Correlation Between Amkor Technology and BioNTech
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By analyzing existing cross correlation between Amkor Technology and BioNTech SE, you can compare the effects of market volatilities on Amkor 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 Amkor Technology with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amkor Technology and BioNTech.
Diversification Opportunities for Amkor Technology and BioNTech
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Amkor and BioNTech is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Amkor Technology and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Amkor 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 Amkor Technology 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 Amkor Technology i.e., Amkor Technology and BioNTech go up and down completely randomly.
Pair Corralation between Amkor Technology and BioNTech
Assuming the 90 days horizon Amkor Technology is expected to generate 1.16 times more return on investment than BioNTech. However, Amkor Technology is 1.16 times more volatile than BioNTech SE. It trades about 0.07 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.04 per unit of risk. If you would invest 1,588 in Amkor Technology on October 25, 2024 and sell it today you would earn a total of 991.00 from holding Amkor Technology or generate 62.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amkor Technology vs. BioNTech SE
Performance |
| Timeline |
| Amkor Technology |
| BioNTech SE |
Amkor Technology and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amkor Technology and BioNTech
The main advantage of trading using opposite Amkor Technology and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amkor 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.| Amkor Technology vs. NVIDIA | Amkor Technology vs. Taiwan Semiconductor Manufacturing | Amkor Technology vs. Broadcom | Amkor Technology vs. QUALCOMM Incorporated |
| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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