Correlation Between TenX Keane and Monterey Capital
Can any of the company-specific risk be diversified away by investing in both TenX Keane and Monterey 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 Monterey 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 Monterey Capital Acquisition, you can compare the effects of market volatilities on TenX Keane and Monterey 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 Monterey Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and Monterey Capital.
Diversification Opportunities for TenX Keane and Monterey Capital
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TenX and Monterey is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and Monterey Capital Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monterey Capital Acq 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 Monterey Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monterey Capital Acq has no effect on the direction of TenX Keane i.e., TenX Keane and Monterey Capital go up and down completely randomly.
Pair Corralation between TenX Keane and Monterey Capital
Given the investment horizon of 90 days TenX Keane Acquisition is expected to generate 1.01 times more return on investment than Monterey Capital. However, TenX Keane is 1.01 times more volatile than Monterey Capital Acquisition. It trades about 0.08 of its potential returns per unit of risk. Monterey Capital Acquisition is currently generating about -0.2 per unit of risk. If you would invest 1,137 in TenX Keane Acquisition on September 1, 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 | 17.65% |
| Values | Daily Returns |
TenX Keane Acquisition vs. Monterey Capital Acquisition
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Monterey Capital Acq |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TenX Keane and Monterey Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and Monterey Capital
The main advantage of trading using opposite TenX Keane and Monterey Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, Monterey 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 Monterey Capital will offset losses from the drop in Monterey 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 |
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 CEOs Directory module to screen CEOs from public companies around the world.
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