NetApp Correlations

NTA Stock

EUR 122.08 5.70 4.90%

The current 90-days correlation between NetApp Inc and Pure Storage is 0.21 (i.e., Modest diversification). The correlation of NetApp 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.

NetApp Correlation With Market

Modest diversification

The correlation between NetApp Inc and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NetApp Inc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to NetApp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NetApp when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back NetApp - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling NetApp Inc to buy it.

Moving together with NetApp Stock

0.7	6PU	Pure Storage	Pair Corr
0.63	3T4	Teradata Corp	Pair Corr
0.75	WMT	Walmart	Pair Corr
0.76	WMT	Walmart	Pair Corr
0.63	AMZ	Amazon Inc	Pair Corr
0.63	AMZ	Amazon Inc	Pair Corr
0.77	CSA	Accenture plc Earnings Call Tomorrow	Pair Corr
0.67	8II	PLAYTIKA HOLDING	Pair Corr
0.77	BN9	The Bank	Pair Corr
0.69	SAP	SAP SE	Pair Corr
0.64	UF2	Sunstone Hotel Investors	Pair Corr
0.65	BAC	Verizon Communications	Pair Corr
0.61	E908	Lyxor 1	Pair Corr

Moving against NetApp Stock

0.64	VOW	Volkswagen AG	Pair Corr
0.63	VOWB	VOLKSWAGEN AG VZ	Pair Corr
0.61	VOW3	Volkswagen AG VZO	Pair Corr
0.61	VOW3	Volkswagen AG	Pair Corr
0.59	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	NTA	6PU	3T4	8SP	39O1	INVN	IUI1	INL	VOW	RS6
NTA		0.7	0.63	-0.39	0.02	0.75	0.71	0.36	-0.64	0.73	NTA
6PU	0.7		0.76	-0.24	-0.08	0.8	0.63	-0.08	-0.46	0.53	6PU
3T4	0.63	0.76		-0.41	0.02	0.68	0.61	0.09	-0.45	0.51	3T4
8SP	-0.39	-0.24	-0.41		0.49	-0.52	-0.75	-0.65	0.77	-0.73	8SP
39O1	0.02	-0.08	0.02	0.49		-0.29	-0.48	-0.08	0.47	-0.31	39O1
INVN	0.75	0.8	0.68	-0.52	-0.29		0.87	0.25	-0.75	0.82	INVN
IUI1	0.71	0.63	0.61	-0.75	-0.48	0.87		0.47	-0.91	0.92	IUI1
INL	0.36	-0.08	0.09	-0.65	-0.08	0.25	0.47		-0.57	0.66	INL
VOW	-0.64	-0.46	-0.45	0.77	0.47	-0.75	-0.91	-0.57		-0.92	VOW
RS6	0.73	0.53	0.51	-0.73	-0.31	0.82	0.92	0.66	-0.92		RS6
	NTA	6PU	3T4	8SP	39O1	INVN	IUI1	INL	VOW	RS6

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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

RS6	+ 0.92	IUI1
IUI1	+ 0.87	INVN
RS6	+ 0.82	INVN
INVN	+ 0.8	6PU
VOW	+ 0.77	8SP
3T4	+ 0.76	6PU

High negative correlations

RS6	- 0.92	VOW
VOW	- 0.91	IUI1
VOW	- 0.75	INVN
IUI1	- 0.75	8SP
RS6	- 0.73	8SP
INL	- 0.65	8SP

Risk-Adjusted Indicators

There is a big difference between NetApp Stock performing well and NetApp 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 NetApp'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
NTA	1.60	0.14	0.04	0.33	2.32	(1.52)	2.83	(3.46)	11.22
6PU	2.21	0.42	0.18	0.39	2.18	(2.67)	4.08	(3.47)	26.62
3T4	1.09	0.30	0.12	0.64	1.43	(1.41)	2.40	(1.44)	9.95
8SP	2.10	(0.25)	0.00	(0.16)	0.00	0.00	3.36	(4.50)	20.22
39O1	3.51	(0.01)	0.01	0.08	3.48	(5.40)	8.41	(5.63)	24.06
INVN	2.17	0.40	0.13	2.34	2.06	(2.57)	6.28	(4.00)	14.01
IUI1	1.20	0.18	0.11	0.39	1.13	(1.30)	3.28	(2.07)	10.53
INL	2.47	0.18	0.05	0.34	2.66	(3.06)	7.04	(5.34)	16.28
VOW	1.27	(0.04)	0.00	0.25	0.00	0.00	2.84	(2.99)	9.42
RS6	1.33	0.07	0.11	0.12	1.16	(1.53)	2.94	(2.03)	13.65

Be your own money manager

Our tools can tell you how much better you can do entering a position in NetApp without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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NetApp Corporate Management

Elected by the shareholders, the NetApp's board of directors comprises two types of representatives: NetApp inside directors who are chosen from within the company, and outside directors, selected externally and held independent of NetApp. The board's role is to monitor NetApp's management team and ensure that shareholders' interests are well served. NetApp's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, NetApp's outside directors are responsible for providing unbiased perspectives on the board's policies.

Michael Berry	Ex CFO	Profile
Cesar Rego	President	Profile
Matthew Fawcett	Ex Officer	Profile
Kris Newton	VP Relations	Profile
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