Ciena Corp Correlations

CIEN Stock

USD 65.90 1.57 2.44%

The current 90-days correlation between Ciena Corp and Hewlett Packard Enterprise is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ciena Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ciena Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Ciena Corp Correlation With Market

Weak diversification

The correlation between Ciena Corp and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ciena Corp 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 Ciena Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

To learn how to invest in Ciena Stock, please use our How to Invest in Ciena Corp guide.

Moving together with Ciena Stock

0.7	KN	Knowles Cor	Pair Corr
0.64	UI	Ubiquiti Networks	Pair Corr
0.64	ELTK	Eltek	Pair Corr
0.76	FEIM	Frequency Electronics	Pair Corr
0.85	FLEX	Flex	Pair Corr
0.82	APH	Amphenol	Pair Corr
0.78	BDC	Belden Inc	Pair Corr
0.66	CDW	CDW Corp	Pair Corr
0.69	CLS	Celestica	Pair Corr
0.68	GLW	Corning Incorporated	Pair Corr
0.84	HPE	Hewlett Packard Ente Aggressive Push	Pair Corr
0.7	HPQ	HP Inc	Pair Corr
0.63	IDN	Intellicheck Mobilisa Tech Boost	Pair Corr
0.66	JBL	Jabil Circuit	Pair Corr
0.77	MEI	Methode Electronics	Pair Corr
0.73	MSI	Motorola Solutions	Pair Corr

Moving against Ciena Stock

0.39	FKWL	Franklin Wireless Corp	Pair Corr
0.57	NOK	Nokia Corp ADR Aggressive Push	Pair Corr

Related Correlations Analysis

	EXTR	HPE	NTGR	MSI	LITE	ADTN	GILT	VIAV	INFN	AAOI
EXTR		0.74	0.37	0.68	0.81	-0.33	-0.68	-0.43	-0.44	0.86	EXTR
HPE	0.74		0.7	0.75	0.86	0.25	-0.18	-0.15	-0.72	0.75	HPE
NTGR	0.37	0.7		0.73	0.64	0.4	0.04	0.29	-0.59	0.62	NTGR
MSI	0.68	0.75	0.73		0.85	-0.02	-0.33	-0.05	-0.68	0.75	MSI
LITE	0.81	0.86	0.64	0.85		0.02	-0.31	-0.12	-0.72	0.83	LITE
ADTN	-0.33	0.25	0.4	-0.02	0.02		0.77	0.63	-0.28	-0.26	ADTN
GILT	-0.68	-0.18	0.04	-0.33	-0.31	0.77		0.65	0.05	-0.59	GILT
VIAV	-0.43	-0.15	0.29	-0.05	-0.12	0.63	0.65		0.11	-0.28	VIAV
INFN	-0.44	-0.72	-0.59	-0.68	-0.72	-0.28	0.05	0.11		-0.49	INFN
AAOI	0.86	0.75	0.62	0.75	0.83	-0.26	-0.59	-0.28	-0.49		AAOI
	EXTR	HPE	NTGR	MSI	LITE	ADTN	GILT	VIAV	INFN	AAOI

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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

AAOI	+ 0.86	EXTR
LITE	+ 0.86	HPE
LITE	+ 0.85	MSI
AAOI	+ 0.83	LITE
LITE	+ 0.81	EXTR
GILT	+ 0.77	ADTN

High negative correlations

INFN	- 0.72	LITE
INFN	- 0.72	HPE
INFN	- 0.68	MSI
GILT	- 0.68	EXTR
AAOI	- 0.59	GILT
INFN	- 0.59	NTGR

Risk-Adjusted Indicators

There is a big difference between Ciena Stock performing well and Ciena Corp 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 Ciena Corp'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
EXTR	1.63	(0.12)	0.00	(0.20)	0.00	0.00	2.67	(3.97)	9.98
HPE	1.89	(0.36)	0.00	(0.48)	0.00	0.00	3.37	(4.92)	16.69
NTGR	2.13	0.03	0.00	(0.06)	0.00	0.00	4.41	(5.11)	12.12
MSI	1.00	(0.10)	0.00	(0.23)	0.00	0.00	1.99	(2.78)	8.03
LITE	3.32	(0.14)	0.00	(0.18)	0.00	0.00	5.65	(7.31)	28.11
ADTN	2.59	0.29	0.06	0.08	3.33	(2.81)	6.96	(5.98)	19.02
GILT	2.37	0.34	0.12	0.17	2.42	(3.02)	5.85	(4.55)	19.71
VIAV	1.69	0.22	0.10	0.20	2.36	(1.67)	2.41	(3.52)	24.77
INFN	0.23	0.00	0.28	(0.08)	0.26	(0.29)	0.46	(0.45)	1.52
AAOI	6.36	(0.06)	0.00	(0.12)	0.00	0.00	12.20	(13.99)	44.43

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