than CVW CLEANTECH. It trades about 0.0 of its potential returns per unit of risk. CVW CLEANTECH INC is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 66.00 in CVW CLEANTECH INC on October 28, 2024 and sell it today you would lose (11.00) from holding CVW CLEANTECH INC or give up 16.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. CVW CLEANTECH INC
Performance |
| Timeline |
| BioNTech SE |
| CVW CLEANTECH INC |
BioNTech and CVW CLEANTECH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and CVW CLEANTECH
The main advantage of trading using opposite BioNTech and CVW CLEANTECH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, CVW CLEANTECH 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 CVW CLEANTECH will offset losses from the drop in CVW CLEANTECH's long position.| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
| CVW CLEANTECH vs. Zoom Video Communications | CVW CLEANTECH vs. Chunghwa Telecom Co | CVW CLEANTECH vs. TELECOM ITALIA | CVW CLEANTECH vs. Ribbon Communications |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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