Correlation Between Cartesian Growth and TenX Keane
Can any of the company-specific risk be diversified away by investing in both Cartesian Growth 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 Cartesian Growth and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cartesian Growth and TenX Keane Acquisition, you can compare the effects of market volatilities on Cartesian Growth 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 Cartesian Growth with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cartesian Growth and TenX Keane.
Diversification Opportunities for Cartesian Growth and TenX Keane
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cartesian and TenX is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Cartesian Growth 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 Cartesian Growth 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 Cartesian Growth 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 Cartesian Growth i.e., Cartesian Growth and TenX Keane go up and down completely randomly.
Pair Corralation between Cartesian Growth and TenX Keane
Given the investment horizon of 90 days Cartesian Growth is expected to generate 90.17 times less return on investment than TenX Keane. But when comparing it to its historical volatility, Cartesian Growth is 241.28 times less risky than TenX Keane. It trades about 0.21 of its potential returns per unit of risk. TenX Keane Acquisition is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,137 in TenX Keane Acquisition on September 1, 2024 and sell it today you would lose (817.00) from holding TenX Keane Acquisition or give up 71.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 40.48% |
| Values | Daily Returns |
Cartesian Growth vs. TenX Keane Acquisition
Performance |
| Timeline |
| Cartesian Growth |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cartesian Growth and TenX Keane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cartesian Growth and TenX Keane
The main advantage of trading using opposite Cartesian Growth and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cartesian Growth 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.| Cartesian Growth vs. Pyrophyte Acquisition Corp | Cartesian Growth vs. Oak Woods Acquisition | Cartesian Growth vs. Embrace Change Acquisition | Cartesian Growth vs. Bannix Acquisition Corp |
| 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Commodity Directory Find actively traded commodities issued by global exchanges |