Correlation Between KwikClick and Manhattan Associates
Can any of the company-specific risk be diversified away by investing in both KwikClick 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 KwikClick and Manhattan Associates into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KwikClick and Manhattan Associates, you can compare the effects of market volatilities on KwikClick 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 KwikClick with a short position of Manhattan Associates. Check out your portfolio center. Please also check ongoing floating volatility patterns of KwikClick and Manhattan Associates.
Diversification Opportunities for KwikClick and Manhattan Associates
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between KwikClick and Manhattan is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding KwikClick and Manhattan Associates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manhattan Associates and KwikClick 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 KwikClick 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 KwikClick i.e., KwikClick and Manhattan Associates go up and down completely randomly.
Pair Corralation between KwikClick and Manhattan Associates
Given the investment horizon of 90 days KwikClick is expected to generate 8.13 times more return on investment than Manhattan Associates. However, KwikClick is 8.13 times more volatile than Manhattan Associates. It trades about 0.04 of its potential returns per unit of risk. Manhattan Associates is currently generating about 0.07 per unit of risk. If you would invest 48.00 in KwikClick on August 31, 2024 and sell it today you would lose (38.00) from holding KwikClick or give up 79.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.73% |
| Values | Daily Returns |
KwikClick vs. Manhattan Associates
Performance |
| Timeline |
| KwikClick |
| Manhattan Associates |
KwikClick and Manhattan Associates Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KwikClick and Manhattan Associates
The main advantage of trading using opposite KwikClick and Manhattan Associates positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KwikClick 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.| KwikClick vs. 01 Communique Laboratory | KwikClick vs. LifeSpeak | KwikClick vs. RESAAS Services | KwikClick vs. RenoWorks Software |
| Manhattan Associates vs. Blackbaud | Manhattan Associates vs. Bentley Systems | Manhattan Associates vs. Paylocity Holdng | Manhattan Associates vs. ANSYS Inc |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |