Correlation Between Elmos Semiconductor and BioNTech
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By analyzing existing cross correlation between Elmos Semiconductor SE and BioNTech SE, you can compare the effects of market volatilities on Elmos Semiconductor 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 Elmos Semiconductor with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elmos Semiconductor and BioNTech.
Diversification Opportunities for Elmos Semiconductor and BioNTech
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elmos and BioNTech is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Elmos Semiconductor SE and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Elmos Semiconductor 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 Elmos Semiconductor SE 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 Elmos Semiconductor i.e., Elmos Semiconductor and BioNTech go up and down completely randomly.
Pair Corralation between Elmos Semiconductor and BioNTech
Assuming the 90 days trading horizon Elmos Semiconductor SE is expected to generate 1.05 times more return on investment than BioNTech. However, Elmos Semiconductor is 1.05 times more volatile than BioNTech SE. It trades about 0.02 of its potential returns per unit of risk. BioNTech SE is currently generating about -0.02 per unit of risk. If you would invest 5,928 in Elmos Semiconductor SE on September 3, 2024 and sell it today you would earn a total of 282.00 from holding Elmos Semiconductor SE or generate 4.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elmos Semiconductor SE vs. BioNTech SE
Performance |
| Timeline |
| Elmos Semiconductor |
| BioNTech SE |
Elmos Semiconductor and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elmos Semiconductor and BioNTech
The main advantage of trading using opposite Elmos Semiconductor and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elmos Semiconductor 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.| Elmos Semiconductor vs. Datadog | Elmos Semiconductor vs. Aluminum of | Elmos Semiconductor vs. GREENX METALS LTD | Elmos Semiconductor vs. Information Services International Dentsu |
| BioNTech vs. Elmos Semiconductor SE | BioNTech vs. DEVRY EDUCATION GRP | BioNTech vs. CENTURIA OFFICE REIT | BioNTech vs. TAL Education Group |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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