Correlation Between Thai Beverage and BioNTech
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By analyzing existing cross correlation between Thai Beverage Public and BioNTech SE, you can compare the effects of market volatilities on Thai Beverage 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 Thai Beverage with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Beverage and BioNTech.
Diversification Opportunities for Thai Beverage and BioNTech
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Thai and BioNTech is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Thai Beverage Public and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Thai Beverage 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 Thai Beverage Public 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 Thai Beverage i.e., Thai Beverage and BioNTech go up and down completely randomly.
Pair Corralation between Thai Beverage and BioNTech
Assuming the 90 days horizon Thai Beverage is expected to generate 2.17 times less return on investment than BioNTech. But when comparing it to its historical volatility, Thai Beverage Public is 1.46 times less risky than BioNTech. It trades about 0.06 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 10,430 in BioNTech SE on August 28, 2024 and sell it today you would earn a total of 660.00 from holding BioNTech SE or generate 6.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thai Beverage Public vs. BioNTech SE
Performance |
| Timeline |
| Thai Beverage Public |
| BioNTech SE |
Thai Beverage and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Beverage and BioNTech
The main advantage of trading using opposite Thai Beverage and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Beverage 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.| Thai Beverage vs. LGI Homes | Thai Beverage vs. Hisense Home Appliances | Thai Beverage vs. MeVis Medical Solutions | Thai Beverage vs. Neinor Homes SA |
| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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