Correlation Between Braskem SA and TenX Keane
Can any of the company-specific risk be diversified away by investing in both Braskem SA 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 Braskem SA and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Braskem SA Class and TenX Keane Acquisition, you can compare the effects of market volatilities on Braskem SA 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 Braskem SA with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Braskem SA and TenX Keane.
Diversification Opportunities for Braskem SA and TenX Keane
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Braskem and TenX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Braskem SA Class 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 Braskem SA 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 Braskem SA Class 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 Braskem SA i.e., Braskem SA and TenX Keane go up and down completely randomly.
Pair Corralation between Braskem SA and TenX Keane
If you would invest (100.00) in TenX Keane Acquisition on January 7, 2025 and sell it today you would earn a total of 100.00 from holding TenX Keane Acquisition 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 |
Braskem SA Class vs. TenX Keane Acquisition
Performance |
| Timeline |
| Braskem SA Class |
| TenX Keane Acquisition |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Braskem SA and TenX Keane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Braskem SA and TenX Keane
The main advantage of trading using opposite Braskem SA and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Braskem SA 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.| Braskem SA vs. Valhi Inc | Braskem SA vs. Huntsman | Braskem SA vs. Lsb Industries | Braskem SA vs. Westlake Chemical Partners |
| TenX Keane vs. Asure Software | TenX Keane vs. First Ship Lease | TenX Keane vs. Multi Ways Holdings | TenX Keane vs. Vacasa Inc |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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