Correlation Between Monument Mining and BioNTech
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By analyzing existing cross correlation between Monument Mining Limited and BioNTech SE, you can compare the effects of market volatilities on Monument Mining and BioNTech 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 Monument Mining with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monument Mining and BioNTech.
Diversification Opportunities for Monument Mining and BioNTech
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Monument and BioNTech is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Monument Mining Limited and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Monument Mining 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 Monument Mining Limited are associated (or correlated) with BioNTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BioNTech SE has no effect on the direction of Monument Mining i.e., Monument Mining and BioNTech go up and down completely randomly.
Pair Corralation between Monument Mining and BioNTech
Assuming the 90 days trading horizon Monument Mining Limited is expected to generate 1.75 times more return on investment than BioNTech. However, Monument Mining is 1.75 times more volatile than BioNTech SE. It trades about 0.16 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.1 per unit of risk. If you would invest 9.15 in Monument Mining Limited on October 25, 2024 and sell it today you would earn a total of 13.85 from holding Monument Mining Limited or generate 151.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Monument Mining Limited vs. BioNTech SE
Performance |
| Timeline |
| Monument Mining |
| BioNTech SE |
Monument Mining and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monument Mining and BioNTech
The main advantage of trading using opposite Monument Mining and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monument Mining position performs unexpectedly, BioNTech 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 BioNTech will offset losses from the drop in BioNTech's long position.| Monument Mining vs. WillScot Mobile Mini | Monument Mining vs. SILVER BULLET DATA | Monument Mining vs. DATATEC LTD 2 | Monument Mining vs. Hyrican Informationssysteme Aktiengesellschaft |
| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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