Correlation Between BioNTech and VALMONT
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By analyzing existing cross correlation between BioNTech SE and VALMONT INDS INC, you can compare the effects of market volatilities on BioNTech and VALMONT 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 VALMONT. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and VALMONT.
Diversification Opportunities for BioNTech and VALMONT
Very weak diversification
The 3 months correlation between BioNTech and VALMONT is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and VALMONT INDS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VALMONT INDS INC 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 VALMONT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VALMONT INDS INC has no effect on the direction of BioNTech i.e., BioNTech and VALMONT go up and down completely randomly.
Pair Corralation between BioNTech and VALMONT
Given the investment horizon of 90 days BioNTech SE is expected to generate 0.82 times more return on investment than VALMONT. However, BioNTech SE is 1.22 times less risky than VALMONT. It trades about 0.09 of its potential returns per unit of risk. VALMONT INDS INC is currently generating about -0.21 per unit of risk. If you would invest 11,394 in BioNTech SE on August 31, 2024 and sell it today you would earn a total of 678.00 from holding BioNTech SE or generate 5.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 54.55% |
| Values | Daily Returns |
BioNTech SE vs. VALMONT INDS INC
Performance |
| Timeline |
| BioNTech SE |
| VALMONT INDS INC |
BioNTech and VALMONT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and VALMONT
The main advantage of trading using opposite BioNTech and VALMONT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, VALMONT 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 VALMONT will offset losses from the drop in VALMONT's long position.| BioNTech vs. Cue Biopharma | BioNTech vs. Tff Pharmaceuticals | BioNTech vs. Eliem Therapeutics | BioNTech vs. Inhibrx |
| VALMONT vs. Regeneron Pharmaceuticals | VALMONT vs. Precision Drilling | VALMONT vs. Tenaris SA ADR | VALMONT vs. BioNTech SE |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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