Correlation Between TenX Keane and Cartesian Growth
Can any of the company-specific risk be diversified away by investing in both TenX Keane and Cartesian Growth 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 Cartesian Growth 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 Cartesian Growth, you can compare the effects of market volatilities on TenX Keane and Cartesian Growth 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 Cartesian Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and Cartesian Growth.
Diversification Opportunities for TenX Keane and Cartesian Growth
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TenX and Cartesian is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and Cartesian Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cartesian Growth 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 Cartesian Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cartesian Growth has no effect on the direction of TenX Keane i.e., TenX Keane and Cartesian Growth go up and down completely randomly.
Pair Corralation between TenX Keane and Cartesian Growth
Given the investment horizon of 90 days TenX Keane Acquisition is expected to generate 67.83 times more return on investment than Cartesian Growth. However, TenX Keane is 67.83 times more volatile than Cartesian Growth. It trades about 0.03 of its potential returns per unit of risk. Cartesian Growth is currently generating about 0.17 per unit of risk. If you would invest 1,010 in TenX Keane Acquisition on August 30, 2024 and sell it today you would lose (690.00) from holding TenX Keane Acquisition or give up 68.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 85.05% |
| Values | Daily Returns |
TenX Keane Acquisition vs. Cartesian Growth
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cartesian Growth |
TenX Keane and Cartesian Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and Cartesian Growth
The main advantage of trading using opposite TenX Keane and Cartesian Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, Cartesian Growth 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 Cartesian Growth will offset losses from the drop in Cartesian Growth'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 |
| Cartesian Growth vs. Pyrophyte Acquisition Corp | Cartesian Growth vs. Oak Woods Acquisition | Cartesian Growth vs. Embrace Change Acquisition | Cartesian Growth vs. Bannix Acquisition Corp |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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