Correlation Between Concord Acquisition and Sculptor Acquisition
Can any of the company-specific risk be diversified away by investing in both Concord Acquisition and Sculptor Acquisition 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 Concord Acquisition and Sculptor Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concord Acquisition Corp and Sculptor Acquisition Corp, you can compare the effects of market volatilities on Concord Acquisition and Sculptor Acquisition 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 Concord Acquisition with a short position of Sculptor Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concord Acquisition and Sculptor Acquisition.
Diversification Opportunities for Concord Acquisition and Sculptor Acquisition
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Concord and Sculptor is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Concord Acquisition Corp and Sculptor Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sculptor Acquisition Corp and Concord 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 Concord Acquisition Corp are associated (or correlated) with Sculptor Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sculptor Acquisition Corp has no effect on the direction of Concord Acquisition i.e., Concord Acquisition and Sculptor Acquisition go up and down completely randomly.
Pair Corralation between Concord Acquisition and Sculptor Acquisition
If you would invest 1,055 in Sculptor Acquisition Corp on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Sculptor Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Concord Acquisition Corp vs. Sculptor Acquisition Corp
Performance |
| Timeline |
| Concord Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Sculptor Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Concord Acquisition and Sculptor Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concord Acquisition and Sculptor Acquisition
The main advantage of trading using opposite Concord Acquisition and Sculptor Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concord Acquisition position performs unexpectedly, Sculptor Acquisition 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 Sculptor Acquisition will offset losses from the drop in Sculptor Acquisition's long position.| Concord Acquisition vs. Thunder Bridge Capital | Concord Acquisition vs. Welsbach Technology Metals | Concord Acquisition vs. Hudson Acquisition I | Concord Acquisition vs. Marblegate Acquisition Corp |
| Sculptor Acquisition vs. Cartesian Growth | Sculptor Acquisition vs. Oak Woods Acquisition | Sculptor Acquisition vs. Pyrophyte Acquisition Corp | Sculptor Acquisition vs. Manaris Corp |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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