Correlation Between Beowulf Mining and BioNTech
Can any of the company-specific risk be diversified away by investing in both Beowulf Mining and BioNTech at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Beowulf Mining and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beowulf Mining and BioNTech SE, you can compare the effects of market volatilities on Beowulf Mining 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 Beowulf Mining with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and BioNTech.
Diversification Opportunities for Beowulf Mining and BioNTech
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beowulf and BioNTech is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Beowulf Mining 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 Beowulf Mining 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 Beowulf Mining i.e., Beowulf Mining and BioNTech go up and down completely randomly.
Pair Corralation between Beowulf Mining and BioNTech
Assuming the 90 days trading horizon Beowulf Mining is expected to under-perform the BioNTech. In addition to that, Beowulf Mining is 1.14 times more volatile than BioNTech SE. It trades about -0.26 of its total potential returns per unit of risk. BioNTech SE is currently generating about 0.11 per unit of volatility. If you would invest 11,175 in BioNTech SE on September 14, 2024 and sell it today you would earn a total of 975.00 from holding BioNTech SE or generate 8.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining vs. BioNTech SE
Performance |
| Timeline |
| Beowulf Mining |
| BioNTech SE |
Beowulf Mining and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and BioNTech
The main advantage of trading using opposite Beowulf Mining and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining 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.| Beowulf Mining vs. Charter Communications Cl | Beowulf Mining vs. Verizon Communications | Beowulf Mining vs. MTI Wireless Edge | Beowulf Mining vs. Hochschild Mining plc |
| BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Hyundai Motor | BioNTech vs. Toyota Motor Corp |
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.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Directory Find actively traded commodities issued by global exchanges |