Correlation Between BioNTech and Sothebys
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By analyzing existing cross correlation between BioNTech SE and Sothebys 7375 percent, you can compare the effects of market volatilities on BioNTech and Sothebys 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 Sothebys. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Sothebys.
Diversification Opportunities for BioNTech and Sothebys
Good diversification
The 3 months correlation between BioNTech and Sothebys is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Sothebys 7375 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sothebys 7375 percent 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 Sothebys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sothebys 7375 percent has no effect on the direction of BioNTech i.e., BioNTech and Sothebys go up and down completely randomly.
Pair Corralation between BioNTech and Sothebys
Given the investment horizon of 90 days BioNTech SE is expected to generate 1.17 times more return on investment than Sothebys. However, BioNTech is 1.17 times more volatile than Sothebys 7375 percent. It trades about 0.09 of its potential returns per unit of risk. Sothebys 7375 percent is currently generating about -0.25 per unit of risk. If you would invest 11,148 in BioNTech SE on September 2, 2024 and sell it today you would earn a total of 691.00 from holding BioNTech SE or generate 6.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
BioNTech SE vs. Sothebys 7375 percent
Performance |
| Timeline |
| BioNTech SE |
| Sothebys 7375 percent |
BioNTech and Sothebys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Sothebys
The main advantage of trading using opposite BioNTech and Sothebys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Sothebys 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 Sothebys will offset losses from the drop in Sothebys' long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| Sothebys vs. BioNTech SE | Sothebys vs. Inhibrx | Sothebys vs. Tscan Therapeutics | Sothebys vs. Asure Software |
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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