Correlation Between BioNTech and 743315AP8
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By analyzing existing cross correlation between BioNTech SE and PROGRESSIVE P OH, you can compare the effects of market volatilities on BioNTech and 743315AP8 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 743315AP8. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and 743315AP8.
Diversification Opportunities for BioNTech and 743315AP8
Good diversification
The 3 months correlation between BioNTech and 743315AP8 is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and PROGRESSIVE P OH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PROGRESSIVE P OH 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 743315AP8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PROGRESSIVE P OH has no effect on the direction of BioNTech i.e., BioNTech and 743315AP8 go up and down completely randomly.
Pair Corralation between BioNTech and 743315AP8
Given the investment horizon of 90 days BioNTech is expected to generate 409.45 times less return on investment than 743315AP8. But when comparing it to its historical volatility, BioNTech SE is 47.66 times less risky than 743315AP8. It trades about 0.01 of its potential returns per unit of risk. PROGRESSIVE P OH is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 0.00 in PROGRESSIVE P OH on September 12, 2024 and sell it today you would earn a total of 8,055 from holding PROGRESSIVE P OH or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 39.27% |
| Values | Daily Returns |
BioNTech SE vs. PROGRESSIVE P OH
Performance |
| Timeline |
| BioNTech SE |
| PROGRESSIVE P OH |
BioNTech and 743315AP8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and 743315AP8
The main advantage of trading using opposite BioNTech and 743315AP8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, 743315AP8 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 743315AP8 will offset losses from the drop in 743315AP8's long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| 743315AP8 vs. Arhaus Inc | 743315AP8 vs. Mind Medicine | 743315AP8 vs. BioNTech SE | 743315AP8 vs. Spyre Therapeutics |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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