Correlation Between Nanjing Panda and BioNTech
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By analyzing existing cross correlation between Nanjing Panda Electronics and BioNTech SE, you can compare the effects of market volatilities on Nanjing Panda 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 Nanjing Panda with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Panda and BioNTech.
Diversification Opportunities for Nanjing Panda and BioNTech
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Nanjing and BioNTech is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Panda Electronics and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Nanjing Panda 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 Nanjing Panda Electronics 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 Nanjing Panda i.e., Nanjing Panda and BioNTech go up and down completely randomly.
Pair Corralation between Nanjing Panda and BioNTech
If you would invest 11,000 in BioNTech SE on October 28, 2024 and sell it today you would earn a total of 600.00 from holding BioNTech SE or generate 5.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Nanjing Panda Electronics vs. BioNTech SE
Performance |
| Timeline |
| Nanjing Panda Electronics |
| BioNTech SE |
Nanjing Panda and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Panda and BioNTech
The main advantage of trading using opposite Nanjing Panda and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Panda 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.| Nanjing Panda vs. Hon Hai Precision | Nanjing Panda vs. Samsung SDI Co | Nanjing Panda vs. Corning Incorporated | Nanjing Panda vs. Mitsubishi Electric |
| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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