Correlation Between BioNTech and COMCAST
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By analyzing existing cross correlation between BioNTech SE and COMCAST PORATION, you can compare the effects of market volatilities on BioNTech and COMCAST 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 COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and COMCAST.
Diversification Opportunities for BioNTech and COMCAST
Very good diversification
The 3 months correlation between BioNTech and COMCAST is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and COMCAST PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST PORATION 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 COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST PORATION has no effect on the direction of BioNTech i.e., BioNTech and COMCAST go up and down completely randomly.
Pair Corralation between BioNTech and COMCAST
Given the investment horizon of 90 days BioNTech SE is expected to under-perform the COMCAST. In addition to that, BioNTech is 4.02 times more volatile than COMCAST PORATION. It trades about -0.05 of its total potential returns per unit of risk. COMCAST PORATION is currently generating about 0.23 per unit of volatility. If you would invest 6,906 in COMCAST PORATION on November 28, 2024 and sell it today you would earn a total of 294.00 from holding COMCAST PORATION or generate 4.26% 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. COMCAST PORATION
Performance |
| Timeline |
| BioNTech SE |
| COMCAST PORATION |
BioNTech and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and COMCAST
The main advantage of trading using opposite BioNTech and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| BioNTech vs. Beam Therapeutics | BioNTech vs. Editas Medicine | BioNTech vs. Caribou Biosciences | BioNTech vs. Verve Therapeutics |
| COMCAST vs. Lincoln Electric Holdings | COMCAST vs. SEI Investments | COMCAST vs. Eastern Co | COMCAST vs. Siriuspoint |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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