Correlation Between BioNTech and Franklin Street
Can any of the company-specific risk be diversified away by investing in both BioNTech and Franklin Street 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 Franklin Street into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BioNTech SE and Franklin Street Properties, you can compare the effects of market volatilities on BioNTech and Franklin Street 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 Franklin Street. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and Franklin Street.
Diversification Opportunities for BioNTech and Franklin Street
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between BioNTech and Franklin is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and Franklin Street Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Street Prop 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 Franklin Street. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Street Prop has no effect on the direction of BioNTech i.e., BioNTech and Franklin Street go up and down completely randomly.
Pair Corralation between BioNTech and Franklin Street
Given the investment horizon of 90 days BioNTech is expected to generate 1.23 times less return on investment than Franklin Street. In addition to that, BioNTech is 1.06 times more volatile than Franklin Street Properties. It trades about 0.09 of its total potential returns per unit of risk. Franklin Street Properties is currently generating about 0.12 per unit of volatility. If you would invest 177.00 in Franklin Street Properties on August 31, 2024 and sell it today you would earn a total of 14.00 from holding Franklin Street Properties or generate 7.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BioNTech SE vs. Franklin Street Properties
Performance |
| Timeline |
| BioNTech SE |
| Franklin Street Prop |
BioNTech and Franklin Street Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and Franklin Street
The main advantage of trading using opposite BioNTech and Franklin Street positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, Franklin Street 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 Franklin Street will offset losses from the drop in Franklin Street's long position.| BioNTech vs. Cue Biopharma | BioNTech vs. Tff Pharmaceuticals | BioNTech vs. Eliem Therapeutics | BioNTech vs. Inhibrx |
| Franklin Street vs. Equity Commonwealth | Franklin Street vs. Cousins Properties Incorporated | Franklin Street vs. Creative Media Community | Franklin Street vs. Highwoods Properties |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |