Correlation Between MOVIE GAMES and BioNTech
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By analyzing existing cross correlation between MOVIE GAMES SA and BioNTech SE, you can compare the effects of market volatilities on MOVIE GAMES and BioNTech 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 MOVIE GAMES with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of MOVIE GAMES and BioNTech.
Diversification Opportunities for MOVIE GAMES and BioNTech
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MOVIE and BioNTech is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding MOVIE GAMES SA and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and MOVIE GAMES 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 MOVIE GAMES SA are associated (or correlated) with BioNTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioNTech SE has no effect on the direction of MOVIE GAMES i.e., MOVIE GAMES and BioNTech go up and down completely randomly.
Pair Corralation between MOVIE GAMES and BioNTech
Assuming the 90 days horizon MOVIE GAMES SA is expected to generate 1.5 times more return on investment than BioNTech. However, MOVIE GAMES is 1.5 times more volatile than BioNTech SE. It trades about 0.01 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.0 per unit of risk. If you would invest 490.00 in MOVIE GAMES SA on October 17, 2024 and sell it today you would lose (89.00) from holding MOVIE GAMES SA or give up 18.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MOVIE GAMES SA vs. BioNTech SE
Performance |
| Timeline |
| MOVIE GAMES SA |
| BioNTech SE |
MOVIE GAMES and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MOVIE GAMES and BioNTech
The main advantage of trading using opposite MOVIE GAMES and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MOVIE GAMES position performs unexpectedly, BioNTech 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 BioNTech will offset losses from the drop in BioNTech's long position.| MOVIE GAMES vs. CVW CLEANTECH INC | MOVIE GAMES vs. VARIOUS EATERIES LS | MOVIE GAMES vs. COMPUTERSHARE | MOVIE GAMES vs. Charter Communications |
| BioNTech vs. MOVIE GAMES SA | BioNTech vs. Tencent Music Entertainment | BioNTech vs. AM EAGLE OUTFITTERS | BioNTech vs. UNIVMUSIC GRPADR050 |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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