Correlation Between BioNTech and NuStar
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By analyzing existing cross correlation between BioNTech SE and NuStar Logistics 6, you can compare the effects of market volatilities on BioNTech and NuStar 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 NuStar. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and NuStar.
Diversification Opportunities for BioNTech and NuStar
Good diversification
The 3 months correlation between BioNTech and NuStar is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and NuStar Logistics 6 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NuStar Logistics 6 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 NuStar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NuStar Logistics 6 has no effect on the direction of BioNTech i.e., BioNTech and NuStar go up and down completely randomly.
Pair Corralation between BioNTech and NuStar
Given the investment horizon of 90 days BioNTech SE is expected to generate 5.74 times more return on investment than NuStar. However, BioNTech is 5.74 times more volatile than NuStar Logistics 6. It trades about 0.07 of its potential returns per unit of risk. NuStar Logistics 6 is currently generating about 0.0 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 Against |
| Strength | Insignificant |
| Accuracy | 93.75% |
| Values | Daily Returns |
BioNTech SE vs. NuStar Logistics 6
Performance |
| Timeline |
| BioNTech SE |
| NuStar Logistics 6 |
BioNTech and NuStar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and NuStar
The main advantage of trading using opposite BioNTech and NuStar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, NuStar 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 NuStar will offset losses from the drop in NuStar's long position.| BioNTech vs. Puma Biotechnology | BioNTech vs. Iovance Biotherapeutics | BioNTech vs. Sarepta Therapeutics | BioNTech vs. Day One Biopharmaceuticals |
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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