BioNTech Correlations

22UA Stock

109.80 0.30 0.27%

The current 90-days correlation between BioNTech SE and SUN LIFE FINANCIAL is 0.12 (i.e., Average diversification). The correlation of BioNTech is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

BioNTech Correlation With Market

Good diversification

The correlation between BioNTech SE and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BioNTech SE and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BioNTech could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BioNTech when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back BioNTech - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling BioNTech SE to buy it.

Moving together with BioNTech Stock

0.67	6GAA	Grupo Aval Acciones	Pair Corr
0.64	6GAA	Grupo Aval Acciones	Pair Corr
0.73	NTO	Nintendo	Pair Corr
0.73	CVU	United Breweries	Pair Corr
0.64	DBPE	Xtrackers LevDAX	Pair Corr
0.73	E908	Lyxor 1	Pair Corr

Moving against BioNTech Stock

0.73	DBPD	Xtrackers ShortDAX	Pair Corr
0.37	KBIA	KB Financial Group	Pair Corr
0.32	HYU	Hyundai Motor Earnings Call This Week	Pair Corr
0.31	2WGA	WOORI FIN GRP	Pair Corr

Related Correlations Analysis

	A3J	0QN	LIE	EBO	0UI	PIJ	QBI
A3J		0.21	0.62	0.0	0.57	-0.32	0.29	A3J
0QN	0.21		0.8	0.79	0.76	-0.73	-0.63	0QN
LIE	0.62	0.8		0.57	0.87	-0.83	-0.26	LIE
EBO	0.0	0.79	0.57		0.61	-0.58	-0.75	EBO
0UI	0.57	0.76	0.87	0.61		-0.73	-0.21	0UI
PIJ	-0.32	-0.73	-0.83	-0.58	-0.73		0.22	PIJ
QBI	0.29	-0.63	-0.26	-0.75	-0.21	0.22		QBI
	A3J	0QN	LIE	EBO	0UI	PIJ	QBI

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

0UI	+ 0.87	LIE
LIE	+ 0.8	0QN
EBO	+ 0.79	0QN
0UI	+ 0.76	0QN
LIE	+ 0.62	A3J
0UI	+ 0.61	EBO

High negative correlations

PIJ	- 0.83	LIE
QBI	- 0.75	EBO
PIJ	- 0.73	0UI
PIJ	- 0.73	0QN
QBI	- 0.63	0QN
PIJ	- 0.58	EBO

Risk-Adjusted Indicators

There is a big difference between BioNTech Stock performing well and BioNTech Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze BioNTech's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
A3J	1.17	0.02	0.01	0.11	1.27	(1.65)	2.81	(2.10)	10.77
0QN	1.68	0.41	0.21	(3.02)	1.52	(2.02)	3.54	(3.29)	13.94
LIE	0.82	0.16	0.12	1.51	0.66	(1.29)	1.75	(1.73)	8.63
EBO	0.90	0.31	0.33	(2.40)	0.42	(1.24)	2.28	(1.29)	7.44
0UI	2.59	0.48	0.16	0.95	2.45	(3.55)	8.00	(3.44)	28.66
PIJ	2.01	(0.15)	0.00	0.83	0.00	0.00	5.00	(2.63)	22.65
QBI	0.30	(0.17)	0.00	(1.42)	0.00	0.00	0.00	(2.00)	4.26

Be your own money manager

Our tools can tell you how much better you can do entering a position in BioNTech without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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