Correlation Between Ahren Acquisition and TenX Keane

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Can any of the company-specific risk be diversified away by investing in both Ahren Acquisition and TenX Keane 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 Ahren Acquisition and TenX Keane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ahren Acquisition Corp and TenX Keane Acquisition, you can compare the effects of market volatilities on Ahren Acquisition and TenX Keane 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 Ahren Acquisition with a short position of TenX Keane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ahren Acquisition and TenX Keane.

Diversification Opportunities for Ahren Acquisition and TenX Keane

0.2
  Correlation Coefficient

Modest diversification

The 3 months correlation between Ahren and TenX is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Ahren Acquisition Corp and TenX Keane Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TenX Keane Acquisition and Ahren Acquisition 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 Ahren Acquisition Corp are associated (or correlated) with TenX Keane. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TenX Keane Acquisition has no effect on the direction of Ahren Acquisition i.e., Ahren Acquisition and TenX Keane go up and down completely randomly.

Pair Corralation between Ahren Acquisition and TenX Keane

If you would invest  320.00  in TenX Keane Acquisition on September 5, 2024 and sell it today you would earn a total of  0.00  from holding TenX Keane Acquisition or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Ahren Acquisition Corp  vs.  TenX Keane Acquisition

 Performance 
       Timeline  
Ahren Acquisition Corp 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Ahren Acquisition Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Ahren Acquisition is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.
TenX Keane Acquisition 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days TenX Keane Acquisition has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent basic indicators, TenX Keane is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

Ahren Acquisition and TenX Keane Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Ahren Acquisition and TenX Keane

The main advantage of trading using opposite Ahren Acquisition and TenX Keane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ahren Acquisition position performs unexpectedly, TenX Keane 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 TenX Keane will offset losses from the drop in TenX Keane's long position.
The idea behind Ahren Acquisition Corp and TenX Keane Acquisition pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.

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