Correlation Between Enzon Pharmaceuticals and BioNTech
Can any of the company-specific risk be diversified away by investing in both Enzon Pharmaceuticals 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 Enzon Pharmaceuticals and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enzon Pharmaceuticals and BioNTech SE, you can compare the effects of market volatilities on Enzon Pharmaceuticals 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 Enzon Pharmaceuticals with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enzon Pharmaceuticals and BioNTech.
Diversification Opportunities for Enzon Pharmaceuticals and BioNTech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Enzon and BioNTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Enzon Pharmaceuticals and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Enzon Pharmaceuticals 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 Enzon Pharmaceuticals 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 Enzon Pharmaceuticals i.e., Enzon Pharmaceuticals and BioNTech go up and down completely randomly.
Pair Corralation between Enzon Pharmaceuticals and BioNTech
If you would invest 13,753 in BioNTech SE on November 9, 2024 and sell it today you would lose (1,759) from holding BioNTech SE or give up 12.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Enzon Pharmaceuticals vs. BioNTech SE
Performance |
| Timeline |
| Enzon Pharmaceuticals |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| BioNTech SE |
Enzon Pharmaceuticals and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enzon Pharmaceuticals and BioNTech
The main advantage of trading using opposite Enzon Pharmaceuticals and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enzon Pharmaceuticals 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.| Enzon Pharmaceuticals vs. Pmv Pharmaceuticals | Enzon Pharmaceuticals vs. NewAmsterdam Pharma | Enzon Pharmaceuticals vs. Tempest Therapeutics | Enzon Pharmaceuticals vs. IO Biotech |
| 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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