Correlation Between 126408HV8 and BioNTech
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By analyzing existing cross correlation between CSX 45 15 NOV 52 and BioNTech SE, you can compare the effects of market volatilities on 126408HV8 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 126408HV8 with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of 126408HV8 and BioNTech.
Diversification Opportunities for 126408HV8 and BioNTech
Good diversification
The 3 months correlation between 126408HV8 and BioNTech is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding CSX 45 15 NOV 52 and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and 126408HV8 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 CSX 45 15 NOV 52 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 126408HV8 i.e., 126408HV8 and BioNTech go up and down completely randomly.
Pair Corralation between 126408HV8 and BioNTech
Assuming the 90 days trading horizon CSX 45 15 NOV 52 is expected to under-perform the BioNTech. But the bond apears to be less risky and, when comparing its historical volatility, CSX 45 15 NOV 52 is 1.85 times less risky than BioNTech. The bond trades about -0.07 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 10,873 in BioNTech SE on September 12, 2024 and sell it today you would earn a total of 812.00 from holding BioNTech SE or generate 7.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
CSX 45 15 NOV 52 vs. BioNTech SE
Performance |
| Timeline |
| CSX 45 15 |
| BioNTech SE |
126408HV8 and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 126408HV8 and BioNTech
The main advantage of trading using opposite 126408HV8 and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 126408HV8 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.| 126408HV8 vs. BioNTech SE | 126408HV8 vs. WiMi Hologram Cloud | 126408HV8 vs. Centessa Pharmaceuticals PLC | 126408HV8 vs. Sphere Entertainment Co |
| 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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