Correlation Between Take Two and Menora Mivtachim
Can any of the company-specific risk be diversified away by investing in both Take Two and Menora Mivtachim 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 Menora Mivtachim 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 Menora Mivtachim Holdings, you can compare the effects of market volatilities on Take Two and Menora Mivtachim 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 Menora Mivtachim. Check out your portfolio center. Please also check ongoing floating volatility patterns of Take Two and Menora Mivtachim.
Diversification Opportunities for Take Two and Menora Mivtachim
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Take and Menora is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Take Two Interactive Software and Menora Mivtachim Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Menora Mivtachim Holdings 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 Menora Mivtachim. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Menora Mivtachim Holdings has no effect on the direction of Take Two i.e., Take Two and Menora Mivtachim go up and down completely randomly.
Pair Corralation between Take Two and Menora Mivtachim
If you would invest 18,307 in Take Two Interactive Software on November 3, 2024 and sell it today you would earn a total of 244.00 from holding Take Two Interactive Software or generate 1.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 86.96% |
| Values | Daily Returns |
Take Two Interactive Software vs. Menora Mivtachim Holdings
Performance |
| Timeline |
| Take Two Interactive |
| Menora Mivtachim Holdings |
Take Two and Menora Mivtachim Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Take Two and Menora Mivtachim
The main advantage of trading using opposite Take Two and Menora Mivtachim positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Take Two position performs unexpectedly, Menora Mivtachim 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 Menora Mivtachim will offset losses from the drop in Menora Mivtachim's long position.| Take Two vs. Nintendo Co ADR | Take Two vs. NetEase | Take Two vs. Playtika Holding Corp | Take Two vs. Electronic Arts |
| Menora Mivtachim vs. Alvotech | Menora Mivtachim vs. Apartment Investment and | Menora Mivtachim vs. Goosehead Insurance | Menora Mivtachim vs. Uber Technologies |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |