Correlation Between Ultra Clean and BioNTech
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By analyzing existing cross correlation between Ultra Clean Holdings and BioNTech SE, you can compare the effects of market volatilities on Ultra Clean 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 Ultra Clean with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ultra Clean and BioNTech.
Diversification Opportunities for Ultra Clean and BioNTech
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ultra and BioNTech is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Clean Holdings and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Ultra Clean 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 Ultra Clean 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 Ultra Clean i.e., Ultra Clean and BioNTech go up and down completely randomly.
Pair Corralation between Ultra Clean and BioNTech
Assuming the 90 days horizon Ultra Clean Holdings is expected to under-perform the BioNTech. In addition to that, Ultra Clean is 1.23 times more volatile than BioNTech SE. It trades about -0.06 of its total potential returns per unit of risk. BioNTech SE is currently generating about 0.11 per unit of volatility. If you would invest 11,260 in BioNTech SE on November 4, 2024 and sell it today you would earn a total of 580.00 from holding BioNTech SE or generate 5.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ultra Clean Holdings vs. BioNTech SE
Performance |
| Timeline |
| Ultra Clean Holdings |
| BioNTech SE |
Ultra Clean and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ultra Clean and BioNTech
The main advantage of trading using opposite Ultra Clean and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ultra Clean 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.| Ultra Clean vs. SLR Investment Corp | Ultra Clean vs. Entravision Communications | Ultra Clean vs. COMBA TELECOM SYST | Ultra Clean vs. Guangdong Investment Limited |
| BioNTech vs. Adtalem Global Education | BioNTech vs. CHINA EDUCATION GROUP | BioNTech vs. Ribbon Communications | BioNTech vs. Cogent Communications Holdings |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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