Correlation Between Uber Technologies and BioNTech
Specify exactly 2 symbols:
By analyzing existing cross correlation between Uber Technologies and BioNTech SE, you can compare the effects of market volatilities on Uber Technologies 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 Uber Technologies with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uber Technologies and BioNTech.
Diversification Opportunities for Uber Technologies and BioNTech
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Uber and BioNTech is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Uber Technologies and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Uber Technologies 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 Uber Technologies 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 Uber Technologies i.e., Uber Technologies and BioNTech go up and down completely randomly.
Pair Corralation between Uber Technologies and BioNTech
Assuming the 90 days trading horizon Uber Technologies is expected to generate 0.81 times more return on investment than BioNTech. However, Uber Technologies is 1.23 times less risky than BioNTech. It trades about 0.34 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.01 per unit of risk. If you would invest 5,830 in Uber Technologies on October 25, 2024 and sell it today you would earn a total of 728.00 from holding Uber Technologies or generate 12.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uber Technologies vs. BioNTech SE
Performance |
| Timeline |
| Uber Technologies |
| BioNTech SE |
Uber Technologies and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uber Technologies and BioNTech
The main advantage of trading using opposite Uber Technologies and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uber Technologies 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.| Uber Technologies vs. Apple Inc | Uber Technologies vs. Apple Inc | Uber Technologies vs. Apple Inc | Uber Technologies vs. Apple Inc |
| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |