Correlation Between FANDIFI TECHNOLOGY and BioNTech
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By analyzing existing cross correlation between FANDIFI TECHNOLOGY P and BioNTech SE, you can compare the effects of market volatilities on FANDIFI TECHNOLOGY 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 FANDIFI TECHNOLOGY with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of FANDIFI TECHNOLOGY and BioNTech.
Diversification Opportunities for FANDIFI TECHNOLOGY and BioNTech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FANDIFI and BioNTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FANDIFI TECHNOLOGY P and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and FANDIFI TECHNOLOGY 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 FANDIFI TECHNOLOGY P 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 FANDIFI TECHNOLOGY i.e., FANDIFI TECHNOLOGY and BioNTech go up and down completely randomly.
Pair Corralation between FANDIFI TECHNOLOGY and BioNTech
If you would invest 11,280 in BioNTech SE on November 1, 2024 and sell it today you would earn a total of 630.00 from holding BioNTech SE or generate 5.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FANDIFI TECHNOLOGY P vs. BioNTech SE
Performance |
| Timeline |
| FANDIFI TECHNOLOGY |
| BioNTech SE |
FANDIFI TECHNOLOGY and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FANDIFI TECHNOLOGY and BioNTech
The main advantage of trading using opposite FANDIFI TECHNOLOGY and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FANDIFI TECHNOLOGY 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.| FANDIFI TECHNOLOGY vs. SCANDMEDICAL SOLDK 040 | FANDIFI TECHNOLOGY vs. MeVis Medical Solutions | FANDIFI TECHNOLOGY vs. Medical Properties Trust | FANDIFI TECHNOLOGY vs. CVR Medical Corp |
| BioNTech vs. Perseus Mining Limited | BioNTech vs. GALENA MINING LTD | BioNTech vs. HK Electric Investments | BioNTech vs. New Residential Investment |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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