Correlation Between Intuit and ManTech International
Can any of the company-specific risk be diversified away by investing in both Intuit and ManTech International 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 Intuit and ManTech International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intuit Inc and ManTech International, you can compare the effects of market volatilities on Intuit and ManTech International 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 Intuit with a short position of ManTech International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intuit and ManTech International.
Diversification Opportunities for Intuit and ManTech International
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Intuit and ManTech is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Intuit Inc and ManTech International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ManTech International and Intuit 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 Intuit Inc are associated (or correlated) with ManTech International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ManTech International has no effect on the direction of Intuit i.e., Intuit and ManTech International go up and down completely randomly.
Pair Corralation between Intuit and ManTech International
Given the investment horizon of 90 days Intuit is expected to generate 1.51 times less return on investment than ManTech International. In addition to that, Intuit is 1.41 times more volatile than ManTech International. It trades about 0.05 of its total potential returns per unit of risk. ManTech International is currently generating about 0.11 per unit of volatility. If you would invest 8,266 in ManTech International on January 25, 2024 and sell it today you would earn a total of 1,332 from holding ManTech International or generate 16.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 18.62% |
| Values | Daily Returns |
Intuit Inc vs. ManTech International
Performance |
| Timeline |
| Intuit Inc |
| ManTech International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Intuit and ManTech International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intuit and ManTech International
The main advantage of trading using opposite Intuit and ManTech International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intuit position performs unexpectedly, ManTech International 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 ManTech International will offset losses from the drop in ManTech International's long position.The idea behind Intuit Inc and ManTech International 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.| ManTech International vs. Zumiez Inc | ManTech International vs. Levi Strauss Co | ManTech International vs. FARO Technologies | ManTech International vs. ServiceNow |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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