Correlation Between Altimar Acquisition and TenX Keane
Can any of the company-specific risk be diversified away by investing in both Altimar Acquisition and TenX Keane 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 Altimar Acquisition and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altimar Acquisition Corp and TenX Keane Acquisition, you can compare the effects of market volatilities on Altimar Acquisition and TenX Keane 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 Altimar Acquisition with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altimar Acquisition and TenX Keane.
Diversification Opportunities for Altimar Acquisition and TenX Keane
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Altimar and TenX is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Altimar Acquisition Corp and TenX Keane Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TenX Keane Acquisition and Altimar Acquisition 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 Altimar Acquisition Corp are associated (or correlated) with TenX Keane. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TenX Keane Acquisition has no effect on the direction of Altimar Acquisition i.e., Altimar Acquisition and TenX Keane go up and down completely randomly.
Pair Corralation between Altimar Acquisition and TenX Keane
If you would invest 320.00 in TenX Keane Acquisition on September 1, 2024 and sell it today you would earn a total of 0.00 from holding TenX Keane Acquisition or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Altimar Acquisition Corp vs. TenX Keane Acquisition
Performance |
| Timeline |
| Altimar Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Altimar Acquisition and TenX Keane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altimar Acquisition and TenX Keane
The main advantage of trading using opposite Altimar Acquisition and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altimar Acquisition position performs unexpectedly, TenX Keane 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 TenX Keane will offset losses from the drop in TenX Keane's long position.| Altimar Acquisition vs. Ryman Hospitality Properties | Altimar Acquisition vs. Datadog | Altimar Acquisition vs. Sapiens International | Altimar Acquisition vs. RCI Hospitality Holdings |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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