Correlation Between DFS Furniture and BioNTech
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By analyzing existing cross correlation between DFS Furniture PLC and BioNTech SE, you can compare the effects of market volatilities on DFS Furniture 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 DFS Furniture with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of DFS Furniture and BioNTech.
Diversification Opportunities for DFS Furniture and BioNTech
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DFS and BioNTech is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding DFS Furniture PLC and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and DFS Furniture 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 DFS Furniture PLC 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 DFS Furniture i.e., DFS Furniture and BioNTech go up and down completely randomly.
Pair Corralation between DFS Furniture and BioNTech
Assuming the 90 days trading horizon DFS Furniture PLC is expected to under-perform the BioNTech. In addition to that, DFS Furniture is 1.28 times more volatile than BioNTech SE. It trades about -0.04 of its total potential returns per unit of risk. BioNTech SE is currently generating about 0.12 per unit of volatility. If you would invest 11,000 in BioNTech SE on October 28, 2024 and sell it today you would earn a total of 600.00 from holding BioNTech SE or generate 5.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DFS Furniture PLC vs. BioNTech SE
Performance |
| Timeline |
| DFS Furniture PLC |
| BioNTech SE |
DFS Furniture and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DFS Furniture and BioNTech
The main advantage of trading using opposite DFS Furniture and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DFS Furniture 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.| DFS Furniture vs. Apple Inc | DFS Furniture vs. Apple Inc | DFS Furniture vs. Apple Inc | DFS Furniture vs. Apple Inc |
| 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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