NetApp Correlations

NTAP Stock

USD 103.68 0.34 0.33%

The current 90-days correlation between NetApp Inc and HP Inc is 0.61 (i.e., Poor 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

Very good diversification

The correlation between NetApp Inc and DJI is -0.44 (i.e., Very 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

0.91	HPQ	HP Inc	Pair Corr
0.63	MSFT	Microsoft	Pair Corr

Moving against NetApp Stock

0.77	CVX	Chevron Corp	Pair Corr
0.62	MRK	Merck Company Aggressive Push	Pair Corr
0.61	AA	Alcoa Corp	Pair Corr
0.58	INTC	Intel	Pair Corr
0.56	CAT	Caterpillar	Pair Corr
0.56	KO	Coca Cola Earnings Call Next Week	Pair Corr
0.48	HD	Home Depot	Pair Corr
0.45	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.34	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	RGTI	HPQ	LOGI	FLEX	LDOS	VRSN	JBL	CHKP	TDY	PTC
RGTI		0.72	0.73	0.04	0.42	0.16	-0.46	0.74	-0.58	0.76	RGTI
HPQ	0.72		0.96	-0.09	-0.08	0.07	-0.69	0.78	-0.84	0.84	HPQ
LOGI	0.73	0.96		-0.12	-0.01	0.13	-0.72	0.82	-0.81	0.79	LOGI
FLEX	0.04	-0.09	-0.12		0.03	-0.31	0.64	0.04	0.36	-0.11	FLEX
LDOS	0.42	-0.08	-0.01	0.03		-0.08	0.08	0.25	0.19	0.07	LDOS
VRSN	0.16	0.07	0.13	-0.31	-0.08		-0.35	0.07	-0.26	0.14	VRSN
JBL	-0.46	-0.69	-0.72	0.64	0.08	-0.35		-0.5	0.82	-0.61	JBL
CHKP	0.74	0.78	0.82	0.04	0.25	0.07	-0.5		-0.64	0.76	CHKP
TDY	-0.58	-0.84	-0.81	0.36	0.19	-0.26	0.82	-0.64		-0.84	TDY
PTC	0.76	0.84	0.79	-0.11	0.07	0.14	-0.61	0.76	-0.84		PTC
	RGTI	HPQ	LOGI	FLEX	LDOS	VRSN	JBL	CHKP	TDY	PTC

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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

LOGI	+ 0.96	HPQ
PTC	+ 0.84	HPQ
CHKP	+ 0.82	LOGI
TDY	+ 0.82	JBL
PTC	+ 0.79	LOGI
CHKP	+ 0.78	HPQ

High negative correlations

PTC	- 0.84	TDY
TDY	- 0.84	HPQ
TDY	- 0.81	LOGI
JBL	- 0.72	LOGI
JBL	- 0.69	HPQ
TDY	- 0.64	CHKP

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
RGTI	4.81	(1.11)	0.00	(0.30)	0.00	0.00	12.63	(9.87)	28.29
HPQ	1.70	(0.52)	0.00	(0.32)	0.00	0.00	2.85	(4.01)	10.78
LOGI	1.65	(0.46)	0.00	(0.32)	0.00	0.00	2.86	(4.49)	11.25
FLEX	2.49	0.02	0.02	0.10	3.21	(2.64)	5.40	(4.33)	19.07
LDOS	1.09	(0.12)	0.00	(0.03)	0.00	0.00	2.11	(2.25)	9.17
VRSN	1.06	(0.13)	0.00	(1.61)	0.00	0.00	2.35	(2.96)	10.51
JBL	1.93	0.28	0.10	0.32	2.50	(1.91)	4.41	(3.91)	12.48
CHKP	1.32	(0.16)	0.00	(0.09)	0.00	0.00	2.18	(2.74)	6.16
TDY	1.26	0.29	0.23	0.35	0.93	(1.49)	3.04	(1.92)	11.58
PTC	1.33	(0.36)	0.00	(0.28)	0.00	0.00	2.10	(3.38)	8.44

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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