Correlation Between Addtech AB and BioNTech
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By analyzing existing cross correlation between Addtech AB and BioNTech SE, you can compare the effects of market volatilities on Addtech AB 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 Addtech AB with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Addtech AB and BioNTech.
Diversification Opportunities for Addtech AB and BioNTech
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Addtech and BioNTech is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Addtech AB and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Addtech AB 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 Addtech AB 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 Addtech AB i.e., Addtech AB and BioNTech go up and down completely randomly.
Pair Corralation between Addtech AB and BioNTech
Assuming the 90 days trading horizon Addtech AB is expected to generate 0.72 times more return on investment than BioNTech. However, Addtech AB is 1.38 times less risky than BioNTech. It trades about 0.08 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.0 per unit of risk. If you would invest 2,594 in Addtech AB on October 25, 2024 and sell it today you would earn a total of 116.00 from holding Addtech AB or generate 4.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Addtech AB vs. BioNTech SE
Performance |
| Timeline |
| Addtech AB |
| BioNTech SE |
Addtech AB and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Addtech AB and BioNTech
The main advantage of trading using opposite Addtech AB and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Addtech AB 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.| Addtech AB vs. Fastenal Company | Addtech AB vs. Indutrade AB | Addtech AB vs. Superior Plus Corp | Addtech AB vs. Origin Agritech |
| BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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