Veeva Systems Correlations

VEEV Stock

USD 290.86 8.58 3.04%

The current 90-days correlation between Veeva Systems Class and Okta Inc is 0.28 (i.e., Modest diversification). The correlation of Veeva Systems 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.

Veeva Systems Correlation With Market

Modest diversification

The correlation between Veeva Systems Class and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Veeva Systems Class and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Veeva Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Veeva Systems Class. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

Moving together with Veeva Stock

0.71

Definitive Healthcare

Pair Corr

Moving against Veeva Stock

0.4	CNC	Centene Corp	Pair Corr
0.39	EHAB	Enhabit	Pair Corr
0.34	EDAP	EDAP TMS SA Earnings Call This Week	Pair Corr
0.34	ELV	Elevance Health	Pair Corr
0.61	KMTS	Kestra Medical Techn	Pair Corr
0.55	LNSR	LENSAR Inc	Pair Corr
0.43	XTNT	Xtant Medical Holdings	Pair Corr
0.39	MOH	Molina Healthcare	Pair Corr
0.36	ISRG	Intuitive Surgical	Pair Corr
0.32	XYLO	Xylo Technologies	Pair Corr

Related Correlations Analysis

	DOCS	NOW	OKTA	PAYC	PGNY	SDGR	TDOC	TEAM	TXG	WDAY
DOCS		-0.58	-0.8	-0.76	0.63	-0.31	0.44	-0.59	0.8	-0.65	DOCS
NOW	-0.58		0.62	0.65	-0.5	0.6	0.23	0.95	-0.6	0.76	NOW
OKTA	-0.8	0.62		0.77	-0.56	0.31	-0.27	0.63	-0.75	0.77	OKTA
PAYC	-0.76	0.65	0.77		-0.52	0.64	-0.36	0.68	-0.8	0.81	PAYC
PGNY	0.63	-0.5	-0.56	-0.52		-0.15	0.39	-0.36	0.74	-0.47	PGNY
SDGR	-0.31	0.6	0.31	0.64	-0.15		0.14	0.65	-0.39	0.6	SDGR
TDOC	0.44	0.23	-0.27	-0.36	0.39	0.14		0.25	0.41	-0.08	TDOC
TEAM	-0.59	0.95	0.63	0.68	-0.36	0.65	0.25		-0.56	0.76	TEAM
TXG	0.8	-0.6	-0.75	-0.8	0.74	-0.39	0.41	-0.56		-0.68	TXG
WDAY	-0.65	0.76	0.77	0.81	-0.47	0.6	-0.08	0.76	-0.68		WDAY
	DOCS	NOW	OKTA	PAYC	PGNY	SDGR	TDOC	TEAM	TXG	WDAY

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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

TEAM	+ 0.95	NOW
WDAY	+ 0.81	PAYC
TXG	+ 0.8	DOCS
PAYC	+ 0.77	OKTA
WDAY	+ 0.77	OKTA
WDAY	+ 0.76	NOW

High negative correlations

TXG	- 0.8	PAYC
OKTA	- 0.8	DOCS
PAYC	- 0.76	DOCS
TXG	- 0.75	OKTA
WDAY	- 0.68	TXG
WDAY	- 0.65	DOCS

Risk-Adjusted Indicators

There is a big difference between Veeva Stock performing well and Veeva Systems 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 Veeva Systems' 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
DOCS	1.91	0.27	0.12	0.29	2.13	(2.00)	4.56	(4.25)	20.85
NOW	1.27	(0.29)	0.00	(0.25)	0.00	0.00	2.45	(3.05)	8.34
OKTA	1.76	(0.57)	0.00	(0.32)	0.00	0.00	2.72	(3.69)	17.67
PAYC	1.50	(0.26)	0.00	(0.14)	0.00	0.00	2.92	(3.69)	8.37
PGNY	1.91	0.03	0.02	0.12	2.34	(1.85)	3.77	(4.34)	17.96
SDGR	2.23	(0.22)	0.00	(0.03)	0.00	0.00	4.32	(4.74)	20.00
TDOC	2.51	(0.18)	0.01	0.04	2.77	(3.09)	6.34	(5.04)	22.52
TEAM	1.98	(0.47)	0.00	(0.19)	0.00	0.00	3.64	(5.42)	13.55
TXG	3.13	0.50	0.19	0.27	3.05	(3.59)	7.11	(4.88)	17.45
WDAY	1.48	(0.42)	0.00	(0.25)	0.00	0.00	2.31	(3.54)	13.83

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