Correlation Between TransAKT and TenX Keane
Can any of the company-specific risk be diversified away by investing in both TransAKT 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 TransAKT and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TransAKT and TenX Keane Acquisition, you can compare the effects of market volatilities on TransAKT 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 TransAKT with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of TransAKT and TenX Keane.
Diversification Opportunities for TransAKT and TenX Keane
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TransAKT and TenX is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding TransAKT 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 TransAKT 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 TransAKT 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 TransAKT i.e., TransAKT and TenX Keane go up and down completely randomly.
Pair Corralation between TransAKT and TenX Keane
Given the investment horizon of 90 days TransAKT is expected to generate 7.38 times more return on investment than TenX Keane. However, TransAKT is 7.38 times more volatile than TenX Keane Acquisition. It trades about 0.1 of its potential returns per unit of risk. TenX Keane Acquisition is currently generating about 0.03 per unit of risk. If you would invest 1.90 in TransAKT on August 26, 2024 and sell it today you would earn a total of 0.10 from holding TransAKT or generate 5.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 84.91% |
| Values | Daily Returns |
TransAKT vs. TenX Keane Acquisition
Performance |
| Timeline |
| TransAKT |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TransAKT and TenX Keane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TransAKT and TenX Keane
The main advantage of trading using opposite TransAKT and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TransAKT 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.| TransAKT vs. Element Solutions | TransAKT vs. Orion Engineered Carbons | TransAKT vs. Minerals Technologies | TransAKT vs. Ingevity 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |