ServiceNow Correlations

NOW Stock

USD 989.47 15.44 1.54%

The current 90-days correlation between ServiceNow and Autodesk is 0.79 (i.e., Poor diversification). The correlation of ServiceNow is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

ServiceNow Correlation With Market

Poor diversification

The correlation between ServiceNow and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ServiceNow and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ServiceNow Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ServiceNow. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

For more information on how to buy ServiceNow Stock please use our How to Invest in ServiceNow guide.

Moving together with ServiceNow Stock

0.75	U	Unity Software	Pair Corr
0.65	DJCO	Daily Journal Corp	Pair Corr
0.81	AZ	A2Z Smart Technologies Upward Rally	Pair Corr
0.84	BL	Blackline	Pair Corr
0.76	DT	Dynatrace Holdings LLC	Pair Corr
0.63	DV	DoubleVerify Holdings	Pair Corr
0.9	ZM	Zoom Video Communications	Pair Corr
0.63	DOMO	Domo Inc	Pair Corr
0.76	VERB	Verb Technology	Pair Corr
0.68	DSGX	Descartes Systems	Pair Corr
0.94	DUOL	Duolingo	Pair Corr
0.91	DUOT	Duos Technologies	Pair Corr
0.92	VTEX	VTEX	Pair Corr
0.69	VTSI	VirTra Inc	Pair Corr
0.77	EGAN	eGain	Pair Corr
0.75	WDAY	Workday Earnings Call Today	Pair Corr
0.79	ETWO	E2open Parent Holdings	Pair Corr
0.78	BMR	Beamr Imaging	Pair Corr
0.88	BSY	Bentley Systems	Pair Corr

Moving against ServiceNow Stock

0.77	QH	Quhuo	Pair Corr
0.56	VMEO	Vimeo Inc	Pair Corr
0.51	ILLRW	Triller Group Symbol Change	Pair Corr
0.63	EXFY	Expensify	Pair Corr
0.57	WETO	Webus International	Pair Corr
0.53	FMTO	Femto Technologies Symbol Change	Pair Corr

Related Correlations Analysis

	ADSK	INTU	ZM	SNOW	WDAY	SHOP	AI	CRM	DDOG	HUBS
ADSK		0.86	0.89	0.94	0.72	0.83	0.85	0.53	0.94	0.6	ADSK
INTU	0.86		0.64	0.95	0.42	0.7	0.84	0.19	0.87	0.22	INTU
ZM	0.89	0.64		0.76	0.91	0.84	0.8	0.78	0.87	0.84	ZM
SNOW	0.94	0.95	0.76		0.57	0.8	0.88	0.37	0.95	0.41	SNOW
WDAY	0.72	0.42	0.91	0.57		0.76	0.64	0.89	0.75	0.85	WDAY
SHOP	0.83	0.7	0.84	0.8	0.76		0.86	0.72	0.92	0.68	SHOP
AI	0.85	0.84	0.8	0.88	0.64	0.86		0.52	0.91	0.53	AI
CRM	0.53	0.19	0.78	0.37	0.89	0.72	0.52		0.6	0.9	CRM
DDOG	0.94	0.87	0.87	0.95	0.75	0.92	0.91	0.6		0.59	DDOG
HUBS	0.6	0.22	0.84	0.41	0.85	0.68	0.53	0.9	0.59		HUBS
	ADSK	INTU	ZM	SNOW	WDAY	SHOP	AI	CRM	DDOG	HUBS

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Risk-Adjusted Indicators

There is a big difference between ServiceNow Stock performing well and ServiceNow Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ServiceNow's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ADSK	1.29	0.21	0.14	0.23	1.31	(1.55)	2.70	(2.51)	12.85
INTU	1.47	0.44	0.21	(4.48)	1.46	(1.63)	3.15	(2.83)	12.65
ZM	1.26	0.05	0.03	0.09	1.83	(1.31)	2.49	(2.53)	11.09
SNOW	2.00	0.45	0.15	0.33	2.20	(1.96)	5.11	(4.43)	17.70
WDAY	1.60	(0.02)	0.00	0.01	3.15	(1.34)	2.95	(3.00)	22.47
SHOP	3.18	0.21	0.05	0.12	4.42	(3.37)	6.13	(5.70)	26.25
AI	3.04	0.19	0.07	0.14	3.00	(3.96)	5.29	(5.53)	26.86
CRM	1.58	(0.11)	0.00	(0.06)	0.00	0.00	3.02	(3.64)	13.13
DDOG	1.93	0.30	0.12	0.25	2.23	(2.16)	4.89	(3.58)	16.37
HUBS	2.33	(0.14)	0.00	(0.06)	0.00	0.00	4.46	(5.50)	21.40

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