AREC vs MAN: Correlation
How closely do American Resources Corporation (AREC) and ManpowerGroup (MAN) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREC and MAN?
Over the past 3 years, AREC and MAN moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.11 lands near the 3-year figure. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -1145.1 %².
Out of 16 assets tracked against AREC, MAN lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months MAN outperformed by 37.8 percentage points (+18.3% for AREC against +56.1% for MAN). Risk is not evenly split, since AREC carries 3.2 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AREC vs MAN: side by side
| AREC (American Resources Corporation) | MAN (ManpowerGroup) | |
|---|---|---|
| 1-year return | +18.3% | +56.1% |
| 5-year return | +18.9% | -37.6% |
| Volatility (ann.) | 141.0% | 44.3% |
| Beta vs S&P 500 | 1.27 | 0.79 |
| Max drawdown (3Y) | -78.1% | -64.7% |
| Market cap | $0.3B | $2.9B |
| P/E (trailing) | – | 27.9 |
| Dividend yield | 0.00% | 2.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREC | MAN |
|---|---|---|
| 2022 | -26.7% | -11.8% |
| 2023 | +12.9% | -0.6% |
| 2024 | -32.2% | -24.0% |
| 2025 | +145.5% | -46.2% |
| 2026 | +4.0% | +114.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREC and MAN good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AREC and MAN?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.11 over the last year and -0.13 over 5 years.
Is MAN a good diversifier for AREC?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
A reading of -0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arec-vs-man.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arec-vs-man/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AREC correlations · MAN correlations
