Correlation Between HeadHunter Group and Mastech Holdings
Can any of the company-specific risk be diversified away by investing in both HeadHunter Group and Mastech Holdings 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 HeadHunter Group and Mastech Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HeadHunter Group PLC and Mastech Holdings, you can compare the effects of market volatilities on HeadHunter Group and Mastech Holdings 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 HeadHunter Group with a short position of Mastech Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of HeadHunter Group and Mastech Holdings.
Diversification Opportunities for HeadHunter Group and Mastech Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HeadHunter and Mastech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HeadHunter Group PLC and Mastech Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mastech Holdings and HeadHunter Group 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 HeadHunter Group PLC are associated (or correlated) with Mastech Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mastech Holdings has no effect on the direction of HeadHunter Group i.e., HeadHunter Group and Mastech Holdings go up and down completely randomly.
Pair Corralation between HeadHunter Group and Mastech Holdings
If you would invest 873.00 in Mastech Holdings on January 20, 2024 and sell it today you would earn a total of 17.00 from holding Mastech Holdings or generate 1.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
HeadHunter Group PLC vs. Mastech Holdings
Performance |
| Timeline |
| HeadHunter Group PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mastech Holdings |
HeadHunter Group and Mastech Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HeadHunter Group and Mastech Holdings
The main advantage of trading using opposite HeadHunter Group and Mastech Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HeadHunter Group position performs unexpectedly, Mastech Holdings 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 Mastech Holdings will offset losses from the drop in Mastech Holdings' long position.| HeadHunter Group vs. Hirequest | HeadHunter Group vs. Kforce Inc | HeadHunter Group vs. Heidrick Struggles International | HeadHunter Group vs. Hudson Global |
| Mastech Holdings vs. ExlService Holdings | Mastech Holdings vs. WNS Holdings | Mastech Holdings vs. Gartner | Mastech Holdings vs. The Hackett Group |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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