Correlation Between TenX Keane and Embrace Change
Can any of the company-specific risk be diversified away by investing in both TenX Keane and Embrace Change 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 Embrace Change 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 Embrace Change Acquisition, you can compare the effects of market volatilities on TenX Keane and Embrace Change 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 Embrace Change. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and Embrace Change.
Diversification Opportunities for TenX Keane and Embrace Change
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TenX and Embrace is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and Embrace Change Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Embrace Change Acqui 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 Embrace Change. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Embrace Change Acqui has no effect on the direction of TenX Keane i.e., TenX Keane and Embrace Change go up and down completely randomly.
Pair Corralation between TenX Keane and Embrace Change
Given the investment horizon of 90 days TenX Keane Acquisition is expected to generate 150.46 times more return on investment than Embrace Change. However, TenX Keane is 150.46 times more volatile than Embrace Change Acquisition. It trades about 0.08 of its potential returns per unit of risk. Embrace Change Acquisition is currently generating about 0.15 per unit of risk. If you would invest 1,137 in TenX Keane Acquisition on August 29, 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 | 41.27% |
| Values | Daily Returns |
TenX Keane Acquisition vs. Embrace Change Acquisition
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Embrace Change Acqui |
TenX Keane and Embrace Change Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and Embrace Change
The main advantage of trading using opposite TenX Keane and Embrace Change positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, Embrace Change 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 Embrace Change will offset losses from the drop in Embrace Change'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 |
| Embrace Change vs. China Health Management | Embrace Change vs. Absolute Health and | Embrace Change vs. Supurva Healthcare Group | Embrace Change 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |