Correlation Between MAG SILVER and BioNTech
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By analyzing existing cross correlation between MAG SILVER and BioNTech SE, you can compare the effects of market volatilities on MAG SILVER 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 MAG SILVER with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAG SILVER and BioNTech.
Diversification Opportunities for MAG SILVER and BioNTech
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MAG and BioNTech is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding MAG SILVER and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and MAG SILVER 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 MAG SILVER 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 MAG SILVER i.e., MAG SILVER and BioNTech go up and down completely randomly.
Pair Corralation between MAG SILVER and BioNTech
Assuming the 90 days trading horizon MAG SILVER is expected to under-perform the BioNTech. But the stock apears to be less risky and, when comparing its historical volatility, MAG SILVER is 1.23 times less risky than BioNTech. The stock trades about -0.13 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 11,290 in BioNTech SE on October 10, 2024 and sell it today you would earn a total of 700.00 from holding BioNTech SE or generate 6.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MAG SILVER vs. BioNTech SE
Performance |
| Timeline |
| MAG SILVER |
| BioNTech SE |
MAG SILVER and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAG SILVER and BioNTech
The main advantage of trading using opposite MAG SILVER and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAG SILVER 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.| MAG SILVER vs. ARDAGH METAL PACDL 0001 | MAG SILVER vs. United Natural Foods | MAG SILVER vs. Nomad Foods | MAG SILVER vs. TYSON FOODS A |
| BioNTech vs. SOGECLAIR SA INH | BioNTech vs. Axway Software SA | BioNTech vs. UPDATE SOFTWARE | BioNTech vs. Alaska Air Group |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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