Correlation Between BioNTech and Ultra Clean
Specify exactly 2 symbols:
By analyzing existing cross correlation between BioNTech SE and Ultra Clean Holdings, you can compare the effects of market volatilities on BioNTech and Ultra Clean 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 Ultra Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Ultra Clean.
Diversification Opportunities for BioNTech and Ultra Clean
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BioNTech and Ultra is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Ultra Clean Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ultra Clean Holdings 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 Ultra Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ultra Clean Holdings has no effect on the direction of BioNTech i.e., BioNTech and Ultra Clean go up and down completely randomly.
Pair Corralation between BioNTech and Ultra Clean
Assuming the 90 days trading horizon BioNTech SE is expected to generate 0.85 times more return on investment than Ultra Clean. However, BioNTech SE is 1.18 times less risky than Ultra Clean. It trades about 0.06 of its potential returns per unit of risk. Ultra Clean Holdings is currently generating about -0.02 per unit of risk. If you would invest 9,425 in BioNTech SE on November 4, 2024 and sell it today you would earn a total of 2,415 from holding BioNTech SE or generate 25.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.4% |
| Values | Daily Returns |
BioNTech SE vs. Ultra Clean Holdings
Performance |
| Timeline |
| BioNTech SE |
| Ultra Clean Holdings |
BioNTech and Ultra Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Ultra Clean
The main advantage of trading using opposite BioNTech and Ultra Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Ultra Clean 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 Ultra Clean will offset losses from the drop in Ultra Clean's long position.| BioNTech vs. Adtalem Global Education | BioNTech vs. CHINA EDUCATION GROUP | BioNTech vs. Ribbon Communications | BioNTech vs. Cogent Communications Holdings |
| Ultra Clean vs. SLR Investment Corp | Ultra Clean vs. Entravision Communications | Ultra Clean vs. COMBA TELECOM SYST | Ultra Clean vs. Guangdong Investment Limited |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |