Correlation Analysis Between ManpowerGroup and Mastech Digital

Analyzing existing cross correlation between ManpowerGroup and Mastech Digital. You can compare the effects of market volatilities on ManpowerGroup and Mastech Digital 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 Mastech Digital. See also your portfolio center. Please also check ongoing floating volatility patterns of ManpowerGroup and Mastech Digital.
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.
Mastech Digital  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Mastech Digital are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, Mastech Digital layed out solid returns over the last few months and may actually be approaching a breakup point.

ManpowerGroup and Mastech Digital Volatility Contrast

 Predicted Return Density 
    
  Returns 

ManpowerGroup  vs.  Mastech Digital Inc

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, ManpowerGroup is expected to generate 8.23 times less return on investment than Mastech Digital. But when comparing it to its historical volatility, ManpowerGroup is 5.25 times less risky than Mastech Digital. It trades about 0.2 of its potential returns per unit of risk. Mastech Digital is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest  568.00  in Mastech Digital on December 18, 2019 and sell it today you would earn a total of  641.00  from holding Mastech Digital or generate 112.85% return on investment over 30 days.

Pair Corralation between ManpowerGroup and Mastech Digital

0.89
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ManpowerGroup and Mastech Digital

ManpowerGroup diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding ManpowerGroup and Mastech Digital Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Mastech Digital 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 Mastech Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mastech Digital has no effect on the direction of ManpowerGroup i.e. ManpowerGroup and Mastech Digital go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.