Correlation Between Beauty Health and TenX Keane
Can any of the company-specific risk be diversified away by investing in both Beauty Health 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 Beauty Health and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beauty Health Co and TenX Keane Acquisition, you can compare the effects of market volatilities on Beauty Health 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 Beauty Health with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beauty Health and TenX Keane.
Diversification Opportunities for Beauty Health and TenX Keane
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beauty and TenX is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Beauty Health Co 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 Beauty Health 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 Beauty Health Co 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 Beauty Health i.e., Beauty Health and TenX Keane go up and down completely randomly.
Pair Corralation between Beauty Health and TenX Keane
If you would invest (100.00) in TenX Keane Acquisition on September 14, 2024 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 | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Beauty Health Co vs. TenX Keane Acquisition
Performance |
| Timeline |
| Beauty Health |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Beauty Health and TenX Keane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beauty Health and TenX Keane
The main advantage of trading using opposite Beauty Health and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beauty Health 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.| Beauty Health vs. Clear Secure | Beauty Health vs. GXO Logistics | Beauty Health vs. Doximity | Beauty Health vs. Figs Inc |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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