Correlation Between BioNTech and Axcelis Technologies
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By analyzing existing cross correlation between BioNTech SE and Axcelis Technologies, you can compare the effects of market volatilities on BioNTech and Axcelis Technologies 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 Axcelis Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Axcelis Technologies.
Diversification Opportunities for BioNTech and Axcelis Technologies
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and Axcelis is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Axcelis Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axcelis Technologies 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 Axcelis Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axcelis Technologies has no effect on the direction of BioNTech i.e., BioNTech and Axcelis Technologies go up and down completely randomly.
Pair Corralation between BioNTech and Axcelis Technologies
Assuming the 90 days trading horizon BioNTech SE is expected to generate 1.28 times more return on investment than Axcelis Technologies. However, BioNTech is 1.28 times more volatile than Axcelis Technologies. It trades about 0.09 of its potential returns per unit of risk. Axcelis Technologies is currently generating about -0.22 per unit of risk. If you would invest 10,560 in BioNTech SE on August 30, 2024 and sell it today you would earn a total of 700.00 from holding BioNTech SE or generate 6.63% 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. Axcelis Technologies
Performance |
| Timeline |
| BioNTech SE |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Axcelis Technologies |
BioNTech and Axcelis Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Axcelis Technologies
The main advantage of trading using opposite BioNTech and Axcelis Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Axcelis Technologies 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 Axcelis Technologies will offset losses from the drop in Axcelis Technologies' long position.| BioNTech vs. Big 5 Sporting | BioNTech vs. Lion One Metals | BioNTech vs. VARIOUS EATERIES LS | BioNTech vs. ANTA SPORTS PRODUCT |
| Axcelis Technologies vs. SCANSOURCE | Axcelis Technologies vs. IMPERIAL TOBACCO | Axcelis Technologies vs. Public Storage | Axcelis Technologies vs. Datadog |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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