Correlation Between Exchange Traded and TenX Keane
Can any of the company-specific risk be diversified away by investing in both Exchange Traded 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 Exchange Traded and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exchange Traded Concepts and TenX Keane Acquisition, you can compare the effects of market volatilities on Exchange Traded 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 Exchange Traded with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exchange Traded and TenX Keane.
Diversification Opportunities for Exchange Traded and TenX Keane
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Exchange and TenX is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Exchange Traded Concepts 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 Exchange Traded 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 Exchange Traded Concepts 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 Exchange Traded i.e., Exchange Traded and TenX Keane go up and down completely randomly.
Pair Corralation between Exchange Traded and TenX Keane
Given the investment horizon of 90 days Exchange Traded is expected to generate 11.37 times less return on investment than TenX Keane. But when comparing it to its historical volatility, Exchange Traded Concepts is 37.96 times less risky than TenX Keane. It trades about 0.1 of its potential returns per unit of risk. TenX Keane Acquisition is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,009 in TenX Keane Acquisition on August 26, 2024 and sell it today you would lose (689.00) from holding TenX Keane Acquisition or give up 68.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 37.68% |
| Values | Daily Returns |
Exchange Traded Concepts vs. TenX Keane Acquisition
Performance |
| Timeline |
| Exchange Traded Concepts |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Exchange Traded and TenX Keane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exchange Traded and TenX Keane
The main advantage of trading using opposite Exchange Traded and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exchange Traded 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.| Exchange Traded vs. MFS High Income | Exchange Traded vs. MFS Investment Grade | Exchange Traded vs. Eaton Vance National | Exchange Traded vs. Invesco High Income |
| TenX Keane vs. Embrace Change Acquisition | TenX Keane vs. Bannix Acquisition Corp | TenX Keane vs. Global Blockchain Acquisition | TenX Keane vs. TransAKT |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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