Correlation Between BioNTech and COMMONWEALTH
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By analyzing existing cross correlation between BioNTech SE and COMMONWEALTH EDISON 645, you can compare the effects of market volatilities on BioNTech and COMMONWEALTH 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 COMMONWEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and COMMONWEALTH.
Diversification Opportunities for BioNTech and COMMONWEALTH
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between BioNTech and COMMONWEALTH is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and COMMONWEALTH EDISON 645 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMMONWEALTH EDISON 645 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 COMMONWEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMMONWEALTH EDISON 645 has no effect on the direction of BioNTech i.e., BioNTech and COMMONWEALTH go up and down completely randomly.
Pair Corralation between BioNTech and COMMONWEALTH
Given the investment horizon of 90 days BioNTech SE is expected to generate 2.83 times more return on investment than COMMONWEALTH. However, BioNTech is 2.83 times more volatile than COMMONWEALTH EDISON 645. It trades about 0.07 of its potential returns per unit of risk. COMMONWEALTH EDISON 645 is currently generating about -0.1 per unit of risk. If you would invest 10,500 in BioNTech SE on September 12, 2024 and sell it today you would earn a total of 1,360 from holding BioNTech SE or generate 12.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 70.31% |
| Values | Daily Returns |
BioNTech SE vs. COMMONWEALTH EDISON 645
Performance |
| Timeline |
| BioNTech SE |
| COMMONWEALTH EDISON 645 |
BioNTech and COMMONWEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and COMMONWEALTH
The main advantage of trading using opposite BioNTech and COMMONWEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, COMMONWEALTH 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 COMMONWEALTH will offset losses from the drop in COMMONWEALTH's long position.| BioNTech vs. Puma Biotechnology | BioNTech vs. Iovance Biotherapeutics | BioNTech vs. Sarepta Therapeutics | BioNTech vs. Day One Biopharmaceuticals |
| COMMONWEALTH vs. Brunswick | COMMONWEALTH vs. Emerson Radio | COMMONWEALTH vs. enVVeno Medical Corp | COMMONWEALTH vs. Playa Hotels Resorts |
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.
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