Correlation Between Manhattan Associates and Joint Stock
Can any of the company-specific risk be diversified away by investing in both Manhattan Associates and Joint Stock 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 Manhattan Associates and Joint Stock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manhattan Associates and Joint Stock, you can compare the effects of market volatilities on Manhattan Associates and Joint Stock 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 Manhattan Associates with a short position of Joint Stock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manhattan Associates and Joint Stock.
Diversification Opportunities for Manhattan Associates and Joint Stock
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Manhattan and Joint is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Manhattan Associates and Joint Stock in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Joint Stock and Manhattan Associates 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 Manhattan Associates are associated (or correlated) with Joint Stock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Joint Stock has no effect on the direction of Manhattan Associates i.e., Manhattan Associates and Joint Stock go up and down completely randomly.
Pair Corralation between Manhattan Associates and Joint Stock
Given the investment horizon of 90 days Manhattan Associates is expected to generate 1.08 times more return on investment than Joint Stock. However, Manhattan Associates is 1.08 times more volatile than Joint Stock. It trades about -0.18 of its potential returns per unit of risk. Joint Stock is currently generating about -0.25 per unit of risk. If you would invest 22,019 in Manhattan Associates on August 13, 2025 and sell it today you would lose (4,374) from holding Manhattan Associates or give up 19.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manhattan Associates vs. Joint Stock
Performance |
| Timeline |
| Manhattan Associates |
| Joint Stock |
Manhattan Associates and Joint Stock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manhattan Associates and Joint Stock
The main advantage of trading using opposite Manhattan Associates and Joint Stock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manhattan Associates position performs unexpectedly, Joint Stock 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 Joint Stock will offset losses from the drop in Joint Stock's long position.| Manhattan Associates vs. ZoomInfo Technologies | Manhattan Associates vs. Pegasystems | Manhattan Associates vs. Paycom Soft | Manhattan Associates vs. InterDigital |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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