Correlation Between ManTech International and Intuit
Can any of the company-specific risk be diversified away by investing in both ManTech International and Intuit 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 ManTech International and Intuit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ManTech International and Intuit Inc, you can compare the effects of market volatilities on ManTech International and Intuit 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 ManTech International with a short position of Intuit. Check out your portfolio center. Please also check ongoing floating volatility patterns of ManTech International and Intuit.
Diversification Opportunities for ManTech International and Intuit
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ManTech and Intuit is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding ManTech International and Intuit Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intuit Inc and ManTech International 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 ManTech International are associated (or correlated) with Intuit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intuit Inc has no effect on the direction of ManTech International i.e., ManTech International and Intuit go up and down completely randomly.
Pair Corralation between ManTech International and Intuit
If you would invest 9,598 in ManTech International on December 30, 2023 and sell it today you would earn a total of 0.00 from holding ManTech International or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 4.55% |
Values | Daily Returns |
ManTech International vs. Intuit Inc
Performance |
Timeline |
ManTech International |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Intuit Inc |
ManTech International and Intuit Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ManTech International and Intuit
The main advantage of trading using opposite ManTech International and Intuit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ManTech International position performs unexpectedly, Intuit 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 Intuit will offset losses from the drop in Intuit's long position.ManTech International vs. Freedom Internet Group | ManTech International vs. Nextplat Corp | ManTech International vs. Radcom | ManTech International vs. Meta Data |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum |