Correlation Between TenX Keane and Consilium Acquisition
Can any of the company-specific risk be diversified away by investing in both TenX Keane and Consilium 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 TenX Keane and Consilium Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TenX Keane Acquisition and Consilium Acquisition I, you can compare the effects of market volatilities on TenX Keane and Consilium 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 TenX Keane with a short position of Consilium Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and Consilium Acquisition.
Diversification Opportunities for TenX Keane and Consilium Acquisition
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between TenX and Consilium is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and Consilium Acquisition I in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Consilium Acquisition and TenX Keane 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 TenX Keane Acquisition are associated (or correlated) with Consilium Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Consilium Acquisition has no effect on the direction of TenX Keane i.e., TenX Keane and Consilium Acquisition go up and down completely randomly.
Pair Corralation between TenX Keane and Consilium Acquisition
If you would invest 1,127 in Consilium Acquisition I on August 29, 2024 and sell it today you would earn a total of 8.00 from holding Consilium Acquisition I or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
TenX Keane Acquisition vs. Consilium Acquisition I
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Consilium Acquisition |
TenX Keane and Consilium Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and Consilium Acquisition
The main advantage of trading using opposite TenX Keane and Consilium Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, Consilium 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 Consilium Acquisition will offset losses from the drop in Consilium Acquisition's long position.| 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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Transaction History View history of all your transactions and understand their impact on performance |