Correlation Between TENK Old and Ahren Acquisition
Can any of the company-specific risk be diversified away by investing in both TENK Old and Ahren 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 TENK Old and Ahren Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TENK Old and Ahren Acquisition Corp, you can compare the effects of market volatilities on TENK Old and Ahren 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 TENK Old with a short position of Ahren Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of TENK Old and Ahren Acquisition.
Diversification Opportunities for TENK Old and Ahren Acquisition
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between TENK and Ahren is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding TENK Old and Ahren Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ahren Acquisition Corp and TENK Old 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 TENK Old are associated (or correlated) with Ahren Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ahren Acquisition Corp has no effect on the direction of TENK Old i.e., TENK Old and Ahren Acquisition go up and down completely randomly.
Pair Corralation between TENK Old and Ahren Acquisition
If you would invest 1,049 in Ahren Acquisition Corp on November 3, 2024 and sell it today you would earn a total of 0.00 from holding Ahren Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TENK Old vs. Ahren Acquisition Corp
Performance |
| Timeline |
| TENK Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ahren Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TENK Old and Ahren Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TENK Old and Ahren Acquisition
The main advantage of trading using opposite TENK Old and Ahren Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TENK Old position performs unexpectedly, Ahren 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 Ahren Acquisition will offset losses from the drop in Ahren Acquisition's long position.| TENK Old vs. Embrace Change Acquisition | TENK Old vs. Bannix Acquisition Corp | TENK Old vs. Global Blockchain Acquisition | TENK Old vs. TransAKT |
| Ahren Acquisition vs. Manaris Corp | Ahren Acquisition vs. Alpha Star Acquisition | Ahren Acquisition vs. Alpha One | Ahren Acquisition vs. A SPAC II |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |