Correlation Between VARIOUS EATERIES and BioNTech
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By analyzing existing cross correlation between VARIOUS EATERIES LS and BioNTech SE, you can compare the effects of market volatilities on VARIOUS EATERIES 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 VARIOUS EATERIES with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of VARIOUS EATERIES and BioNTech.
Diversification Opportunities for VARIOUS EATERIES and BioNTech
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between VARIOUS and BioNTech is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding VARIOUS EATERIES LS and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and VARIOUS EATERIES 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 VARIOUS EATERIES LS 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 VARIOUS EATERIES i.e., VARIOUS EATERIES and BioNTech go up and down completely randomly.
Pair Corralation between VARIOUS EATERIES and BioNTech
Assuming the 90 days horizon VARIOUS EATERIES LS is expected to under-perform the BioNTech. But the stock apears to be less risky and, when comparing its historical volatility, VARIOUS EATERIES LS is 1.36 times less risky than BioNTech. The stock trades about -0.11 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 10,185 in BioNTech SE on September 2, 2024 and sell it today you would earn a total of 1,175 from holding BioNTech SE or generate 11.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
VARIOUS EATERIES LS vs. BioNTech SE
Performance |
| Timeline |
| VARIOUS EATERIES |
| BioNTech SE |
VARIOUS EATERIES and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VARIOUS EATERIES and BioNTech
The main advantage of trading using opposite VARIOUS EATERIES and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VARIOUS EATERIES 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.| VARIOUS EATERIES vs. Perseus Mining Limited | VARIOUS EATERIES vs. GALENA MINING LTD | VARIOUS EATERIES vs. INDOFOOD AGRI RES | VARIOUS EATERIES vs. PREMIER FOODS |
| BioNTech vs. Chongqing Machinery Electric | BioNTech vs. DAIRY FARM INTL | BioNTech vs. Corporate Office Properties | BioNTech vs. TITAN MACHINERY |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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