Correlation Between VITEC SOFTWARE and BioNTech
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By analyzing existing cross correlation between VITEC SOFTWARE GROUP and BioNTech SE, you can compare the effects of market volatilities on VITEC SOFTWARE 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 VITEC SOFTWARE with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of VITEC SOFTWARE and BioNTech.
Diversification Opportunities for VITEC SOFTWARE and BioNTech
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between VITEC and BioNTech is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding VITEC SOFTWARE GROUP and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and VITEC SOFTWARE 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 VITEC SOFTWARE GROUP 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 VITEC SOFTWARE i.e., VITEC SOFTWARE and BioNTech go up and down completely randomly.
Pair Corralation between VITEC SOFTWARE and BioNTech
Assuming the 90 days horizon VITEC SOFTWARE GROUP is expected to under-perform the BioNTech. But the stock apears to be less risky and, when comparing its historical volatility, VITEC SOFTWARE GROUP is 1.62 times less risky than BioNTech. The stock trades about -0.06 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 7,960 in BioNTech SE on September 3, 2024 and sell it today you would earn a total of 3,400 from holding BioNTech SE or generate 42.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
VITEC SOFTWARE GROUP vs. BioNTech SE
Performance |
| Timeline |
| VITEC SOFTWARE GROUP |
| BioNTech SE |
VITEC SOFTWARE and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VITEC SOFTWARE and BioNTech
The main advantage of trading using opposite VITEC SOFTWARE and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VITEC SOFTWARE 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.| VITEC SOFTWARE vs. VIRGIN WINES UK | VITEC SOFTWARE vs. Marie Brizard Wine | VITEC SOFTWARE vs. Cass Information Systems | VITEC SOFTWARE vs. MTI WIRELESS EDGE |
| BioNTech vs. Elmos Semiconductor SE | BioNTech vs. DEVRY EDUCATION GRP | BioNTech vs. CENTURIA OFFICE REIT | BioNTech vs. TAL Education Group |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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