Correlation Between BioNTech and Here Media
Can any of the company-specific risk be diversified away by investing in both BioNTech and Here Media 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 BioNTech and Here Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioNTech SE and Here Media, you can compare the effects of market volatilities on BioNTech and Here Media 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 BioNTech with a short position of Here Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Here Media.
Diversification Opportunities for BioNTech and Here Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BioNTech and Here is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Here Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Here Media and BioNTech 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 BioNTech SE are associated (or correlated) with Here Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Here Media has no effect on the direction of BioNTech i.e., BioNTech and Here Media go up and down completely randomly.
Pair Corralation between BioNTech and Here Media
If you would invest 10,034 in BioNTech SE on September 5, 2024 and sell it today you would earn a total of 1,525 from holding BioNTech SE or generate 15.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Here Media
Performance |
| Timeline |
| BioNTech SE |
| Here Media |
BioNTech and Here Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Here Media
The main advantage of trading using opposite BioNTech and Here Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Here Media 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 Here Media will offset losses from the drop in Here Media's long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| Here Media vs. Celsius Holdings | Here Media vs. Regeneron Pharmaceuticals | Here Media vs. BioNTech SE | Here Media vs. Anheuser Busch Inbev |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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