Correlation Between Lasertec and ManpowerGroup
Can any of the company-specific risk be diversified away by investing in both Lasertec and ManpowerGroup 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 Lasertec and ManpowerGroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lasertec and ManpowerGroup, you can compare the effects of market volatilities on Lasertec and ManpowerGroup 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 Lasertec with a short position of ManpowerGroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lasertec and ManpowerGroup.
Diversification Opportunities for Lasertec and ManpowerGroup
-0.91 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lasertec and ManpowerGroup is -0.91. Overlapping area represents the amount of risk that can be diversified away by holding Lasertec and ManpowerGroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ManpowerGroup and Lasertec 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 Lasertec are associated (or correlated) with ManpowerGroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ManpowerGroup has no effect on the direction of Lasertec i.e., Lasertec and ManpowerGroup go up and down completely randomly.
Pair Corralation between Lasertec and ManpowerGroup
Assuming the 90 days horizon Lasertec is expected to generate 1.68 times more return on investment than ManpowerGroup. However, Lasertec is 1.68 times more volatile than ManpowerGroup. It trades about 0.18 of its potential returns per unit of risk. ManpowerGroup is currently generating about -0.2 per unit of risk. If you would invest 2,291 in Lasertec on August 17, 2025 and sell it today you would earn a total of 1,337 from holding Lasertec or generate 58.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lasertec vs. ManpowerGroup
Performance |
| Timeline |
| Lasertec |
| ManpowerGroup |
Lasertec and ManpowerGroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lasertec and ManpowerGroup
The main advantage of trading using opposite Lasertec and ManpowerGroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lasertec position performs unexpectedly, ManpowerGroup 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 ManpowerGroup will offset losses from the drop in ManpowerGroup's long position.| Lasertec vs. Cyberlux Corp | Lasertec vs. Micromem Technologies | Lasertec vs. Sensor Technologies Corp | Lasertec vs. Link Global Technologies |
| ManpowerGroup vs. Heidrick Struggles International | ManpowerGroup vs. Custom Truck One | ManpowerGroup vs. Insperity | ManpowerGroup vs. NAPCO Security Technologies |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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