Correlation Between Adynxx and BioNTech
Can any of the company-specific risk be diversified away by investing in both Adynxx 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 Adynxx and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Adynxx Inc and BioNTech SE, you can compare the effects of market volatilities on Adynxx 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 Adynxx with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Adynxx and BioNTech.
Diversification Opportunities for Adynxx and BioNTech
Good diversification
The 3 months correlation between Adynxx and BioNTech is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Adynxx Inc and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Adynxx 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 Adynxx Inc 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 Adynxx i.e., Adynxx and BioNTech go up and down completely randomly.
Pair Corralation between Adynxx and BioNTech
If you would invest 11,173 in BioNTech SE on August 25, 2024 and sell it today you would earn a total of 140.00 from holding BioNTech SE or generate 1.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Adynxx Inc vs. BioNTech SE
Performance |
| Timeline |
| Adynxx Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BioNTech SE |
Adynxx and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Adynxx and BioNTech
The main advantage of trading using opposite Adynxx and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Adynxx 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.| Adynxx vs. NioCorp Developments Ltd | Adynxx vs. Aerofoam Metals | Adynxx vs. Vindicator Silver Lead Mining | Adynxx vs. Chester Mining |
| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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