Correlation Between ManTech International and Kingtone Wirelessinfo
Can any of the company-specific risk be diversified away by investing in both ManTech International and Kingtone Wirelessinfo 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 Kingtone Wirelessinfo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ManTech International and Kingtone Wirelessinfo Solution, you can compare the effects of market volatilities on ManTech International and Kingtone Wirelessinfo 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 Kingtone Wirelessinfo. Check out your portfolio center. Please also check ongoing floating volatility patterns of ManTech International and Kingtone Wirelessinfo.
Diversification Opportunities for ManTech International and Kingtone Wirelessinfo
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ManTech and Kingtone is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ManTech International and Kingtone Wirelessinfo Solution in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingtone Wirelessinfo 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 Kingtone Wirelessinfo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingtone Wirelessinfo has no effect on the direction of ManTech International i.e., ManTech International and Kingtone Wirelessinfo go up and down completely randomly.
Pair Corralation between ManTech International and Kingtone Wirelessinfo
If you would invest 0.00 in Kingtone Wirelessinfo Solution on February 7, 2024 and sell it today you would earn a total of 0.00 from holding Kingtone Wirelessinfo Solution or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ManTech International vs. Kingtone Wirelessinfo Solution
Performance |
| Timeline |
| ManTech International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kingtone Wirelessinfo |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ManTech International and Kingtone Wirelessinfo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ManTech International and Kingtone Wirelessinfo
The main advantage of trading using opposite ManTech International and Kingtone Wirelessinfo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ManTech International position performs unexpectedly, Kingtone Wirelessinfo 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 Kingtone Wirelessinfo will offset losses from the drop in Kingtone Wirelessinfo's long position.| ManTech International vs. Ubisoft Entertainment | ManTech International vs. RCS MediaGroup SpA | ManTech International vs. Alvotech | ManTech International vs. Encore Capital Group |
| Kingtone Wirelessinfo vs. Ambev SA ADR | Kingtone Wirelessinfo vs. Fevertree Drinks Plc | Kingtone Wirelessinfo vs. Stepan Company | Kingtone Wirelessinfo vs. Torm PLC Class |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |