Correlation Between Nixxy, and ManpowerGroup

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

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

Diversification Opportunities for Nixxy, and ManpowerGroup

-0.61

Correlation Coefficient

Nixxy,  ManpowerGroup

Excellent diversification

The 3 months correlation between Nixxy, and ManpowerGroup is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Nixxy, Inc and ManpowerGroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ManpowerGroup and Nixxy, 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 Nixxy, Inc are associated (or correlated) with ManpowerGroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ManpowerGroup has no effect on the direction of Nixxy, i.e., Nixxy, and ManpowerGroup go up and down completely randomly.

Pair Corralation between Nixxy, and ManpowerGroup

Given the investment horizon of 90 days Nixxy, Inc is expected to generate 5.51 times more return on investment than ManpowerGroup. However, Nixxy, is 5.51 times more volatile than ManpowerGroup. It trades about 0.04 of its potential returns per unit of risk. ManpowerGroup is currently generating about -0.03 per unit of risk. If you would invest  660.00  in Nixxy, Inc on October 4, 2024 and sell it today you would lose (120.50) from holding Nixxy, Inc or give up 18.26% of portfolio value over 90 days.

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

Nixxy, Inc  vs.  ManpowerGroup

Nixxy, Inc

Risk-Adjusted Performance

15 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Nixxy, Inc are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of fairly conflicting basic indicators, Nixxy, showed solid returns over the last few months and may actually be approaching a breakup point.

ManpowerGroup

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days ManpowerGroup has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in February 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with Nixxy, and ManpowerGroup

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

The idea behind Nixxy, Inc and ManpowerGroup 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.