Correlation Between ANTA Sports and BioNTech
Can any of the company-specific risk be diversified away by investing in both ANTA Sports 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 ANTA Sports and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA Sports Products and BioNTech SE, you can compare the effects of market volatilities on ANTA Sports 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 ANTA Sports with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA Sports and BioNTech.
Diversification Opportunities for ANTA Sports and BioNTech
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ANTA and BioNTech is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding ANTA Sports Products and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and ANTA Sports 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 ANTA Sports Products 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 ANTA Sports i.e., ANTA Sports and BioNTech go up and down completely randomly.
Pair Corralation between ANTA Sports and BioNTech
Assuming the 90 days horizon ANTA Sports Products is expected to under-perform the BioNTech. But the pink sheet apears to be less risky and, when comparing its historical volatility, ANTA Sports Products is 1.48 times less risky than BioNTech. The pink sheet trades about -0.11 of its potential returns per unit of risk. The BioNTech SE is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 11,310 in BioNTech SE on September 1, 2024 and sell it today you would earn a total of 529.00 from holding BioNTech SE or generate 4.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA Sports Products vs. BioNTech SE
Performance |
| Timeline |
| ANTA Sports Products |
| BioNTech SE |
ANTA Sports and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA Sports and BioNTech
The main advantage of trading using opposite ANTA Sports and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA Sports 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.| ANTA Sports vs. TWC Enterprises Limited | ANTA Sports vs. ANTA Sports Products | ANTA Sports vs. Brownies Marine Group | ANTA Sports vs. Golden Heaven Group |
| 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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