Correlation Between ManTech International and Amdocs
Can any of the company-specific risk be diversified away by investing in both ManTech International and Amdocs 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 Amdocs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ManTech International and Amdocs, you can compare the effects of market volatilities on ManTech International and Amdocs 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 Amdocs. Check out your portfolio center. Please also check ongoing floating volatility patterns of ManTech International and Amdocs.
Diversification Opportunities for ManTech International and Amdocs
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ManTech and Amdocs is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding ManTech International and Amdocs in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amdocs 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 Amdocs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amdocs has no effect on the direction of ManTech International i.e., ManTech International and Amdocs go up and down completely randomly.
Pair Corralation between ManTech International and Amdocs
If you would invest 9,598 in ManTech International on January 26, 2024 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 Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
ManTech International vs. Amdocs
Performance |
| Timeline |
| ManTech International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Amdocs |
ManTech International and Amdocs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ManTech International and Amdocs
The main advantage of trading using opposite ManTech International and Amdocs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ManTech International position performs unexpectedly, Amdocs 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 Amdocs will offset losses from the drop in Amdocs' long position.| 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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