Chegg Correlations

CHGG Stock

USD 0.74 0.01 1.33%

The current 90-days correlation between Chegg Inc and Coursera is 0.24 (i.e., Modest diversification). The correlation of Chegg 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.

Chegg Correlation With Market

Significant diversification

The correlation between Chegg Inc and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chegg Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Chegg 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 price.

Moving together with Chegg Stock

0.8	EEIQ	Elite Education Group	Pair Corr
0.75	FEDU	Four Seasons Education	Pair Corr
0.65	EDU	New Oriental Education	Pair Corr
0.85	GNS	Genius Group	Pair Corr
0.68	STRA	Strategic Education	Pair Corr
0.69	BEDU	Bright Scholar Education	Pair Corr
0.69	TCTM	Tarena International	Pair Corr
0.7	COUR	Coursera	Pair Corr

Moving against Chegg Stock

0.89	VSTA	Vasta Platform Downward Rally	Pair Corr
0.72	GOTU	Gaotu Techedu DRC	Pair Corr
0.7	IH	Ihuman Inc	Pair Corr
0.67	YQ	17 Education Technology	Pair Corr
0.64	GV	Visionary Education Downward Rally	Pair Corr
0.62	TAL	TAL Education Group	Pair Corr
0.5	LRN	Stride Inc	Pair Corr
0.5	GSUN	Golden Sun Education	Pair Corr
0.46	WAFU	Wah Fu Education	Pair Corr
0.42	COE	51Talk Online Education Earnings Call Tomorrow	Pair Corr
0.4	DAO	Youdao Inc	Pair Corr
0.4	GHC	Graham Holdings	Pair Corr
0.36	LAUR	Laureate Education	Pair Corr
0.31	QSG	QuantaSing Group	Pair Corr
0.83	LXEH	Lixiang Education Holding	Pair Corr
0.58	AFYA	Afya	Pair Corr
0.49	AMBO	Ambow Education Holding	Pair Corr
0.32	ATGE	Adtalem Global Education	Pair Corr
0.32	UDMY	Udemy Inc	Pair Corr
0.31	LOPE	Grand Canyon Education	Pair Corr

Related Correlations Analysis

	COUR	UDMY	TAL	DAO	TWOU	LRN	ATGE	EDU	GOTU	YQ
COUR		-0.17	-0.46	-0.34	0.0	-0.32	-0.1	0.38	-0.73	-0.46	COUR
UDMY	-0.17		0.4	0.55	0.0	0.32	0.03	-0.09	0.48	0.4	UDMY
TAL	-0.46	0.4		0.87	0.0	0.85	0.61	-0.68	0.65	0.88	TAL
DAO	-0.34	0.55	0.87		0.0	0.8	0.57	-0.49	0.52	0.74	DAO
TWOU	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	TWOU
LRN	-0.32	0.32	0.85	0.8	0.0		0.86	-0.75	0.38	0.77	LRN
ATGE	-0.1	0.03	0.61	0.57	0.0	0.86		-0.61	0.02	0.55	ATGE
EDU	0.38	-0.09	-0.68	-0.49	0.0	-0.75	-0.61		-0.44	-0.79	EDU
GOTU	-0.73	0.48	0.65	0.52	0.0	0.38	0.02	-0.44		0.65	GOTU
YQ	-0.46	0.4	0.88	0.74	0.0	0.77	0.55	-0.79	0.65		YQ
	COUR	UDMY	TAL	DAO	TWOU	LRN	ATGE	EDU	GOTU	YQ

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

YQ	+ 0.88	TAL
DAO	+ 0.87	TAL
ATGE	+ 0.86	LRN
LRN	+ 0.85	TAL
LRN	+ 0.8	DAO
YQ	+ 0.77	LRN

High negative correlations

YQ	- 0.79	EDU
EDU	- 0.75	LRN
GOTU	- 0.73	COUR
EDU	- 0.68	TAL
EDU	- 0.61	ATGE
EDU	- 0.49	DAO

Risk-Adjusted Indicators

There is a big difference between Chegg Stock performing well and Chegg 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 Chegg'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
COUR	2.07	(0.18)	0.00	(0.47)	0.00	0.00	4.42	(4.07)	23.71
UDMY	2.20	0.10	0.05	0.14	3.23	(2.34)	3.55	(4.73)	40.34
TAL	2.69	0.69	0.21	0.44	2.66	(3.06)	7.65	(4.33)	28.79
DAO	3.82	0.54	0.10	0.24	4.40	(4.56)	7.34	(6.22)	60.77
TWOU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LRN	1.40	0.24	0.13	0.46	2.02	(1.45)	2.49	(2.16)	13.46
ATGE	1.81	0.26	0.09	0.12	2.37	(1.76)	4.03	(3.35)	11.82
EDU	2.42	(0.15)	0.00	(0.40)	0.00	0.00	4.59	(4.18)	26.00
GOTU	3.79	0.89	0.25	1.04	3.23	(4.85)	7.62	(5.17)	35.04
YQ	2.48	0.30	0.14	(1.42)	2.71	(3.15)	6.08	(4.37)	19.66

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC