Correlation Between TenX Keane and Horizon Space
Can any of the company-specific risk be diversified away by investing in both TenX Keane and Horizon Space 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 Horizon Space 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 Horizon Space Acquisition, you can compare the effects of market volatilities on TenX Keane and Horizon Space 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 Horizon Space. Check out your portfolio center. Please also check ongoing floating volatility patterns of TenX Keane and Horizon Space.
Diversification Opportunities for TenX Keane and Horizon Space
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TenX and Horizon is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding TenX Keane Acquisition and Horizon Space Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Horizon Space Acquisition 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 Horizon Space. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Horizon Space Acquisition has no effect on the direction of TenX Keane i.e., TenX Keane and Horizon Space go up and down completely randomly.
Pair Corralation between TenX Keane and Horizon Space
If you would invest (100.00) in TenX Keane Acquisition on September 2, 2024 and sell it today you would earn a total of 100.00 from holding TenX Keane Acquisition or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
TenX Keane Acquisition vs. Horizon Space Acquisition
Performance |
| Timeline |
| TenX Keane Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Horizon Space Acquisition |
TenX Keane and Horizon Space Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TenX Keane and Horizon Space
The main advantage of trading using opposite TenX Keane and Horizon Space positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TenX Keane position performs unexpectedly, Horizon Space 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 Horizon Space will offset losses from the drop in Horizon Space's long position.| TenX Keane vs. Citizens | TenX Keane vs. HNI Corp | TenX Keane vs. Old Republic International | TenX Keane vs. RBC Bearings Incorporated |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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