Elastic NV Correlations

ESTC Stock

USD 95.32 1.53 1.63%

The correlation of Elastic NV 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.

Elastic NV Correlation With Market

Weak diversification

The correlation between Elastic NV and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elastic NV and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Elastic NV. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

For information on how to trade Elastic Stock refer to our How to Trade Elastic Stock guide.

Moving together with Elastic Stock

0.89	DT	Dynatrace Holdings LLC	Pair Corr
0.62	ZM	Zoom Video Communications	Pair Corr
0.61	DSGX	Descartes Systems	Pair Corr
0.72	DUOL	Duolingo	Pair Corr
0.63	EGHT	8x8 Common Stock	Pair Corr
0.61	WDAY	Workday	Pair Corr
0.69	EXFY	Expensify	Pair Corr
0.69	APP	Applovin Corp	Pair Corr

Moving against Elastic Stock

0.45	QH	Quhuo	Pair Corr
0.34	FRGT	Freight Technologies	Pair Corr

Related Correlations Analysis

	SMAR	GTLB	AMPL	CXM	FSLY	DDOG	BILL	RNG	DT	PD
SMAR		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	SMAR
GTLB	0.0		0.33	0.31	0.45	0.48	0.38	0.32	0.8	0.52	GTLB
AMPL	0.0	0.33		0.19	-0.39	-0.41	-0.53	-0.42	0.55	0.01	AMPL
CXM	0.0	0.31	0.19		0.42	0.37	0.21	0.46	0.38	0.59	CXM
FSLY	0.0	0.45	-0.39	0.42		0.95	0.89	0.88	0.23	0.7	FSLY
DDOG	0.0	0.48	-0.41	0.37	0.95		0.87	0.94	0.33	0.72	DDOG
BILL	0.0	0.38	-0.53	0.21	0.89	0.87		0.79	0.08	0.54	BILL
RNG	0.0	0.32	-0.42	0.46	0.88	0.94	0.79		0.28	0.74	RNG
DT	0.0	0.8	0.55	0.38	0.23	0.33	0.08	0.28		0.5	DT
PD	0.0	0.52	0.01	0.59	0.7	0.72	0.54	0.74	0.5		PD
	SMAR	GTLB	AMPL	CXM	FSLY	DDOG	BILL	RNG	DT	PD

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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

DDOG	+ 0.95	FSLY
RNG	+ 0.94	DDOG
BILL	+ 0.89	FSLY
RNG	+ 0.88	FSLY
BILL	+ 0.87	DDOG
DT	+ 0.8	GTLB

High negative correlations

BILL	- 0.53	AMPL
RNG	- 0.42	AMPL
DDOG	- 0.41	AMPL
FSLY	- 0.39	AMPL
PD	- 0.0	SMAR
DT	- 0.0	SMAR

Risk-Adjusted Indicators

There is a big difference between Elastic Stock performing well and Elastic NV 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 Elastic NV'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
SMAR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GTLB	2.89	(0.13)	0.00	(0.20)	0.00	0.00	6.71	(5.32)	21.90
AMPL	2.65	0.33	0.08	0.16	3.41	(2.51)	3.93	(4.79)	28.92
CXM	1.85	0.04	0.00	(0.04)	0.00	0.00	3.34	(2.96)	22.05
FSLY	3.03	(0.37)	0.00	(0.42)	0.00	0.00	6.39	(7.01)	28.87
DDOG	1.79	(0.52)	0.00	(0.73)	0.00	0.00	2.66	(4.28)	15.08
BILL	2.67	(0.60)	0.00	(0.35)	0.00	0.00	4.99	(6.58)	41.32
RNG	1.73	(0.63)	0.00	(8.27)	0.00	0.00	2.58	(5.56)	11.32
DT	1.54	(0.11)	0.00	(0.19)	0.00	0.00	2.43	(3.56)	10.48
PD	1.66	0.01	0.00	(0.09)	0.00	0.00	2.56	(3.20)	19.49

Elastic NV Corporate Management

Mathew Donoghue	Chief Officer	Profile
Carolyn Herzog	Chief Secretary	Profile
Steven Schuurman	Co-Founder, Non-Executive Independent Director	Profile
Shelley Leibowitz	Non-Executive Independent Director	Profile
Jonathan Chadwick	Non-Executive Independent Director	Profile
Anthony Luscri	Vice Relations	Profile
Nikolay CFA	Vice Relations	Profile

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