Correlation Between BioNTech and II-VI Incorporated
Can any of the company-specific risk be diversified away by investing in both BioNTech and II-VI Incorporated 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 II-VI Incorporated into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioNTech SE and II VI Incorporated, you can compare the effects of market volatilities on BioNTech and II-VI Incorporated 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 II-VI Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and II-VI Incorporated.
Diversification Opportunities for BioNTech and II-VI Incorporated
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BioNTech and II-VI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and II VI Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on II-VI Incorporated 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 II-VI Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of II-VI Incorporated has no effect on the direction of BioNTech i.e., BioNTech and II-VI Incorporated go up and down completely randomly.
Pair Corralation between BioNTech and II-VI Incorporated
If you would invest 3,221 in II VI Incorporated on August 27, 2024 and sell it today you would earn a total of 0.00 from holding II VI Incorporated or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.22% |
| Values | Daily Returns |
BioNTech SE vs. II VI Incorporated
Performance |
| Timeline |
| BioNTech SE |
| II-VI Incorporated |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BioNTech and II-VI Incorporated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and II-VI Incorporated
The main advantage of trading using opposite BioNTech and II-VI Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, II-VI Incorporated 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 II-VI Incorporated will offset losses from the drop in II-VI Incorporated's long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| II-VI Incorporated vs. BioNTech SE | II-VI Incorporated vs. Sweetgreen | II-VI Incorporated vs. Amgen Inc | II-VI Incorporated vs. Viemed Healthcare |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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