Correlation Between Hongkong and BioNTech
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By analyzing existing cross correlation between The Hongkong and and BioNTech SE, you can compare the effects of market volatilities on Hongkong 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 Hongkong with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hongkong and BioNTech.
Diversification Opportunities for Hongkong and BioNTech
Poor diversification
The 3 months correlation between Hongkong and BioNTech is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding The Hongkong and and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Hongkong 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 The Hongkong and 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 Hongkong i.e., Hongkong and BioNTech go up and down completely randomly.
Pair Corralation between Hongkong and BioNTech
Assuming the 90 days horizon The Hongkong and is expected to generate 0.66 times more return on investment than BioNTech. However, The Hongkong and is 1.51 times less risky than BioNTech. It trades about 0.08 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.04 per unit of risk. If you would invest 66.00 in The Hongkong and on October 17, 2024 and sell it today you would earn a total of 6.00 from holding The Hongkong and or generate 9.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.33% |
| Values | Daily Returns |
The Hongkong and vs. BioNTech SE
Performance |
| Timeline |
| The Hongkong |
| BioNTech SE |
Hongkong and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hongkong and BioNTech
The main advantage of trading using opposite Hongkong and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hongkong 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.| Hongkong vs. Synovus Financial Corp | Hongkong vs. Unity Software | Hongkong vs. Commonwealth Bank of | Hongkong vs. FORMPIPE SOFTWARE AB |
| BioNTech vs. Dalata Hotel Group | BioNTech vs. MHP Hotel AG | BioNTech vs. The Hongkong and | BioNTech vs. Global Ship Lease |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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