Correlation Between Take-Two Interactive and WESANA HEALTH

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Can any of the company-specific risk be diversified away by investing in both Take-Two Interactive and WESANA HEALTH 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 Interactive and WESANA HEALTH 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 WESANA HEALTH HOLD, you can compare the effects of market volatilities on Take-Two Interactive and WESANA HEALTH 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 Interactive with a short position of WESANA HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Take-Two Interactive and WESANA HEALTH.

Diversification Opportunities for Take-Two Interactive and WESANA HEALTH

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Take-Two and WESANA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Take Two Interactive Software and WESANA HEALTH HOLD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WESANA HEALTH HOLD and Take-Two Interactive 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 WESANA HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WESANA HEALTH HOLD has no effect on the direction of Take-Two Interactive i.e., Take-Two Interactive and WESANA HEALTH go up and down completely randomly.

Pair Corralation between Take-Two Interactive and WESANA HEALTH

If you would invest  18,260  in Take Two Interactive Software on April 20, 2025 and sell it today you would earn a total of  1,678  from holding Take Two Interactive Software or generate 9.19% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Take Two Interactive Software  vs.  WESANA HEALTH HOLD

 Performance 
       Timeline  
Take Two Interactive 

Risk-Adjusted Performance

OK

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Take Two Interactive Software are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, Take-Two Interactive may actually be approaching a critical reversion point that can send shares even higher in August 2025.
WESANA HEALTH HOLD 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days WESANA HEALTH HOLD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, WESANA HEALTH is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Take-Two Interactive and WESANA HEALTH Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Take-Two Interactive and WESANA HEALTH

The main advantage of trading using opposite Take-Two Interactive and WESANA HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Take-Two Interactive position performs unexpectedly, WESANA HEALTH 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 WESANA HEALTH will offset losses from the drop in WESANA HEALTH's long position.
The idea behind Take Two Interactive Software and WESANA HEALTH HOLD 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.

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