Correlation Between PKSHA TECHNOLOGY and BioNTech
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By analyzing existing cross correlation between PKSHA TECHNOLOGY INC and BioNTech SE, you can compare the effects of market volatilities on PKSHA TECHNOLOGY 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 PKSHA TECHNOLOGY with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKSHA TECHNOLOGY and BioNTech.
Diversification Opportunities for PKSHA TECHNOLOGY and BioNTech
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PKSHA and BioNTech is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding PKSHA TECHNOLOGY INC and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and PKSHA TECHNOLOGY 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 PKSHA TECHNOLOGY INC 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 PKSHA TECHNOLOGY i.e., PKSHA TECHNOLOGY and BioNTech go up and down completely randomly.
Pair Corralation between PKSHA TECHNOLOGY and BioNTech
Assuming the 90 days horizon PKSHA TECHNOLOGY is expected to generate 1.43 times less return on investment than BioNTech. But when comparing it to its historical volatility, PKSHA TECHNOLOGY INC is 1.13 times less risky than BioNTech. It trades about 0.07 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 10,560 in BioNTech SE on August 30, 2024 and sell it today you would earn a total of 700.00 from holding BioNTech SE or generate 6.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PKSHA TECHNOLOGY INC vs. BioNTech SE
Performance |
| Timeline |
| PKSHA TECHNOLOGY INC |
| BioNTech SE |
PKSHA TECHNOLOGY and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PKSHA TECHNOLOGY and BioNTech
The main advantage of trading using opposite PKSHA TECHNOLOGY and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKSHA TECHNOLOGY 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.| PKSHA TECHNOLOGY vs. Microsoft | PKSHA TECHNOLOGY vs. Adobe Inc | PKSHA TECHNOLOGY vs. Square Inc | PKSHA TECHNOLOGY vs. Adyen NV |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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