Correlation Between Harmony Gold and BioNTech
Can any of the company-specific risk be diversified away by investing in both Harmony Gold and BioNTech at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Harmony Gold and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Harmony Gold Mining and BioNTech SE, you can compare the effects of market volatilities on Harmony Gold 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 Harmony Gold with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harmony Gold and BioNTech.
Diversification Opportunities for Harmony Gold and BioNTech
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Harmony and BioNTech is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Harmony Gold 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 Harmony Gold Mining 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 Harmony Gold i.e., Harmony Gold and BioNTech go up and down completely randomly.
Pair Corralation between Harmony Gold and BioNTech
Assuming the 90 days horizon Harmony Gold Mining is expected to generate 1.24 times more return on investment than BioNTech. However, Harmony Gold is 1.24 times more volatile than BioNTech SE. It trades about 0.13 of its potential returns per unit of risk. BioNTech SE is currently generating about -0.01 per unit of risk. If you would invest 1,323 in Harmony Gold Mining on September 2, 2025 and sell it today you would earn a total of 367.00 from holding Harmony Gold Mining or generate 27.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Harmony Gold Mining vs. BioNTech SE
Performance |
| Timeline |
| Harmony Gold Mining |
| BioNTech SE |
Harmony Gold and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harmony Gold and BioNTech
The main advantage of trading using opposite Harmony Gold and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harmony Gold 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.| Harmony Gold vs. Net Lease Office | Harmony Gold vs. Air Lease | Harmony Gold vs. Gladstone Investment | Harmony Gold vs. Compass Diversified Holdings |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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