Correlation Between American Public and BioNTech
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By analyzing existing cross correlation between American Public Education and BioNTech SE, you can compare the effects of market volatilities on American Public 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 American Public with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of American Public and BioNTech.
Diversification Opportunities for American Public and BioNTech
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between American and BioNTech is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding American Public Education and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and American Public 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 American Public Education 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 American Public i.e., American Public and BioNTech go up and down completely randomly.
Pair Corralation between American Public and BioNTech
Assuming the 90 days horizon American Public Education is expected to generate 1.06 times more return on investment than BioNTech. However, American Public is 1.06 times more volatile than BioNTech SE. It trades about 0.44 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.09 per unit of risk. If you would invest 1,250 in American Public Education on August 26, 2024 and sell it today you would earn a total of 620.00 from holding American Public Education or generate 49.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
American Public Education vs. BioNTech SE
Performance |
| Timeline |
| American Public Education |
| BioNTech SE |
American Public and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with American Public and BioNTech
The main advantage of trading using opposite American Public and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if American Public 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.| American Public vs. Treasury Wine Estates | American Public vs. Bumrungrad Hospital Public | American Public vs. Natural Health Trends | American Public vs. AGRICULTBK HADR25 YC |
| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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