Correlation Between Manhattan Scients and Predictmedix

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

By analyzing existing cross correlation between Manhattan Scients and Predictmedix, you can compare the effects of market volatilities on Manhattan Scients and Predictmedix 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 Manhattan Scients with a short position of Predictmedix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manhattan Scients and Predictmedix.

Diversification Opportunities for Manhattan Scients and Predictmedix

-0.12

Correlation Coefficient

Manhattan Scients  Predictmedix

Good diversification

The 3 months correlation between Manhattan and Predictmedix is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Manhattan Scients and Predictmedix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Predictmedix and Manhattan Scients 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 Manhattan Scients are associated (or correlated) with Predictmedix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Predictmedix has no effect on the direction of Manhattan Scients i.e., Manhattan Scients and Predictmedix go up and down completely randomly.

Pair Corralation between Manhattan Scients and Predictmedix

Given the investment horizon of 90 days Manhattan Scients is expected to generate 10.74 times more return on investment than Predictmedix. However, Manhattan Scients is 10.74 times more volatile than Predictmedix. It trades about 0.11 of its potential returns per unit of risk. Predictmedix is currently generating about 0.05 per unit of risk. If you would invest  0.01  in Manhattan Scients on May 3, 2025 and sell it today you would earn a total of  0.00  from holding Manhattan Scients or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.39%
Values	Daily Returns

Manhattan Scients  vs.  Predictmedix

Manhattan Scients

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Manhattan Scients are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of fairly fragile basic indicators, Manhattan Scients showed solid returns over the last few months and may actually be approaching a breakup point.

Predictmedix

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Predictmedix are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite nearly weak fundamental indicators, Predictmedix reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Manhattan Scients and Predictmedix

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

The idea behind Manhattan Scients and Predictmedix 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.