Correlation Between Manhattan Associates and CommVault Systems

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

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

Diversification Opportunities for Manhattan Associates and CommVault Systems

0.96

Correlation Coefficient

Manhattan Associates  CommVault Systems

Almost no diversification

The 3 months correlation between Manhattan and CommVault is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Manhattan Associates and CommVault Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CommVault Systems and Manhattan Associates 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 Associates are associated (or correlated) with CommVault Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CommVault Systems has no effect on the direction of Manhattan Associates i.e., Manhattan Associates and CommVault Systems go up and down completely randomly.

Pair Corralation between Manhattan Associates and CommVault Systems

Given the investment horizon of 90 days Manhattan Associates is expected to generate 0.6 times more return on investment than CommVault Systems. However, Manhattan Associates is 1.65 times less risky than CommVault Systems. It trades about -0.17 of its potential returns per unit of risk. CommVault Systems is currently generating about -0.21 per unit of risk. If you would invest  21,146  in Manhattan Associates on September 13, 2025 and sell it today you would lose (3,827) from holding Manhattan Associates or give up 18.1% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	100.0%
Values	Daily Returns

Manhattan Associates  vs.  CommVault Systems

Manhattan Associates

Risk-Adjusted Performance

Weakest

Over the last 90 days Manhattan Associates has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unfluctuating performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in January 2026. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.

CommVault Systems

Risk-Adjusted Performance

Weakest

Over the last 90 days CommVault Systems has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's essential indicators remain comparatively stable which may send shares a bit higher in January 2026. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Pair Trading with Manhattan Associates and CommVault Systems

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

The idea behind Manhattan Associates and CommVault Systems 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.