NetApp Correlations

NTAP Stock

USD 93.53 1.27 1.38%

The current 90-days correlation between NetApp Inc and Arista Networks is 0.38 (i.e., Weak 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. If the correlation is 0, the equities are not correlated; they are entirely random.

NetApp Correlation With Market

Average diversification

The correlation between NetApp Inc and DJI is 0.15 (i.e., Average 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.

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

Moving together with NetApp Stock

0.7	KE	Kimball Electronics	Pair Corr
0.74	KN	Knowles Cor	Pair Corr
0.63	EBON	Ebang International	Pair Corr
0.63	ELTK	Eltek	Pair Corr
0.61	EVLV	Evolv Technologies Potential Growth	Pair Corr
0.62	EXTR	Extreme Networks	Pair Corr
0.82	FLEX	Flex	Pair Corr
0.81	APH	Amphenol	Pair Corr
0.86	BDC	Belden Inc	Pair Corr
0.64	BHE	Benchmark Electronics	Pair Corr
0.7	CDW	CDW Corp	Pair Corr
0.66	CTS	CTS Corporation	Pair Corr
0.63	GLW	Corning Incorporated	Pair Corr
0.88	HPE	Hewlett Packard Ente Aggressive Push	Pair Corr
0.91	HPQ	HP Inc	Pair Corr
0.75	IDN	Intellicheck Mobilisa Tech Boost	Pair Corr
0.61	JBL	Jabil Circuit	Pair Corr
0.85	MEI	Methode Electronics	Pair Corr
0.71	MSI	Motorola Solutions	Pair Corr

Moving against NetApp Stock

0.43	FKWL	Franklin Wireless Corp	Pair Corr
0.66	NOK	Nokia Corp ADR Aggressive Push	Pair Corr

Related Correlations Analysis

	ANET	DELL	DDD	SSYS	WDC	LOGI	HPQ	NNDM	SMCI	PSTG
ANET		0.69	0.4	-0.08	0.61	-0.28	0.66	0.65	-0.4	0.9	ANET
DELL	0.69		0.42	-0.03	0.68	-0.26	0.88	0.53	0.14	0.68	DELL
DDD	0.4	0.42		0.76	0.66	0.49	0.6	0.56	0.27	0.66	DDD
SSYS	-0.08	-0.03	0.76		0.42	0.73	0.14	0.22	0.53	0.2	SSYS
WDC	0.61	0.68	0.66	0.42		0.31	0.77	0.32	0.33	0.76	WDC
LOGI	-0.28	-0.26	0.49	0.73	0.31		-0.01	-0.18	0.6	0.05	LOGI
HPQ	0.66	0.88	0.6	0.14	0.77	-0.01		0.47	0.13	0.77	HPQ
NNDM	0.65	0.53	0.56	0.22	0.32	-0.18	0.47		-0.24	0.64	NNDM
SMCI	-0.4	0.14	0.27	0.53	0.33	0.6	0.13	-0.24		-0.15	SMCI
PSTG	0.9	0.68	0.66	0.2	0.76	0.05	0.77	0.64	-0.15		PSTG
	ANET	DELL	DDD	SSYS	WDC	LOGI	HPQ	NNDM	SMCI	PSTG

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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

PSTG	+ 0.9	ANET
HPQ	+ 0.88	DELL
HPQ	+ 0.77	WDC
PSTG	+ 0.77	HPQ
SSYS	+ 0.76	DDD
PSTG	+ 0.76	WDC

High negative correlations

SMCI	- 0.4	ANET
LOGI	- 0.28	ANET
LOGI	- 0.26	DELL
SMCI	- 0.24	NNDM
NNDM	- 0.18	LOGI
PSTG	- 0.15	SMCI

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
ANET	2.81	(0.14)	0.00	(0.21)	0.00	0.00	5.14	(6.43)	29.20
DELL	2.31	(0.18)	0.00	(0.34)	0.00	0.00	3.96	(4.74)	12.66
DDD	3.94	0.02	0.00	(0.09)	0.00	0.00	9.11	(6.96)	35.49
SSYS	2.59	0.13	0.06	0.09	2.56	(3.36)	6.12	(3.48)	27.38
WDC	2.11	(0.09)	0.00	(0.17)	0.00	0.00	4.74	(5.58)	13.32
LOGI	1.40	0.19	0.13	0.14	1.49	(1.61)	3.42	(2.39)	8.10
HPQ	1.25	(0.20)	0.00	(0.41)	0.00	0.00	1.82	(2.68)	9.02
NNDM	2.49	0.00	0.00	0.00	0.00	0.00	6.35	(4.20)	23.92
SMCI	5.58	0.26	0.04	0.11	6.14	(6.96)	12.23	(11.76)	33.52
PSTG	2.32	(0.14)	0.00	(0.24)	0.00	0.00	4.17	(5.79)	20.50

NetApp Corporate Management

Elizabeth JD	Interim VP	Profile
Daniel Lorenzo	Controller VP	Profile
Puneet Gupta	Managing Services	Profile
Gus Shahin	Executive Operations	Profile
Alessandra Yockelson	Executive CHRO	Profile
Elizabeth OCallahan	Chief VP	Profile

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