Correlation Between KB Financial and BioNTech
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By analyzing existing cross correlation between KB Financial Group and BioNTech SE, you can compare the effects of market volatilities on KB Financial 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 KB Financial with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of KB Financial and BioNTech.
Diversification Opportunities for KB Financial and BioNTech
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between KBIA and BioNTech is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding KB Financial Group and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and KB Financial 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 KB Financial Group 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 KB Financial i.e., KB Financial and BioNTech go up and down completely randomly.
Pair Corralation between KB Financial and BioNTech
Assuming the 90 days trading horizon KB Financial Group is expected to under-perform the BioNTech. But the stock apears to be less risky and, when comparing its historical volatility, KB Financial Group is 1.56 times less risky than BioNTech. The stock trades about 0.0 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 10,430 in BioNTech SE on August 29, 2024 and sell it today you would earn a total of 950.00 from holding BioNTech SE or generate 9.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
KB Financial Group vs. BioNTech SE
Performance |
| Timeline |
| KB Financial Group |
| BioNTech SE |
KB Financial and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KB Financial and BioNTech
The main advantage of trading using opposite KB Financial and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KB Financial 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.| KB Financial vs. GOLD ROAD RES | KB Financial vs. ECHO INVESTMENT ZY | KB Financial vs. Air Transport Services | KB Financial vs. TITANIUM TRANSPORTGROUP |
| 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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