Correlation Between Digilife Technologies and BioNTech
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By analyzing existing cross correlation between Digilife Technologies Limited and BioNTech SE, you can compare the effects of market volatilities on Digilife Technologies 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 Digilife Technologies with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digilife Technologies and BioNTech.
Diversification Opportunities for Digilife Technologies and BioNTech
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Digilife and BioNTech is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Digilife Technologies Limited and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Digilife Technologies 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 Digilife Technologies Limited 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 Digilife Technologies i.e., Digilife Technologies and BioNTech go up and down completely randomly.
Pair Corralation between Digilife Technologies and BioNTech
Assuming the 90 days trading horizon Digilife Technologies is expected to generate 2.79 times less return on investment than BioNTech. In addition to that, Digilife Technologies is 1.24 times more volatile than BioNTech SE. It trades about 0.04 of its total potential returns per unit of risk. BioNTech SE is currently generating about 0.12 per unit of volatility. If you would invest 10,330 in BioNTech SE on September 1, 2024 and sell it today you would earn a total of 1,030 from holding BioNTech SE or generate 9.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Digilife Technologies Limited vs. BioNTech SE
Performance |
| Timeline |
| Digilife Technologies |
| BioNTech SE |
Digilife Technologies and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digilife Technologies and BioNTech
The main advantage of trading using opposite Digilife Technologies and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digilife Technologies 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.| Digilife Technologies vs. ATT Inc | Digilife Technologies vs. Deutsche Telekom AG | Digilife Technologies vs. Superior Plus Corp | Digilife Technologies vs. NMI Holdings |
| BioNTech vs. COSMOSTEEL HLDGS | BioNTech vs. LEGACY IRON ORE | BioNTech vs. Reliance Steel Aluminum | BioNTech vs. MITSUBISHI STEEL MFG |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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