Correlation Between Jacquet Metal and BioNTech
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By analyzing existing cross correlation between Jacquet Metal Service and BioNTech SE, you can compare the effects of market volatilities on Jacquet Metal 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 Jacquet Metal with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jacquet Metal and BioNTech.
Diversification Opportunities for Jacquet Metal and BioNTech
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jacquet and BioNTech is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Jacquet Metal Service and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Jacquet Metal 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 Jacquet Metal Service 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 Jacquet Metal i.e., Jacquet Metal and BioNTech go up and down completely randomly.
Pair Corralation between Jacquet Metal and BioNTech
Assuming the 90 days horizon Jacquet Metal Service is expected to under-perform the BioNTech. But the stock apears to be less risky and, when comparing its historical volatility, Jacquet Metal Service is 3.19 times less risky than BioNTech. The stock trades about -0.14 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 10,390 in BioNTech SE on August 25, 2024 and sell it today you would earn a total of 510.00 from holding BioNTech SE or generate 4.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jacquet Metal Service vs. BioNTech SE
Performance |
| Timeline |
| Jacquet Metal Service |
| BioNTech SE |
Jacquet Metal and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jacquet Metal and BioNTech
The main advantage of trading using opposite Jacquet Metal and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jacquet Metal 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.| Jacquet Metal vs. ArcelorMittal SA | Jacquet Metal vs. ArcelorMittal | Jacquet Metal vs. Nippon Steel | Jacquet Metal vs. NIPPON STEEL SPADR |
| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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