Correlation Between Take Two and JSL SA
Can any of the company-specific risk be diversified away by investing in both Take Two and JSL SA 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 Take Two and JSL SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Take Two Interactive Software and JSL SA, you can compare the effects of market volatilities on Take Two and JSL SA 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 Take Two with a short position of JSL SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Take Two and JSL SA.
Diversification Opportunities for Take Two and JSL SA
Very good diversification
The 3 months correlation between Take and JSL is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Take Two Interactive Software and JSL SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JSL SA and Take Two 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 Take Two Interactive Software are associated (or correlated) with JSL SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JSL SA has no effect on the direction of Take Two i.e., Take Two and JSL SA go up and down completely randomly.
Pair Corralation between Take Two and JSL SA
If you would invest 27,720 in Take Two Interactive Software on October 21, 2024 and sell it today you would earn a total of 423.00 from holding Take Two Interactive Software or generate 1.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Take Two Interactive Software vs. JSL SA
Performance |
| Timeline |
| Take Two Interactive |
| JSL SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Take Two and JSL SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Take Two and JSL SA
The main advantage of trading using opposite Take Two and JSL SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Take Two position performs unexpectedly, JSL SA 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 JSL SA will offset losses from the drop in JSL SA's long position.| Take Two vs. Delta Air Lines | Take Two vs. Eastman Chemical | Take Two vs. MAHLE Metal Leve | Take Two vs. Vulcan Materials |
| JSL SA vs. Ross Stores | JSL SA vs. Elevance Health, | JSL SA vs. Metalurgica Gerdau SA | JSL SA vs. Fair Isaac |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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