Correlation Between Identiv and BioNTech
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By analyzing existing cross correlation between Identiv and BioNTech SE, you can compare the effects of market volatilities on Identiv 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 Identiv with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Identiv and BioNTech.
Diversification Opportunities for Identiv and BioNTech
Weak diversification
The 3 months correlation between Identiv and BioNTech is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Identiv and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Identiv 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 Identiv 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 Identiv i.e., Identiv and BioNTech go up and down completely randomly.
Pair Corralation between Identiv and BioNTech
Assuming the 90 days trading horizon Identiv is expected to generate 0.74 times more return on investment than BioNTech. However, Identiv is 1.35 times less risky than BioNTech. It trades about 0.23 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.12 per unit of risk. If you would invest 322.00 in Identiv on August 29, 2024 and sell it today you would earn a total of 49.00 from holding Identiv or generate 15.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Identiv vs. BioNTech SE
Performance |
| Timeline |
| Identiv |
| BioNTech SE |
Identiv and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Identiv and BioNTech
The main advantage of trading using opposite Identiv and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Identiv 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.| Identiv vs. Superior Plus Corp | Identiv vs. Origin Agritech | Identiv vs. INTUITIVE SURGICAL | Identiv vs. Volkswagen AG |
| BioNTech vs. KB Financial Group | BioNTech vs. Superior Plus Corp | BioNTech vs. Origin Agritech | BioNTech vs. Identiv |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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