Correlation Between Ceridian HCM and Manhattan Associates
Can any of the company-specific risk be diversified away by investing in both Ceridian HCM and Manhattan Associates 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 Ceridian HCM and Manhattan Associates into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ceridian HCM Holding and Manhattan Associates, you can compare the effects of market volatilities on Ceridian HCM and Manhattan Associates 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 Ceridian HCM with a short position of Manhattan Associates. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceridian HCM and Manhattan Associates.
Diversification Opportunities for Ceridian HCM and Manhattan Associates
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ceridian and Manhattan is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Ceridian HCM Holding and Manhattan Associates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manhattan Associates and Ceridian HCM 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 Ceridian HCM Holding are associated (or correlated) with Manhattan Associates. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manhattan Associates has no effect on the direction of Ceridian HCM i.e., Ceridian HCM and Manhattan Associates go up and down completely randomly.
Pair Corralation between Ceridian HCM and Manhattan Associates
If you would invest 27,539 in Manhattan Associates on August 29, 2024 and sell it today you would earn a total of 1,356 from holding Manhattan Associates or generate 4.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Ceridian HCM Holding vs. Manhattan Associates
Performance |
| Timeline |
| Ceridian HCM Holding |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Manhattan Associates |
Ceridian HCM and Manhattan Associates Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceridian HCM and Manhattan Associates
The main advantage of trading using opposite Ceridian HCM and Manhattan Associates positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceridian HCM position performs unexpectedly, Manhattan Associates 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 Manhattan Associates will offset losses from the drop in Manhattan Associates' long position.| Ceridian HCM vs. Paycor HCM | Ceridian HCM vs. Manhattan Associates | Ceridian HCM vs. Paycom Soft | Ceridian HCM vs. Paylocity Holdng |
| Manhattan Associates vs. Marin Software | Manhattan Associates vs. EzFill Holdings | Manhattan Associates vs. Trust Stamp | Manhattan Associates vs. Infobird Co |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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