Correlation Between CALTAGIRONE EDITORE and BioNTech
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By analyzing existing cross correlation between CALTAGIRONE EDITORE and BioNTech SE, you can compare the effects of market volatilities on CALTAGIRONE EDITORE 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 CALTAGIRONE EDITORE with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of CALTAGIRONE EDITORE and BioNTech.
Diversification Opportunities for CALTAGIRONE EDITORE and BioNTech
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CALTAGIRONE and BioNTech is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding CALTAGIRONE EDITORE and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and CALTAGIRONE EDITORE 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 CALTAGIRONE EDITORE 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 CALTAGIRONE EDITORE i.e., CALTAGIRONE EDITORE and BioNTech go up and down completely randomly.
Pair Corralation between CALTAGIRONE EDITORE and BioNTech
Assuming the 90 days trading horizon CALTAGIRONE EDITORE is expected to generate 1.02 times more return on investment than BioNTech. However, CALTAGIRONE EDITORE is 1.02 times more volatile than BioNTech SE. It trades about 0.07 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.06 per unit of risk. If you would invest 116.00 in CALTAGIRONE EDITORE on November 4, 2024 and sell it today you would earn a total of 35.00 from holding CALTAGIRONE EDITORE or generate 30.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.4% |
| Values | Daily Returns |
CALTAGIRONE EDITORE vs. BioNTech SE
Performance |
| Timeline |
| CALTAGIRONE EDITORE |
| BioNTech SE |
CALTAGIRONE EDITORE and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CALTAGIRONE EDITORE and BioNTech
The main advantage of trading using opposite CALTAGIRONE EDITORE and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CALTAGIRONE EDITORE 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.| CALTAGIRONE EDITORE vs. AEON METALS LTD | CALTAGIRONE EDITORE vs. Yuexiu Transport Infrastructure | CALTAGIRONE EDITORE vs. GREENX METALS LTD | CALTAGIRONE EDITORE vs. Kingdee International Software |
| BioNTech vs. Adtalem Global Education | BioNTech vs. CHINA EDUCATION GROUP | BioNTech vs. Ribbon Communications | BioNTech vs. Cogent Communications Holdings |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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