Correlation Between Origin Agritech and BioNTech
Specify exactly 2 symbols:
By analyzing existing cross correlation between Origin Agritech and BioNTech SE, you can compare the effects of market volatilities on Origin Agritech 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 Origin Agritech with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Origin Agritech and BioNTech.
Diversification Opportunities for Origin Agritech and BioNTech
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Origin and BioNTech is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Origin Agritech and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Origin Agritech 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 Origin Agritech 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 Origin Agritech i.e., Origin Agritech and BioNTech go up and down completely randomly.
Pair Corralation between Origin Agritech and BioNTech
Assuming the 90 days trading horizon Origin Agritech is expected to under-perform the BioNTech. In addition to that, Origin Agritech is 2.34 times more volatile than BioNTech SE. It trades about -0.02 of its total potential returns per unit of risk. BioNTech SE is currently generating about -0.02 per unit of volatility. If you would invest 15,885 in BioNTech SE on August 25, 2024 and sell it today you would lose (4,985) from holding BioNTech SE or give up 31.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Origin Agritech vs. BioNTech SE
Performance |
| Timeline |
| Origin Agritech |
| BioNTech SE |
Origin Agritech and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Origin Agritech and BioNTech
The main advantage of trading using opposite Origin Agritech and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Origin Agritech 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.| Origin Agritech vs. Mizuho Financial Group | Origin Agritech vs. Mitsui Chemicals | Origin Agritech vs. PT Bank Maybank | Origin Agritech vs. REVO INSURANCE SPA |
| BioNTech vs. Beazer Homes USA | BioNTech vs. Taylor Morrison Home | BioNTech vs. Hisense Home Appliances | BioNTech vs. Autohome ADR |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |