Correlation Between GALENA MINING and BioNTech
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By analyzing existing cross correlation between GALENA MINING LTD and BioNTech SE, you can compare the effects of market volatilities on GALENA 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 GALENA MINING with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of GALENA MINING and BioNTech.
Diversification Opportunities for GALENA MINING and BioNTech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GALENA and BioNTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GALENA MINING LTD and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and GALENA 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 GALENA MINING LTD 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 GALENA MINING i.e., GALENA MINING and BioNTech go up and down completely randomly.
Pair Corralation between GALENA MINING and BioNTech
If you would invest 3.05 in GALENA MINING LTD on November 8, 2024 and sell it today you would earn a total of 0.00 from holding GALENA MINING LTD or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
GALENA MINING LTD vs. BioNTech SE
Performance |
| Timeline |
| GALENA MINING LTD |
| BioNTech SE |
GALENA MINING and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GALENA MINING and BioNTech
The main advantage of trading using opposite GALENA MINING and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GALENA 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.| GALENA MINING vs. AEGEAN AIRLINES | GALENA MINING vs. United Airlines Holdings | GALENA MINING vs. SIEM OFFSHORE NEW | GALENA MINING vs. China Eastern Airlines |
| BioNTech vs. Salesforce | BioNTech vs. VELA TECHNOLPLC LS 0001 | BioNTech vs. Playa Hotels Resorts | BioNTech vs. Kingdee International Software |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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