Correlation Between Starwin Media and BioNTech
Can any of the company-specific risk be diversified away by investing in both Starwin Media 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 Starwin Media and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Starwin Media Holdings and BioNTech SE, you can compare the effects of market volatilities on Starwin Media 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 Starwin Media with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Starwin Media and BioNTech.
Diversification Opportunities for Starwin Media and BioNTech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Starwin and BioNTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Starwin Media Holdings and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Starwin Media 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 Starwin Media Holdings 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 Starwin Media i.e., Starwin Media and BioNTech go up and down completely randomly.
Pair Corralation between Starwin Media and BioNTech
If you would invest 11,530 in BioNTech SE on November 3, 2024 and sell it today you would earn a total of 847.00 from holding BioNTech SE or generate 7.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Starwin Media Holdings vs. BioNTech SE
Performance |
| Timeline |
| Starwin Media Holdings |
| BioNTech SE |
Starwin Media and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Starwin Media and BioNTech
The main advantage of trading using opposite Starwin Media and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Starwin Media 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.| Starwin Media vs. Sonos Inc | Starwin Media vs. ANTA Sports Products | Starwin Media vs. Global E Online | Starwin Media vs. BRP Inc |
| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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