Magic Software Correlations

MGIC Stock

USD 11.98 0.09 0.76%

The current 90-days correlation between Magic Software Enter and Appen Limited is -0.18 (i.e., Good diversification). The correlation of Magic Software 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.

Magic Software Correlation With Market

Good diversification

The correlation between Magic Software Enterprises and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magic Software Enterprises and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Magic Software Enterprises. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Magic Stock

0.73	KD	Kyndryl Holdings	Pair Corr
0.65	DTST	Data Storage Corp	Pair Corr
0.7	SAIHW	SAIHEAT Limited Symbol Change	Pair Corr
0.7	AUR	Aurora Innovation	Pair Corr
0.84	GMM	Global Mofy Metaverse	Pair Corr
0.69	WYY	Widepoint C	Pair Corr
0.78	AUROW	Aurora Innovation	Pair Corr

Moving against Magic Stock

0.71	GLE	Global Engine Group	Pair Corr
0.63	PSN	Parsons Corp	Pair Corr
0.56	FIS	Fidelity National	Pair Corr
0.46	IT	Gartner	Pair Corr
0.37	JZ	Jianzhi Education	Pair Corr
0.7	VEEAW	Veea Inc Symbol Change	Pair Corr
0.7	SAIC	Science Applications	Pair Corr
0.59	LDOS	Leidos Holdings	Pair Corr
0.59	NABL	N Able Inc	Pair Corr
0.4	JDZG	JIADE LIMITED Common	Pair Corr

Related Correlations Analysis

	CLPS	XALL	ASGN	AEXAF	APXYY	AEXAY	WYY	CTM	HWNI	NOTE
CLPS		0.76	0.33	0.31	-0.29	0.15	-0.68	-0.2	0.03	0.35	CLPS
XALL	0.76		0.59	0.53	-0.29	0.26	-0.76	-0.41	0.04	0.4	XALL
ASGN	0.33	0.59		0.52	-0.07	0.59	-0.57	-0.55	0.08	0.06	ASGN
AEXAF	0.31	0.53	0.52		-0.26	0.47	-0.47	-0.38	0.21	0.0	AEXAF
APXYY	-0.29	-0.29	-0.07	-0.26		-0.08	0.12	0.37	-0.19	-0.19	APXYY
AEXAY	0.15	0.26	0.59	0.47	-0.08		-0.13	-0.7	0.11	-0.48	AEXAY
WYY	-0.68	-0.76	-0.57	-0.47	0.12	-0.13		0.32	0.15	-0.37	WYY
CTM	-0.2	-0.41	-0.55	-0.38	0.37	-0.7	0.32		-0.09	0.26	CTM
HWNI	0.03	0.04	0.08	0.21	-0.19	0.11	0.15	-0.09		0.19	HWNI
NOTE	0.35	0.4	0.06	0.0	-0.19	-0.48	-0.37	0.26	0.19		NOTE
	CLPS	XALL	ASGN	AEXAF	APXYY	AEXAY	WYY	CTM	HWNI	NOTE

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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

XALL	+ 0.76	CLPS
ASGN	+ 0.59	XALL
AEXAY	+ 0.59	ASGN
AEXAF	+ 0.53	XALL
AEXAF	+ 0.52	ASGN
AEXAY	+ 0.47	AEXAF

High negative correlations

WYY	- 0.76	XALL
CTM	- 0.7	AEXAY
WYY	- 0.68	CLPS
WYY	- 0.57	ASGN
CTM	- 0.55	ASGN
NOTE	- 0.48	AEXAY

Risk-Adjusted Indicators

There is a big difference between Magic Stock performing well and Magic Software 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 Magic Software'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
CLPS	2.86	(0.12)	0.00	0.07	0.00	0.00	7.34	(5.97)	24.69
XALL	7.70	(0.09)	0.00	0.04	0.00	0.00	25.00	(20.00)	48.57
ASGN	1.43	(0.13)	0.00	(0.31)	0.00	0.00	2.35	(3.35)	13.33
AEXAF	2,208	1,208	22.68	12.73	70.39	(4,755)	13,348	(99.25)	13,571
APXYY	4.65	0.47	0.06	0.38	5.06	(9.03)	16.46	(11.11)	43.38
AEXAY	13.02	(1.67)	0.00	(0.34)	0.00	0.00	33.33	(42.86)	117.86
WYY	3.92	0.56	0.12	2.94	4.21	(4.24)	9.68	(7.27)	29.03
CTM	12.91	5.31	0.41	(3.11)	6.84	(27.50)	36.67	(11.76)	160.41
HWNI	7.30	0.41	0.05	(6.12)	7.41	(10.89)	13.83	(13.14)	140.00
NOTE	4.78	0.22	0.04	0.16	4.97	(6.81)	13.33	(10.42)	32.45

Magic Software Corporate Management

Yael Ilan	Chief Solutions	Profile
Idan Faingold	Chief Ltd	Profile
Asaf CPA	Chief Officer	Profile
Karin Netzer	Chief Officer	Profile

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