NetApp Correlations

NTAP Stock

USD 115.37 2.58 2.29%

The current 90-days correlation between NetApp Inc and Arista Networks is -0.17 (i.e., Good diversification). The correlation of NetApp 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.

NetApp Correlation With Market

Good diversification

The correlation between NetApp Inc and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NetApp Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NetApp Stock

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

Moving together with NetApp Stock

0.69	FLEX	Flex	Pair Corr
0.66	APH	Amphenol	Pair Corr
0.69	BHE	Benchmark Electronics	Pair Corr
0.62	CLS	Celestica Buyout Trend	Pair Corr
0.87	HPQ	HP Inc Tech Boost	Pair Corr
0.7	LFUS	Littelfuse	Pair Corr
0.61	SANM	Sanmina	Pair Corr
0.63	FROG	Jfrog	Pair Corr
0.71	VNT	Vontier Corp	Pair Corr
0.62	VPG	Vishay Precision	Pair Corr
0.75	INTC	Intel	Pair Corr
0.71	MKSI	MKS Instruments	Pair Corr
0.61	AVGO	Broadcom Earnings Call Today	Pair Corr

Moving against NetApp Stock

0.54	BMI	Badger Meter	Pair Corr
0.39	IBM	International Business	Pair Corr
0.66	COHG	Cheetah Oil Gas	Pair Corr
0.65	MNDY	MondayCom	Pair Corr
0.51	SOTK	Sono Tek Corp	Pair Corr
0.49	CWAN	Clearwater Analytics	Pair Corr
0.35	NOVT	Novanta	Pair Corr

Related Correlations Analysis

	ANET	DELL	DDD	SSYS	WDC	LOGI	HPQ	NNDM	SMCI	PSTG
ANET		0.84	0.66	-0.16	0.92	0.88	0.74	-0.63	0.09	0.58	ANET
DELL	0.84		0.46	0.01	0.83	0.77	0.55	-0.46	0.38	0.34	DELL
DDD	0.66	0.46		-0.3	0.61	0.71	0.84	-0.41	-0.26	0.68	DDD
SSYS	-0.16	0.01	-0.3		-0.02	0.09	-0.2	0.48	0.37	-0.03	SSYS
WDC	0.92	0.83	0.61	-0.02		0.91	0.73	-0.59	0.23	0.64	WDC
LOGI	0.88	0.77	0.71	0.09	0.91		0.8	-0.38	0.1	0.66	LOGI
HPQ	0.74	0.55	0.84	-0.2	0.73	0.8		-0.37	-0.2	0.75	HPQ
NNDM	-0.63	-0.46	-0.41	0.48	-0.59	-0.38	-0.37		0.1	-0.32	NNDM
SMCI	0.09	0.38	-0.26	0.37	0.23	0.1	-0.2	0.1		-0.11	SMCI
PSTG	0.58	0.34	0.68	-0.03	0.64	0.66	0.75	-0.32	-0.11		PSTG
	ANET	DELL	DDD	SSYS	WDC	LOGI	HPQ	NNDM	SMCI	PSTG

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

WDC	+ 0.92	ANET
LOGI	+ 0.91	WDC
LOGI	+ 0.88	ANET
DELL	+ 0.84	ANET
HPQ	+ 0.84	DDD
WDC	+ 0.83	DELL

High negative correlations

NNDM	- 0.63	ANET
NNDM	- 0.59	WDC
NNDM	- 0.46	DELL
NNDM	- 0.41	DDD
NNDM	- 0.38	LOGI
NNDM	- 0.37	HPQ

Risk-Adjusted Indicators

There is a big difference between NetApp Stock performing well and NetApp 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 NetApp'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
ANET	2.02	0.60	0.26	0.51	1.84	(2.28)	5.26	(3.81)	21.30
DELL	1.71	0.17	0.01	(0.23)	2.31	(1.84)	3.82	(3.59)	14.82
DDD	4.58	0.52	0.10	0.39	5.04	(5.90)	14.38	(6.04)	39.85
SSYS	2.23	(0.08)	(0.02)	0.02	3.11	(2.48)	4.36	(5.16)	19.01
WDC	1.37	0.76	0.45	2.95	0.82	(1.72)	3.09	(2.07)	12.88
LOGI	1.20	0.21	0.18	0.24	1.14	(1.38)	2.71	(2.33)	6.17
HPQ	1.37	0.28	0.11	(0.78)	1.25	(1.62)	4.25	(2.30)	6.79
NNDM	1.70	(0.38)	0.00	(0.08)	0.00	0.00	3.76	(3.57)	12.24
SMCI	3.04	(0.01)	0.00	0.09	4.63	(3.05)	5.71	(5.71)	28.53
PSTG	2.24	0.47	0.21	0.35	2.09	(2.64)	3.94	(3.64)	35.97

NetApp Corporate Management

Elizabeth JD	Interim VP	Profile
Daniel Lorenzo	Controller VP	Profile
Puneet Gupta	Managing Services	Profile
Gus Shahin	Executive Operations	Profile
Alessandra Yockelson	Executive CHRO	Profile
Andrew Sotiropoulos	Senior Pacific	Profile

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