Correlation Between Persol Holdings and BioNTech
Can any of the company-specific risk be diversified away by investing in both Persol Holdings 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 Persol Holdings and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Persol Holdings Co and BioNTech SE, you can compare the effects of market volatilities on Persol Holdings 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 Persol Holdings with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Persol Holdings and BioNTech.
Diversification Opportunities for Persol Holdings and BioNTech
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Persol and BioNTech is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Persol Holdings Co and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Persol Holdings 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 Persol Holdings Co 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 Persol Holdings i.e., Persol Holdings and BioNTech go up and down completely randomly.
Pair Corralation between Persol Holdings and BioNTech
If you would invest 10,500 in BioNTech SE on September 12, 2024 and sell it today you would earn a total of 1,360 from holding BioNTech SE or generate 12.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Persol Holdings Co vs. BioNTech SE
Performance |
| Timeline |
| Persol Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BioNTech SE |
Persol Holdings and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Persol Holdings and BioNTech
The main advantage of trading using opposite Persol Holdings and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Persol Holdings 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.| Persol Holdings vs. United Fire Group | Persol Holdings vs. Trupanion | Persol Holdings vs. GoHealth | Persol Holdings vs. The Hanover Insurance |
| BioNTech vs. Puma Biotechnology | BioNTech vs. Iovance Biotherapeutics | BioNTech vs. Sarepta Therapeutics | BioNTech vs. Day One Biopharmaceuticals |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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