Correlation Between ManpowerGroup and Upwork

Can any of the company-specific risk be diversified away by investing in both ManpowerGroup and Upwork 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 ManpowerGroup and Upwork into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between ManpowerGroup and Upwork Inc, you can compare the effects of market volatilities on ManpowerGroup and Upwork 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 Upwork. Check out your portfolio center. Please also check ongoing floating volatility patterns of ManpowerGroup and Upwork.

Diversification Opportunities for ManpowerGroup and Upwork

-0.18

Correlation Coefficient

ManpowerGroup  Upwork

Good diversification

The 3 months correlation between ManpowerGroup and Upwork is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding ManpowerGroup and Upwork Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upwork Inc 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 Upwork. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upwork Inc has no effect on the direction of ManpowerGroup i.e., ManpowerGroup and Upwork go up and down completely randomly.

Pair Corralation between ManpowerGroup and Upwork

Considering the 90-day investment horizon ManpowerGroup is expected to under-perform the Upwork. But the stock apears to be less risky and, when comparing its historical volatility, ManpowerGroup is 1.69 times less risky than Upwork. The stock trades about -0.17 of its potential returns per unit of risk. The Upwork Inc is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  1,679  in Upwork Inc on September 13, 2025 and sell it today you would earn a total of  513.00  from holding Upwork Inc or generate 30.55% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

ManpowerGroup  vs.  Upwork Inc

ManpowerGroup

Risk-Adjusted Performance

Weakest

Over the last 90 days ManpowerGroup has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of inconsistent performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in January 2026. The recent disarray may also be a sign of long period up-swing for the firm investors.

Upwork Inc

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Upwork Inc are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite quite weak basic indicators, Upwork disclosed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with ManpowerGroup and Upwork

The main advantage of trading using opposite ManpowerGroup and Upwork positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ManpowerGroup position performs unexpectedly, Upwork 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 Upwork will offset losses from the drop in Upwork's long position.

The idea behind ManpowerGroup and Upwork Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.