Correlation Between YXTCOM GROUP and Manhattan Associates
Can any of the company-specific risk be diversified away by investing in both YXTCOM GROUP 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 YXTCOM GROUP and Manhattan Associates into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between YXTCOM GROUP HOLDING and Manhattan Associates, you can compare the effects of market volatilities on YXTCOM GROUP 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 YXTCOM GROUP with a short position of Manhattan Associates. Check out your portfolio center. Please also check ongoing floating volatility patterns of YXTCOM GROUP and Manhattan Associates.
Diversification Opportunities for YXTCOM GROUP and Manhattan Associates
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between YXTCOM and Manhattan is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding YXTCOM GROUP HOLDING and Manhattan Associates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manhattan Associates and YXTCOM GROUP 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 YXTCOM GROUP 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 YXTCOM GROUP i.e., YXTCOM GROUP and Manhattan Associates go up and down completely randomly.
Pair Corralation between YXTCOM GROUP and Manhattan Associates
Considering the 90-day investment horizon YXTCOM GROUP HOLDING is expected to under-perform the Manhattan Associates. In addition to that, YXTCOM GROUP is 5.19 times more volatile than Manhattan Associates. It trades about -0.1 of its total potential returns per unit of risk. Manhattan Associates is currently generating about 0.1 per unit of volatility. If you would invest 25,900 in Manhattan Associates on August 28, 2024 and sell it today you would earn a total of 3,174 from holding Manhattan Associates or generate 12.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
YXTCOM GROUP HOLDING vs. Manhattan Associates
Performance |
| Timeline |
| YXTCOM GROUP HOLDING |
| Manhattan Associates |
YXTCOM GROUP and Manhattan Associates Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YXTCOM GROUP and Manhattan Associates
The main advantage of trading using opposite YXTCOM GROUP and Manhattan Associates positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YXTCOM GROUP 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.| YXTCOM GROUP vs. Bill Com Holdings | YXTCOM GROUP vs. Rackspace Technology | YXTCOM GROUP vs. NetSol Technologies | YXTCOM GROUP vs. RadNet Inc |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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