Correlation Between Kineta and BioNTech
Can any of the company-specific risk be diversified away by investing in both Kineta 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 Kineta and BioNTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kineta Inc and BioNTech SE, you can compare the effects of market volatilities on Kineta 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 Kineta with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kineta and BioNTech.
Diversification Opportunities for Kineta and BioNTech
Pay attention - limited upside
The 3 months correlation between Kineta and BioNTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kineta Inc and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Kineta 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 Kineta Inc 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 Kineta i.e., Kineta and BioNTech go up and down completely randomly.
Pair Corralation between Kineta and BioNTech
If you would invest (100.00) in Kineta Inc on November 9, 2024 and sell it today you would earn a total of 100.00 from holding Kineta Inc or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kineta Inc vs. BioNTech SE
Performance |
| Timeline |
| Kineta Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| BioNTech SE |
Kineta and BioNTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kineta and BioNTech
The main advantage of trading using opposite Kineta and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kineta 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.| Kineta vs. Rezolute | Kineta vs. XOMA Corporation | Kineta vs. Protagenic Therapeutics | Kineta vs. Tempest Therapeutics |
| 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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