Correlation Between BioNTech and American Public
Specify exactly 2 symbols:
By analyzing existing cross correlation between BioNTech SE and American Public Education, you can compare the effects of market volatilities on BioNTech and American Public 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 BioNTech with a short position of American Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and American Public.
Diversification Opportunities for BioNTech and American Public
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and American is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and American Public Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Public Education and BioNTech 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 BioNTech SE are associated (or correlated) with American Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Public Education has no effect on the direction of BioNTech i.e., BioNTech and American Public go up and down completely randomly.
Pair Corralation between BioNTech and American Public
Assuming the 90 days trading horizon BioNTech SE is expected to under-perform the American Public. But the stock apears to be less risky and, when comparing its historical volatility, BioNTech SE is 1.92 times less risky than American Public. The stock trades about -0.01 of its potential returns per unit of risk. The American Public Education is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,280 in American Public Education on August 30, 2024 and sell it today you would earn a total of 650.00 from holding American Public Education or generate 50.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. American Public Education
Performance |
| Timeline |
| BioNTech SE |
| American Public Education |
BioNTech and American Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and American Public
The main advantage of trading using opposite BioNTech and American Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, American Public 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 American Public will offset losses from the drop in American Public's long position.| BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co | BioNTech vs. Samsung Electronics Co |
| American Public vs. Strategic Education | American Public vs. Chegg Inc | American Public vs. Laureate Education |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |