Correlation Between Red Hat and ManTech International
Can any of the company-specific risk be diversified away by investing in both Red Hat 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 Red Hat and ManTech International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Red Hat and ManTech International, you can compare the effects of market volatilities on Red Hat 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 Red Hat with a short position of ManTech International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Red Hat and ManTech International.
Diversification Opportunities for Red Hat and ManTech International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Red and ManTech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Red Hat and ManTech International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ManTech International and Red Hat 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 Red Hat 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 Red Hat i.e., Red Hat and ManTech International go up and down completely randomly.
Pair Corralation between Red Hat and ManTech International
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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Red Hat vs. ManTech International
Performance |
| Timeline |
| Red Hat |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ManTech International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Red Hat and ManTech International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Red Hat and ManTech International
The main advantage of trading using opposite Red Hat and ManTech International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Red Hat 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.| Red Hat vs. Torm PLC Class | Red Hat vs. Western Copper and | Red Hat vs. Griffon | Red Hat vs. Apogee Enterprises |
| 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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