Correlation Between TenX Keane and Citizens
Can any of the company-specific risk be diversified away by investing in both TenX Keane and Citizens 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 Citizens 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 Citizens, you can compare the effects of market volatilities on TenX Keane and Citizens 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 Citizens. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and Citizens.
Diversification Opportunities for TenX Keane and Citizens
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between TenX and Citizens is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and Citizens in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citizens 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 Citizens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citizens has no effect on the direction of TenX Keane i.e., TenX Keane and Citizens go up and down completely randomly.
Pair Corralation between TenX Keane and Citizens
Assuming the 90 days horizon TenX Keane Acquisition is expected to generate 8.1 times more return on investment than Citizens. However, TenX Keane is 8.1 times more volatile than Citizens. It trades about 0.08 of its potential returns per unit of risk. Citizens is currently generating about 0.09 per unit of risk. If you would invest 1,200 in TenX Keane Acquisition on September 3, 2024 and sell it today you would lose (1,200) from holding TenX Keane Acquisition or give up 100.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 39.2% |
| Values | Daily Returns |
TenX Keane Acquisition vs. Citizens
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Citizens |
TenX Keane and Citizens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and Citizens
The main advantage of trading using opposite TenX Keane and Citizens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, Citizens 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 Citizens will offset losses from the drop in Citizens' long position.| TenX Keane vs. Dana Inc | TenX Keane vs. Rivian Automotive | TenX Keane vs. PACCAR Inc | TenX Keane vs. BorgWarner |
| Citizens vs. CNO Financial Group | Citizens vs. Brighthouse Financial | Citizens vs. FG Annuities Life | Citizens vs. Prudential Public Limited |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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