Correlation Between CHRISTUS and Take Two
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By analyzing existing cross correlation between CHRISTUS HEALTH 4341 and Take Two Interactive Software, you can compare the effects of market volatilities on CHRISTUS and Take Two 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 CHRISTUS with a short position of Take Two. Check out your portfolio center. Please also check ongoing floating volatility patterns of CHRISTUS and Take Two.
Diversification Opportunities for CHRISTUS and Take Two
Excellent diversification
The 3 months correlation between CHRISTUS and Take is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding CHRISTUS HEALTH 4341 and Take Two Interactive Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Take Two Interactive and CHRISTUS 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 CHRISTUS HEALTH 4341 are associated (or correlated) with Take Two. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Take Two Interactive has no effect on the direction of CHRISTUS i.e., CHRISTUS and Take Two go up and down completely randomly.
Pair Corralation between CHRISTUS and Take Two
Assuming the 90 days trading horizon CHRISTUS is expected to generate 11.64 times less return on investment than Take Two. But when comparing it to its historical volatility, CHRISTUS HEALTH 4341 is 2.81 times less risky than Take Two. It trades about 0.09 of its potential returns per unit of risk. Take Two Interactive Software is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 16,172 in Take Two Interactive Software on September 1, 2024 and sell it today you would earn a total of 2,666 from holding Take Two Interactive Software or generate 16.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
CHRISTUS HEALTH 4341 vs. Take Two Interactive Software
Performance |
| Timeline |
| CHRISTUS HEALTH 4341 |
| Take Two Interactive |
CHRISTUS and Take Two Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CHRISTUS and Take Two
The main advantage of trading using opposite CHRISTUS and Take Two positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CHRISTUS position performs unexpectedly, Take Two 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 Take Two will offset losses from the drop in Take Two's long position.| CHRISTUS vs. AEP TEX INC | CHRISTUS vs. US BANK NATIONAL | CHRISTUS vs. FactSet Research Systems | CHRISTUS vs. Aurora Innovation |
| Take Two vs. Nintendo Co ADR | Take Two vs. NetEase | Take Two vs. Playtika Holding Corp | Take Two vs. Electronic Arts |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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