Correlation Between ManpowerGroup and Contango ORE
Can any of the company-specific risk be diversified away by investing in both ManpowerGroup and Contango ORE 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 ManpowerGroup and Contango ORE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ManpowerGroup and Contango ORE, you can compare the effects of market volatilities on ManpowerGroup and Contango ORE 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 ManpowerGroup with a short position of Contango ORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of ManpowerGroup and Contango ORE.
Diversification Opportunities for ManpowerGroup and Contango ORE
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ManpowerGroup and Contango is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding ManpowerGroup and Contango ORE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contango ORE and ManpowerGroup 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 ManpowerGroup are associated (or correlated) with Contango ORE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contango ORE has no effect on the direction of ManpowerGroup i.e., ManpowerGroup and Contango ORE go up and down completely randomly.
Pair Corralation between ManpowerGroup and Contango ORE
Considering the 90-day investment horizon ManpowerGroup is expected to under-perform the Contango ORE. But the stock apears to be less risky and, when comparing its historical volatility, ManpowerGroup is 1.65 times less risky than Contango ORE. The stock trades about -0.04 of its potential returns per unit of risk. The Contango ORE is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,967 in Contango ORE on April 5, 2025 and sell it today you would earn a total of 43.00 from holding Contango ORE or generate 2.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ManpowerGroup vs. Contango ORE
Performance |
| Timeline |
| ManpowerGroup |
| Contango ORE |
ManpowerGroup and Contango ORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ManpowerGroup and Contango ORE
The main advantage of trading using opposite ManpowerGroup and Contango ORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ManpowerGroup position performs unexpectedly, Contango ORE 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 Contango ORE will offset losses from the drop in Contango ORE's long position.| ManpowerGroup vs. Playtika Holding Corp | ManpowerGroup vs. PennantPark Floating Rate | ManpowerGroup vs. Getty Images Holdings | ManpowerGroup vs. Artisan Partners Asset |
| Contango ORE vs. The Coca Cola | Contango ORE vs. Compania Cervecerias Unidas | Contango ORE vs. Flexible Solutions International | Contango ORE vs. Barrick Mining |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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