Correlation Between 06368LGV2 and BioNTech
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By analyzing existing cross correlation between BMO 5203 01 FEB 28 and BioNTech SE, you can compare the effects of market volatilities on 06368LGV2 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 06368LGV2 with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of 06368LGV2 and BioNTech.
Diversification Opportunities for 06368LGV2 and BioNTech
Average diversification
The 3 months correlation between 06368LGV2 and BioNTech is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding BMO 5203 01 FEB 28 and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and 06368LGV2 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 BMO 5203 01 FEB 28 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 06368LGV2 i.e., 06368LGV2 and BioNTech go up and down completely randomly.
Pair Corralation between 06368LGV2 and BioNTech
Assuming the 90 days trading horizon BMO 5203 01 FEB 28 is expected to under-perform the BioNTech. But the bond apears to be less risky and, when comparing its historical volatility, BMO 5203 01 FEB 28 is 9.84 times less risky than BioNTech. The bond trades about -0.14 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 11,148 in BioNTech SE on September 2, 2024 and sell it today you would earn a total of 691.00 from holding BioNTech SE or generate 6.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
BMO 5203 01 FEB 28 vs. BioNTech SE
Performance |
| Timeline |
| BMO 5203 01 |
| BioNTech SE |
06368LGV2 and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 06368LGV2 and BioNTech
The main advantage of trading using opposite 06368LGV2 and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 06368LGV2 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.| 06368LGV2 vs. Westrock Coffee | 06368LGV2 vs. Molson Coors Brewing | 06368LGV2 vs. Beyond Meat | 06368LGV2 vs. AMCON Distributing |
| 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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