Correlation Between BioNTech and CARLISLE
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By analyzing existing cross correlation between BioNTech SE and CARLISLE INC 375, you can compare the effects of market volatilities on BioNTech and CARLISLE 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 CARLISLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and CARLISLE.
Diversification Opportunities for BioNTech and CARLISLE
Very good diversification
The 3 months correlation between BioNTech and CARLISLE is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and CARLISLE INC 375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARLISLE INC 375 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 CARLISLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARLISLE INC 375 has no effect on the direction of BioNTech i.e., BioNTech and CARLISLE go up and down completely randomly.
Pair Corralation between BioNTech and CARLISLE
Given the investment horizon of 90 days BioNTech SE is expected to generate 3.69 times more return on investment than CARLISLE. However, BioNTech is 3.69 times more volatile than CARLISLE INC 375. It trades about 0.25 of its potential returns per unit of risk. CARLISLE INC 375 is currently generating about -0.19 per unit of risk. If you would invest 10,356 in BioNTech SE on September 15, 2024 and sell it today you would earn a total of 1,682 from holding BioNTech SE or generate 16.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. CARLISLE INC 375
Performance |
| Timeline |
| BioNTech SE |
| CARLISLE INC 375 |
BioNTech and CARLISLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and CARLISLE
The main advantage of trading using opposite BioNTech and CARLISLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, CARLISLE 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 CARLISLE will offset losses from the drop in CARLISLE's long position.| BioNTech vs. Puma Biotechnology | BioNTech vs. Iovance Biotherapeutics | BioNTech vs. Day One Biopharmaceuticals | BioNTech vs. Inozyme Pharma |
| CARLISLE vs. Western Digital | CARLISLE vs. BioNTech SE | CARLISLE vs. CECO Environmental Corp | CARLISLE vs. Forsys Metals 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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