Open Text Correlations

OTEX Stock

USD 26.24 0.15 0.57%

The current 90-days correlation between Open Text Corp and Paycom Soft is 0.43 (i.e., Very weak diversification). The correlation of Open Text 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.

Open Text Correlation With Market

Very weak diversification

The correlation between Open Text Corp and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Open Text Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Open Text Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Open Stock

0.82	AI	C3 Ai Inc	Pair Corr
0.86	BL	Blackline	Pair Corr
0.69	DV	DoubleVerify Holdings	Pair Corr
0.81	EB	Eventbrite Class A	Pair Corr
0.76	PD	Pagerduty Tech Boost	Pair Corr
0.85	ZM	Zoom Video Communications	Pair Corr
0.87	DOCU	DocuSign Tech Boost	Pair Corr
0.88	VERX	Vertex	Pair Corr
0.68	VERB	Verb Technology	Pair Corr
0.82	DSGX	Descartes Systems	Pair Corr
0.88	VMEO	Vimeo Inc	Pair Corr
0.87	VTEX	VTEX	Pair Corr
0.73	EGAN	eGain	Pair Corr
0.76	EGHT	8x8 Common Stock	Pair Corr
0.85	ELWS	Earlyworks Co,	Pair Corr
0.82	WBTN	WEBTOON Entertainment	Pair Corr
0.91	ETWO	E2open Parent Holdings	Pair Corr
0.71	ANY	Sphere 3D Corp	Pair Corr

Moving against Open Stock

0.59	QH	Quhuo	Pair Corr
0.46	KC	Kingsoft Cloud Holdings	Pair Corr
0.4	ZI	ZoomInfo Technologies	Pair Corr
0.35	ENFN	Enfusion	Pair Corr

Related Correlations Analysis

	PAYC	LSPD	PWSC	ABST	ENFN	GWRE	MANH	ETWO	MODN	AZPN
PAYC		0.07	0.0	0.0	0.15	-0.08	0.07	0.11	0.0	0.06	PAYC
LSPD	0.07		0.0	0.0	-0.66	-0.31	0.88	0.81	0.0	-0.8	LSPD
PWSC	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	PWSC
ABST	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	ABST
ENFN	0.15	-0.66	0.0	0.0		0.64	-0.69	-0.47	0.0	0.72	ENFN
GWRE	-0.08	-0.31	0.0	0.0	0.64		-0.54	0.02	0.0	0.63	GWRE
MANH	0.07	0.88	0.0	0.0	-0.69	-0.54		0.66	0.0	-0.93	MANH
ETWO	0.11	0.81	0.0	0.0	-0.47	0.02	0.66		0.0	-0.5	ETWO
MODN	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	MODN
AZPN	0.06	-0.8	0.0	0.0	0.72	0.63	-0.93	-0.5	0.0		AZPN
	PAYC	LSPD	PWSC	ABST	ENFN	GWRE	MANH	ETWO	MODN	AZPN

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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

MANH	+ 0.88	LSPD
ETWO	+ 0.81	LSPD
AZPN	+ 0.72	ENFN
ETWO	+ 0.66	MANH
GWRE	+ 0.64	ENFN
AZPN	+ 0.63	GWRE

High negative correlations

AZPN	- 0.93	MANH
AZPN	- 0.8	LSPD
MANH	- 0.69	ENFN
ENFN	- 0.66	LSPD
MANH	- 0.54	GWRE
AZPN	- 0.5	ETWO

Risk-Adjusted Indicators

There is a big difference between Open Stock performing well and Open Text 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 Open Text'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
PAYC	1.49	(0.08)	0.00	(0.20)	0.00	0.00	2.62	(3.40)	10.47
LSPD	1.98	(0.59)	0.00	(0.65)	0.00	0.00	4.13	(4.65)	17.66
PWSC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ABST	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ENFN	1.18	0.07	0.09	(0.69)	1.61	(1.39)	3.38	(2.60)	10.10
GWRE	1.65	0.31	0.14	0.22	2.06	(1.84)	3.05	(2.91)	18.85
MANH	2.14	(0.67)	0.00	(0.70)	0.00	0.00	3.03	(3.98)	27.65
ETWO	2.25	(0.30)	0.00	(0.30)	0.00	0.00	3.83	(5.24)	13.69
MODN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AZPN	0.51	0.07	0.19	(2.42)	0.65	(0.59)	1.12	(0.87)	6.87

Open Text Corporate Management

Howard CPA	VP Officer	Profile
Brian Sweeney	Executive Officer	Profile
Michael Acedo	Chief VP	Profile
Denise Miura	Senior Japan	Profile
Renee McKenzie	Ex Officer	Profile

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