Correlation Between Axway Software and BioNTech
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By analyzing existing cross correlation between Axway Software SA and BioNTech SE, you can compare the effects of market volatilities on Axway Software 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 Axway Software with a short position of BioNTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axway Software and BioNTech.
Diversification Opportunities for Axway Software and BioNTech
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Axway and BioNTech is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Axway Software SA and BioNTech SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BioNTech SE and Axway Software 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 Axway Software SA 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 Axway Software i.e., Axway Software and BioNTech go up and down completely randomly.
Pair Corralation between Axway Software and BioNTech
Assuming the 90 days trading horizon Axway Software is expected to generate 33.94 times less return on investment than BioNTech. But when comparing it to its historical volatility, Axway Software SA is 3.02 times less risky than BioNTech. It trades about 0.01 of its potential returns per unit of risk. BioNTech SE is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 10,210 in BioNTech SE on October 25, 2024 and sell it today you would earn a total of 790.00 from holding BioNTech SE or generate 7.74% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Axway Software SA vs. BioNTech SE
Performance |
Timeline |
Axway Software SA |
BioNTech SE |
Axway Software and BioNTech Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Axway Software and BioNTech
The main advantage of trading using opposite Axway Software and BioNTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axway Software 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.Axway Software vs. The Hanover Insurance | Axway Software vs. Linedata Services SA | Axway Software vs. DATATEC LTD 2 | Axway Software vs. Northern Data AG |
BioNTech vs. METTLER TOLEDO INTL | BioNTech vs. LODESTAR MIN | BioNTech vs. Carmat SA | BioNTech vs. Air Canada |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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