Innodata Correlations

INOD Stock

USD 38.33 2.04 5.05%

The current 90-days correlation between Innodata and Formula Systems 1985 is -0.07 (i.e., Good diversification). The correlation of Innodata 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.

Innodata Correlation With Market

Modest diversification

The correlation between Innodata and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innodata and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Innodata. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

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

Moving together with Innodata Stock

0.88	WM	Waste Management	Pair Corr
0.74	AXR	AMREP	Pair Corr
0.92	DLX	Deluxe	Pair Corr
0.71	HNI	HNI Corp	Pair Corr
0.62	ESGLW	ESGL Holdings Limited	Pair Corr
0.91	PYCR	Paycor HCM	Pair Corr
0.76	ACCO	Acco Brands	Pair Corr
0.86	CTAS	Cintas	Pair Corr
0.86	R	Ryder System	Pair Corr
0.91	DIST	Distoken Acquisition	Pair Corr
0.87	AL	Air Lease	Pair Corr
0.84	AZ	A2Z Smart Technologies	Pair Corr
0.82	BE	Bloom Energy Corp	Pair Corr

Moving against Innodata Stock

0.88	HDSN	Hudson Technologies	Pair Corr
0.85	BCO	Brinks Company	Pair Corr
0.7	MG	Mistras Group	Pair Corr
0.59	CDTG	CDT Environmental	Pair Corr
0.58	LNZA	LanzaTech Global	Pair Corr
0.48	BLMZ	BloomZ Ordinary Shares	Pair Corr
0.43	RELX	Relx PLC ADR	Pair Corr
0.79	CP	Canadian Pacific Railway	Pair Corr
0.72	FC	Franklin Covey	Pair Corr
0.67	HY	Hyster Yale Materials	Pair Corr
0.61	GP	GreenPower Motor	Pair Corr
0.56	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.56	OP	Oceanpal	Pair Corr
0.45	FA	First Advantage Corp	Pair Corr
0.37	AP	Ampco Pittsburgh	Pair Corr
0.35	GD	General Dynamics Fiscal Year End 22nd of January 2025	Pair Corr

Related Correlations Analysis

	FORTY	NOTE	IBM	AUR	BBAI	CLPS	ARBB	CSPI	NYAX
FORTY		-0.7	0.03	0.53	0.37	0.18	0.71	0.15	0.77	FORTY
NOTE	-0.7		0.02	-0.42	-0.6	0.05	-0.74	-0.23	-0.86	NOTE
IBM	0.03	0.02		0.6	0.26	0.45	-0.2	0.2	0.16	IBM
AUR	0.53	-0.42	0.6		0.5	0.42	0.31	0.28	0.64	AUR
BBAI	0.37	-0.6	0.26	0.5		-0.26	0.47	0.69	0.61	BBAI
CLPS	0.18	0.05	0.45	0.42	-0.26		-0.27	-0.27	0.15	CLPS
ARBB	0.71	-0.74	-0.2	0.31	0.47	-0.27		0.17	0.7	ARBB
CSPI	0.15	-0.23	0.2	0.28	0.69	-0.27	0.17		0.28	CSPI
NYAX	0.77	-0.86	0.16	0.64	0.61	0.15	0.7	0.28		NYAX
	FORTY	NOTE	IBM	AUR	BBAI	CLPS	ARBB	CSPI	NYAX

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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

NYAX	+ 0.77	FORTY
ARBB	+ 0.71	FORTY
NYAX	+ 0.7	ARBB
CSPI	+ 0.69	BBAI
NYAX	+ 0.64	AUR
NYAX	+ 0.61	BBAI

High negative correlations

NYAX	- 0.86	NOTE
ARBB	- 0.74	NOTE
NOTE	- 0.7	FORTY
BBAI	- 0.6	NOTE
AUR	- 0.42	NOTE
CSPI	- 0.27	CLPS

Risk-Adjusted Indicators

There is a big difference between Innodata Stock performing well and Innodata 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 Innodata'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
FORTY	1.93	0.33	0.03	(0.39)	2.58	(2.39)	3.76	(4.95)	14.81
NOTE	2.74	(0.95)	0.00	(0.39)	0.00	0.00	5.00	(7.14)	18.53
IBM	0.98	0.13	0.07	0.27	1.27	(0.98)	2.22	(1.70)	8.66
AUR	4.81	0.32	0.11	0.22	5.36	(5.83)	11.73	(7.25)	45.46
BBAI	4.31	0.33	0.08	0.31	4.49	(5.29)	11.36	(7.85)	28.29
CLPS	2.95	0.49	0.04	(0.14)	3.36	(3.76)	8.59	(6.03)	24.69
ARBB	8.43	0.85	0.10	0.37	8.79	(12.39)	12.00	(14.55)	124.90
CSPI	2.44	0.14	0.07	0.20	3.17	(2.59)	4.57	(4.81)	13.45
NYAX	2.33	0.22	0.08	0.30	2.68	(2.62)	6.75	(4.00)	19.01

Innodata Corporate Management

Amy Agress	General VP	Profile
Martin Lyster	Chief Solutions	Profile
Marissa Espineli	VP CFO	Profile
Rahul Singhal	Chief Officer	Profile
Douglas Kemp	Senior Synodex	Profile

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