MANH vs SAP: Correlation
How closely do Manhattan Associates, Inc. (MANH) and SAP SE (SAP) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MANH and SAP?
Across a 3-year window, the weekly returns of MANH and SAP correlate at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.71) runs above the 3-year figure (0.57). Stretching to 5 years gives 0.56, with an annualized covariance of 700.2 %².
Among the 13 assets we track against MANH, SAP ranks #4 by 3-year correlation. The last year tells two different stories: MANH led by 20.4 percentage points, +2.2% for MANH against -18.2% for SAP.
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.
MANH vs SAP: side by side
| MANH (Manhattan Associates, Inc.) | SAP (SAP SE) | |
|---|---|---|
| 1-year return | +2.2% | -18.2% |
| 5-year return | +35.7% | +60.5% |
| Volatility (ann.) | 41.7% | 29.4% |
| Beta vs S&P 500 | 1.25 | 1.02 |
| Max drawdown (3Y) | -61.0% | -52.3% |
| Market cap | $13.0B | $255.3B |
| P/E (trailing) | 63.9 | 27.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MANH | SAP |
|---|---|---|
| 2022 | -21.9% | -24.2% |
| 2023 | +77.4% | +52.3% |
| 2024 | +25.5% | +61.3% |
| 2025 | -35.9% | -0.4% |
| 2026 | +29.1% | -7.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MANH and SAP good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MANH and SAP?
As of 2026-08-27, the correlation of weekly returns between MANH and SAP is 0.57 over 3 years, 0.71 over 1 year and 0.56 over 5 years.
Is SAP a good diversifier for MANH?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/manh-vs-sap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/manh-vs-sap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MANH correlations · SAP correlations
