Correlation Between BioNTech and MQGAU
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By analyzing existing cross correlation between BioNTech SE and MQGAU 2871 14 JAN 33, you can compare the effects of market volatilities on BioNTech and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and MQGAU.
Diversification Opportunities for BioNTech and MQGAU
Significant diversification
The 3 months correlation between BioNTech and MQGAU is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and MQGAU 2871 14 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 2871 14 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 2871 14 has no effect on the direction of BioNTech i.e., BioNTech and MQGAU go up and down completely randomly.
Pair Corralation between BioNTech and MQGAU
Given the investment horizon of 90 days BioNTech SE is expected to generate 2.12 times more return on investment than MQGAU. However, BioNTech is 2.12 times more volatile than MQGAU 2871 14 JAN 33. It trades about 0.08 of its potential returns per unit of risk. MQGAU 2871 14 JAN 33 is currently generating about -0.08 per unit of risk. If you would invest 9,208 in BioNTech SE on September 12, 2024 and sell it today you would earn a total of 2,477 from holding BioNTech SE or generate 26.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.29% |
| Values | Daily Returns |
BioNTech SE vs. MQGAU 2871 14 JAN 33
Performance |
| Timeline |
| BioNTech SE |
| MQGAU 2871 14 |
BioNTech and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and MQGAU
The main advantage of trading using opposite BioNTech and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU's long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| MQGAU vs. Artisan Partners Asset | MQGAU vs. PennantPark Floating Rate | MQGAU vs. Triton International Limited | MQGAU vs. Western Union Co |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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