ServiceNow Correlations

NOW Stock

USD 844.12 14.12 1.70%

The current 90-days correlation between ServiceNow and Autodesk is 0.51 (i.e., Very weak diversification). The correlation of ServiceNow 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ServiceNow Correlation With Market

Very weak diversification

The correlation between ServiceNow and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ServiceNow 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 ServiceNow. 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 more information on how to buy ServiceNow Stock please use our How to Invest in ServiceNow guide.

Moving together with ServiceNow Stock

0.72	DJCO	Daily Journal Corp	Pair Corr
0.89	AI	C3 Ai Inc	Pair Corr
0.84	BL	Blackline	Pair Corr
0.89	EB	Eventbrite Class A	Pair Corr
0.69	PD	Pagerduty Tech Boost	Pair Corr
0.78	WK	Workiva	Pair Corr
0.71	ZM	Zoom Video Communications	Pair Corr
0.86	DOCU	DocuSign	Pair Corr
0.88	VERX	Vertex	Pair Corr
0.73	VERB	VERB TECHNOLOGY PANY Downward Rally	Pair Corr
0.86	DSGX	Descartes Systems	Pair Corr
0.84	VMEO	Vimeo Inc	Pair Corr
0.72	VTEX	VTEX	Pair Corr
0.9	VTSI	VirTra Inc	Pair Corr
0.72	EGAN	eGain	Pair Corr
0.61	EGHT	8x8 Common Stock	Pair Corr
0.8	ELWS	Earlyworks Co, Tech Boost	Pair Corr
0.83	ETWO	E2open Parent Holdings	Pair Corr
0.67	FICO	Fair Isaac	Pair Corr
0.79	BMR	Beamr Imaging	Pair Corr

Moving against ServiceNow Stock

0.36	QH	Quhuo	Pair Corr
0.36	DOMO	Domo Inc	Pair Corr
0.32	ZI	ZoomInfo Technologies	Pair Corr
0.47	ENFN	Enfusion	Pair Corr
0.41	API	Agora Inc	Pair Corr
0.34	ADP	Automatic Data Processing	Pair Corr

Related Correlations Analysis

	ADSK	INTU	ZM	SNOW	WDAY	SHOP	AI	CRM	DDOG	HUBS
ADSK		0.29	0.87	0.62	0.69	0.75	0.84	0.94	0.9	0.86	ADSK
INTU	0.29		0.24	-0.31	0.42	-0.06	0.61	0.48	0.54	-0.06	INTU
ZM	0.87	0.24		0.57	0.68	0.74	0.77	0.87	0.83	0.76	ZM
SNOW	0.62	-0.31	0.57		0.49	0.84	0.25	0.44	0.36	0.88	SNOW
WDAY	0.69	0.42	0.68	0.49		0.67	0.63	0.69	0.62	0.63	WDAY
SHOP	0.75	-0.06	0.74	0.84	0.67		0.51	0.61	0.53	0.91	SHOP
AI	0.84	0.61	0.77	0.25	0.63	0.51		0.91	0.95	0.56	AI
CRM	0.94	0.48	0.87	0.44	0.69	0.61	0.91		0.95	0.71	CRM
DDOG	0.9	0.54	0.83	0.36	0.62	0.53	0.95	0.95		0.65	DDOG
HUBS	0.86	-0.06	0.76	0.88	0.63	0.91	0.56	0.71	0.65		HUBS
	ADSK	INTU	ZM	SNOW	WDAY	SHOP	AI	CRM	DDOG	HUBS

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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	AI
DDOG	+ 0.95	CRM
CRM	+ 0.94	ADSK
HUBS	+ 0.91	SHOP
CRM	+ 0.91	AI
DDOG	+ 0.9	ADSK

High negative correlations

SNOW	- 0.31	INTU
HUBS	- 0.06	INTU
SHOP	- 0.06	INTU

Risk-Adjusted Indicators

There is a big difference between ServiceNow Stock performing well and ServiceNow 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 ServiceNow'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ADSK	1.22	(0.14)	(0.24)	2.09	(2.88)	8.00
INTU	1.50	(0.04)	(0.17)	3.01	(2.35)	17.47
ZM	1.37	(0.09)	(0.24)	2.54	(3.30)	16.58
SNOW	2.09	(0.01)	(0.10)	3.60	(3.93)	19.02
WDAY	1.59	(0.02)	(0.12)	2.93	(3.27)	10.21
SHOP	2.47	(0.07)	(0.14)	4.57	(6.41)	16.75
AI	3.32	(0.77)	(0.75)	5.97	(8.51)	19.50
CRM	1.42	(0.23)	(0.30)	2.72	(3.81)	8.88
DDOG	1.79	(0.52)	(0.73)	2.66	(4.28)	15.08
HUBS	1.78	(0.14)	(0.20)	4.36	(4.03)	13.15

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