BioNTech Correlations

22UA Stock

113.80 2.90 2.61%

The current 90-days correlation between BioNTech SE and Reliance Steel Aluminum is 0.15 (i.e., Average diversification). The correlation of BioNTech is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

BioNTech Correlation With Market

Average diversification

The correlation between BioNTech SE and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BioNTech could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BioNTech when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back BioNTech - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling BioNTech SE to buy it.

Moving together with BioNTech Stock

0.72	3EAG	G8 EDUCATION	Pair Corr
0.79	LGX1	China Resources Gas	Pair Corr
0.75	6LA	Lamar Advertising	Pair Corr
0.7	NYVQ	Airports of Thailand	Pair Corr
0.61	ZFI1	ZURICH INSURANCE	Pair Corr
0.61	CVB	Computer And Technologies	Pair Corr
0.7	788	Coupang	Pair Corr
0.62	1RF	SITKA GOLD P	Pair Corr

Moving against BioNTech Stock

0.6	OIXA	Orix Corp Ads	Pair Corr
0.59	OIX	ORIX	Pair Corr
0.51	TKDA	Takeda Pharmaceutical	Pair Corr
0.44	SUMB	SUMITOMO P SP	Pair Corr
0.53	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	KBIA	8SP	39O1	INVN	IUI1	VOW	RS6	RRU	XYTA	3RKU
KBIA		-0.67	0.08	0.72	0.71	-0.59	0.68	0.68	0.64	-0.15	KBIA
8SP	-0.67		0.32	-0.75	-0.85	0.79	-0.8	-0.57	-0.47	-0.09	8SP
39O1	0.08	0.32		-0.05	-0.26	0.33	-0.1	0.32	0.41	-0.28	39O1
INVN	0.72	-0.75	-0.05		0.86	-0.74	0.86	0.73	0.54	0.12	INVN
IUI1	0.71	-0.85	-0.26	0.86		-0.86	0.91	0.63	0.48	0.15	IUI1
VOW	-0.59	0.79	0.33	-0.74	-0.86		-0.83	-0.58	-0.49	-0.16	VOW
RS6	0.68	-0.8	-0.1	0.86	0.91	-0.83		0.67	0.54	0.24	RS6
RRU	0.68	-0.57	0.32	0.73	0.63	-0.58	0.67		0.75	-0.36	RRU
XYTA	0.64	-0.47	0.41	0.54	0.48	-0.49	0.54	0.75		-0.27	XYTA
3RKU	-0.15	-0.09	-0.28	0.12	0.15	-0.16	0.24	-0.36	-0.27		3RKU
	KBIA	8SP	39O1	INVN	IUI1	VOW	RS6	RRU	XYTA	3RKU

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

RS6	+ 0.91	IUI1
IUI1	+ 0.86	INVN
RS6	+ 0.86	INVN
VOW	+ 0.79	8SP
XYTA	+ 0.75	RRU
RRU	+ 0.73	INVN

High negative correlations

VOW	- 0.86	IUI1
IUI1	- 0.85	8SP
RS6	- 0.83	VOW
RS6	- 0.8	8SP
INVN	- 0.75	8SP
VOW	- 0.74	INVN

Risk-Adjusted Indicators

There is a big difference between BioNTech Stock performing well and BioNTech Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze BioNTech's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
KBIA	1.87	0.25	0.07	2.17	1.65	(2.96)	5.74	(3.17)	13.64
8SP	2.10	(0.08)	0.00	0.28	0.00	0.00	3.38	(4.74)	20.22
39O1	3.77	0.19	0.04	0.34	3.51	(5.27)	8.41	(5.38)	34.42
INVN	2.16	0.26	0.04	(1.02)	2.54	(2.55)	5.61	(4.98)	14.01
IUI1	1.27	0.25	0.13	0.88	1.09	(1.49)	3.28	(1.96)	10.01
VOW	1.20	(0.34)	0.00	5.55	0.00	0.00	2.08	(2.99)	9.42
RS6	1.39	0.25	0.11	0.67	1.38	(1.61)	2.94	(2.17)	13.51
RRU	1.69	0.13	0.03	0.39	1.96	(1.84)	3.66	(4.31)	10.56
XYTA	15.67	5.75	0.14	(1.00)	11.58	(69.79)	50.00	(25.00)	233.33
3RKU	1.52	0.13	0.01	1.26	1.62	(2.02)	3.31	(3.01)	8.52

Be your own money manager

Our tools can tell you how much better you can do entering a position in BioNTech without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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