Correlation Between BioNTech and BW OFFSHORE
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By analyzing existing cross correlation between BioNTech SE and BW OFFSHORE LTD, you can compare the effects of market volatilities on BioNTech and BW OFFSHORE 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 BW OFFSHORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and BW OFFSHORE.
Diversification Opportunities for BioNTech and BW OFFSHORE
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between BioNTech and XY81 is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and BW OFFSHORE LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BW OFFSHORE LTD 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 BW OFFSHORE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BW OFFSHORE LTD has no effect on the direction of BioNTech i.e., BioNTech and BW OFFSHORE go up and down completely randomly.
Pair Corralation between BioNTech and BW OFFSHORE
Assuming the 90 days trading horizon BioNTech is expected to generate 7.15 times less return on investment than BW OFFSHORE. In addition to that, BioNTech is 1.08 times more volatile than BW OFFSHORE LTD. It trades about 0.0 of its total potential returns per unit of risk. BW OFFSHORE LTD is currently generating about 0.03 per unit of volatility. If you would invest 195.00 in BW OFFSHORE LTD on November 1, 2024 and sell it today you would earn a total of 62.00 from holding BW OFFSHORE LTD or generate 31.79% 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. BW OFFSHORE LTD
Performance |
| Timeline |
| BioNTech SE |
| BW OFFSHORE LTD |
BioNTech and BW OFFSHORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and BW OFFSHORE
The main advantage of trading using opposite BioNTech and BW OFFSHORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, BW OFFSHORE 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 BW OFFSHORE will offset losses from the drop in BW OFFSHORE's long position.| BioNTech vs. Perseus Mining Limited | BioNTech vs. GALENA MINING LTD | BioNTech vs. HK Electric Investments | BioNTech vs. New Residential Investment |
| BW OFFSHORE vs. Chunghwa Telecom Co | BW OFFSHORE vs. QINGCI GAMES INC | BW OFFSHORE vs. GAMESTOP | BW OFFSHORE vs. Zoom Video 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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