Correlation Between BioNTech and NATIONAL
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By analyzing existing cross correlation between BioNTech SE and NATIONAL FUEL GAS, you can compare the effects of market volatilities on BioNTech and NATIONAL 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 NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and NATIONAL.
Diversification Opportunities for BioNTech and NATIONAL
Good diversification
The 3 months correlation between BioNTech and NATIONAL is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and NATIONAL FUEL GAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL FUEL GAS 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 NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATIONAL FUEL GAS has no effect on the direction of BioNTech i.e., BioNTech and NATIONAL go up and down completely randomly.
Pair Corralation between BioNTech and NATIONAL
Given the investment horizon of 90 days BioNTech SE is expected to generate 6.48 times more return on investment than NATIONAL. However, BioNTech is 6.48 times more volatile than NATIONAL FUEL GAS. It trades about 0.14 of its potential returns per unit of risk. NATIONAL FUEL GAS is currently generating about -0.11 per unit of risk. If you would invest 8,800 in BioNTech SE on September 3, 2024 and sell it today you would earn a total of 3,039 from holding BioNTech SE or generate 34.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 84.38% |
| Values | Daily Returns |
BioNTech SE vs. NATIONAL FUEL GAS
Performance |
| Timeline |
| BioNTech SE |
| NATIONAL FUEL GAS |
BioNTech and NATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and NATIONAL
The main advantage of trading using opposite BioNTech and NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, NATIONAL 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 NATIONAL will offset losses from the drop in NATIONAL's long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| NATIONAL vs. AEP TEX INC | NATIONAL vs. US BANK NATIONAL | NATIONAL vs. MetLife | NATIONAL vs. Jackson Financial |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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