Correlation Between TenX Keane and HHG Capital
Can any of the company-specific risk be diversified away by investing in both TenX Keane and HHG Capital 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 HHG Capital 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 HHG Capital Corp, you can compare the effects of market volatilities on TenX Keane and HHG Capital 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 HHG Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and HHG Capital.
Diversification Opportunities for TenX Keane and HHG Capital
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between TenX and HHG is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and HHG Capital Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HHG Capital Corp 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 HHG Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HHG Capital Corp has no effect on the direction of TenX Keane i.e., TenX Keane and HHG Capital go up and down completely randomly.
Pair Corralation between TenX Keane and HHG Capital
If you would invest 1,112 in HHG Capital Corp on August 29, 2024 and sell it today you would earn a total of 0.00 from holding HHG Capital Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TenX Keane Acquisition vs. HHG Capital Corp
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| HHG Capital Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TenX Keane and HHG Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and HHG Capital
The main advantage of trading using opposite TenX Keane and HHG Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, HHG Capital 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 HHG Capital will offset losses from the drop in HHG Capital'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 |
| HHG Capital vs. Embrace Change Acquisition | HHG Capital vs. Bannix Acquisition Corp | HHG Capital vs. Global Blockchain Acquisition | HHG Capital vs. Gores Holdings IX |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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