Correlation Between BioNTech and ANTA Sports
Can any of the company-specific risk be diversified away by investing in both BioNTech and ANTA Sports 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 BioNTech and ANTA Sports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioNTech SE and ANTA Sports Products, you can compare the effects of market volatilities on BioNTech and ANTA Sports 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 ANTA Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and ANTA Sports.
Diversification Opportunities for BioNTech and ANTA Sports
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BioNTech and ANTA is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and ANTA Sports Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTA Sports Products 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 ANTA Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTA Sports Products has no effect on the direction of BioNTech i.e., BioNTech and ANTA Sports go up and down completely randomly.
Pair Corralation between BioNTech and ANTA Sports
Given the investment horizon of 90 days BioNTech SE is expected to generate 1.48 times more return on investment than ANTA Sports. However, BioNTech is 1.48 times more volatile than ANTA Sports Products. It trades about 0.08 of its potential returns per unit of risk. ANTA Sports Products is currently generating about -0.11 per unit of risk. 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 |
BioNTech SE vs. ANTA Sports Products
Performance |
| Timeline |
| BioNTech SE |
| ANTA Sports Products |
BioNTech and ANTA Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and ANTA Sports
The main advantage of trading using opposite BioNTech and ANTA Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, ANTA Sports 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 ANTA Sports will offset losses from the drop in ANTA Sports' long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| ANTA Sports vs. TWC Enterprises Limited | ANTA Sports vs. ANTA Sports Products | ANTA Sports vs. Brownies Marine Group | ANTA Sports vs. Golden Heaven Group |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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