Correlation Between NAKED WINES and BioNTech
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By analyzing existing cross correlation between NAKED WINES PLC and BioNTech SE, you can compare the effects of market volatilities on NAKED WINES 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 NAKED WINES with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAKED WINES and BioNTech.
Diversification Opportunities for NAKED WINES and BioNTech
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NAKED and BioNTech is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding NAKED WINES PLC and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and NAKED WINES 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 NAKED WINES PLC 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 NAKED WINES i.e., NAKED WINES and BioNTech go up and down completely randomly.
Pair Corralation between NAKED WINES and BioNTech
Assuming the 90 days horizon NAKED WINES PLC is expected to under-perform the BioNTech. In addition to that, NAKED WINES is 1.12 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 0.06 per unit of volatility. If you would invest 10,100 in BioNTech SE on October 21, 2024 and sell it today you would earn a total of 880.00 from holding BioNTech SE or generate 8.71% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
NAKED WINES PLC vs. BioNTech SE
Performance |
Timeline |
NAKED WINES PLC |
BioNTech SE |
NAKED WINES and BioNTech Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with NAKED WINES and BioNTech
The main advantage of trading using opposite NAKED WINES and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAKED WINES 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.NAKED WINES vs. Easy Software AG | ||
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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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