Correlation Between Hospital Mater and BIONTECH
Can any of the company-specific risk be diversified away by investing in both Hospital Mater and BIONTECH at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Hospital Mater and BIONTECH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hospital Mater Dei and BIONTECH SE DRN, you can compare the effects of market volatilities on Hospital Mater 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 Hospital Mater with a short position of BIONTECH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hospital Mater and BIONTECH.
Diversification Opportunities for Hospital Mater and BIONTECH
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hospital and BIONTECH is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Hospital Mater Dei and BIONTECH SE DRN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIONTECH SE DRN and Hospital Mater 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 Hospital Mater Dei 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 DRN has no effect on the direction of Hospital Mater i.e., Hospital Mater and BIONTECH go up and down completely randomly.
Pair Corralation between Hospital Mater and BIONTECH
Assuming the 90 days trading horizon Hospital Mater Dei is expected to under-perform the BIONTECH. But the stock apears to be less risky and, when comparing its historical volatility, Hospital Mater Dei is 1.16 times less risky than BIONTECH. The stock trades about -0.11 of its potential returns per unit of risk. The BIONTECH SE DRN is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 3,180 in BIONTECH SE DRN on September 14, 2024 and sell it today you would earn a total of 1,294 from holding BIONTECH SE DRN or generate 40.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hospital Mater Dei vs. BIONTECH SE DRN
Performance |
| Timeline |
| Hospital Mater Dei |
| BIONTECH SE DRN |
Hospital Mater and BIONTECH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hospital Mater and BIONTECH
The main advantage of trading using opposite Hospital Mater and BIONTECH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hospital Mater 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.| Hospital Mater vs. Pet Center Comrcio | Hospital Mater vs. Hapvida Participaes e | Hospital Mater vs. Natura Co Holding | Hospital Mater vs. Banco BTG Pactual |
| BIONTECH vs. T Mobile | BIONTECH vs. Zoom Video Communications | BIONTECH vs. Brpr Corporate Offices | BIONTECH vs. Taiwan Semiconductor Manufacturing |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |