Correlation Between BioNTech and AMERICAN
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By analyzing existing cross correlation between BioNTech SE and AMERICAN EXPRESS PANY, you can compare the effects of market volatilities on BioNTech and AMERICAN 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 AMERICAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of BioNTech and AMERICAN.
Diversification Opportunities for BioNTech and AMERICAN
Good diversification
The 3 months correlation between BioNTech and AMERICAN is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and AMERICAN EXPRESS PANY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMERICAN EXPRESS PANY 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 AMERICAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMERICAN EXPRESS PANY has no effect on the direction of BioNTech i.e., BioNTech and AMERICAN go up and down completely randomly.
Pair Corralation between BioNTech and AMERICAN
Given the investment horizon of 90 days BioNTech SE is expected to generate 12.24 times more return on investment than AMERICAN. However, BioNTech is 12.24 times more volatile than AMERICAN EXPRESS PANY. It trades about 0.03 of its potential returns per unit of risk. AMERICAN EXPRESS PANY is currently generating about 0.03 per unit of risk. If you would invest 10,049 in BioNTech SE on September 4, 2024 and sell it today you would earn a total of 1,510 from holding BioNTech SE or generate 15.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
BioNTech SE vs. AMERICAN EXPRESS PANY
Performance |
| Timeline |
| BioNTech SE |
| AMERICAN EXPRESS PANY |
BioNTech and AMERICAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BioNTech and AMERICAN
The main advantage of trading using opposite BioNTech and AMERICAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BioNTech position performs unexpectedly, AMERICAN 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 AMERICAN will offset losses from the drop in AMERICAN's long position.| BioNTech vs. Novavax | BioNTech vs. Ginkgo Bioworks Holdings | BioNTech vs. Crispr Therapeutics AG | BioNTech vs. Ocean Biomedical |
| AMERICAN vs. Antero Midstream Partners | AMERICAN vs. One Gas | AMERICAN vs. Kenon Holdings | AMERICAN vs. Seadrill Limited |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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