Correlation Between MIND CTI and ManTech International
Can any of the company-specific risk be diversified away by investing in both MIND CTI 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 MIND CTI and ManTech International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MIND CTI and ManTech International, you can compare the effects of market volatilities on MIND CTI 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 MIND CTI with a short position of ManTech International. Check out your portfolio center. Please also check ongoing floating volatility patterns of MIND CTI and ManTech International.
Diversification Opportunities for MIND CTI and ManTech International
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MIND and ManTech is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding MIND CTI and ManTech International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ManTech International and MIND CTI 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 MIND CTI 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 MIND CTI i.e., MIND CTI and ManTech International go up and down completely randomly.
Pair Corralation between MIND CTI and ManTech International
Given the investment horizon of 90 days MIND CTI is expected to generate 2.17 times less return on investment than ManTech International. In addition to that, MIND CTI is 16.74 times more volatile than ManTech International. It trades about 0.0 of its total potential returns per unit of risk. ManTech International is currently generating about 0.08 per unit of volatility. If you would invest 9,566 in ManTech International on January 25, 2024 and sell it today you would earn a total of 32.00 from holding ManTech International or generate 0.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 11.43% |
| Values | Daily Returns |
MIND CTI vs. ManTech International
Performance |
| Timeline |
| MIND CTI |
| ManTech International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
MIND CTI and ManTech International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MIND CTI and ManTech International
The main advantage of trading using opposite MIND CTI and ManTech International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MIND CTI 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.| MIND CTI vs. The INX Digital | MIND CTI vs. TSR Inc | MIND CTI vs. RenoWorks Software | MIND CTI vs. LifeSpeak |
| ManTech International vs. Uranium Energy Corp | ManTech International vs. US Silica Holdings | ManTech International vs. Eldorado Gold Corp | ManTech International vs. Arbor Metals Corp |
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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