Correlation Between Mastech Holdings and HeadHunter Group
Can any of the company-specific risk be diversified away by investing in both Mastech Holdings and HeadHunter Group 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 Mastech Holdings and HeadHunter Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mastech Holdings and HeadHunter Group PLC, you can compare the effects of market volatilities on Mastech Holdings and HeadHunter Group 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 Mastech Holdings with a short position of HeadHunter Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mastech Holdings and HeadHunter Group.
Diversification Opportunities for Mastech Holdings and HeadHunter Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mastech and HeadHunter is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mastech Holdings and HeadHunter Group PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HeadHunter Group PLC and Mastech Holdings 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 Mastech Holdings are associated (or correlated) with HeadHunter Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HeadHunter Group PLC has no effect on the direction of Mastech Holdings i.e., Mastech Holdings and HeadHunter Group go up and down completely randomly.
Pair Corralation between Mastech Holdings and HeadHunter Group
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 |
Mastech Holdings vs. HeadHunter Group PLC
Performance |
| Timeline |
| Mastech Holdings |
| HeadHunter Group PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mastech Holdings and HeadHunter Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mastech Holdings and HeadHunter Group
The main advantage of trading using opposite Mastech Holdings and HeadHunter Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mastech Holdings position performs unexpectedly, HeadHunter Group 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 HeadHunter Group will offset losses from the drop in HeadHunter Group's long position.| Mastech Holdings vs. ExlService Holdings | Mastech Holdings vs. WNS Holdings | Mastech Holdings vs. Gartner | Mastech Holdings vs. The Hackett Group |
| HeadHunter Group vs. Hirequest | HeadHunter Group vs. Kforce Inc | HeadHunter Group vs. Heidrick Struggles International | HeadHunter Group vs. Hudson Global |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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