Correlation Analysis Between ManpowerGroup and DLH Holdings

Analyzing existing cross correlation between ManpowerGroup and DLH Holdings Corp. You can compare the effects of market volatilities on ManpowerGroup and DLH 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 ManpowerGroup with a short position of DLH Holdings. See also your portfolio center. Please also check ongoing floating volatility patterns of ManpowerGroup and DLH Holdings.
Horizon     30 Days    Login   to change
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Comparative Performance

ManpowerGroup  
1313

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ManpowerGroup are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days. Allthough quite weak forward indicators, ManpowerGroup may actually be approaching a critical reversion point that can send shares even higher in February 2020.
DLH Holdings Corp  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in DLH Holdings Corp are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Despite somewhat unfluctuating basic indicators, DLH Holdings sustained solid returns over the last few months and may actually be approaching a breakup point.

ManpowerGroup and DLH Holdings Volatility Contrast

 Predicted Return Density 
    
  Returns 

ManpowerGroup  vs.  DLH Holdings Corp

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, ManpowerGroup is expected to generate 1.55 times less return on investment than DLH Holdings. But when comparing it to its historical volatility, ManpowerGroup is 3.65 times less risky than DLH Holdings. It trades about 0.2 of its potential returns per unit of risk. DLH Holdings Corp is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  424.00  in DLH Holdings Corp on December 18, 2019 and sell it today you would earn a total of  57.00  from holding DLH Holdings Corp or generate 13.44% return on investment over 30 days.

Pair Corralation between ManpowerGroup and DLH Holdings

-0.07
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ManpowerGroup and DLH Holdings

ManpowerGroup diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding ManpowerGroup and DLH Holdings Corp in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DLH Holdings Corp 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 DLH Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DLH Holdings Corp has no effect on the direction of ManpowerGroup i.e. ManpowerGroup and DLH Holdings go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.