Paychex Correlations

PAYX Stock

USD 146.99 1.00 0.68%

The current 90-days correlation between Paychex and Robert Half International is 0.26 (i.e., Modest diversification). The correlation of Paychex 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.

Paychex Correlation With Market

Very weak diversification

The correlation between Paychex 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 Paychex 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 Paychex. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

For more information on how to buy Paychex Stock please use our How to Invest in Paychex guide.

Moving together with Paychex Stock

0.84	G	Genpact Limited	Pair Corr
0.78	BR	Broadridge Financial	Pair Corr
0.77	KC	Kingsoft Cloud Holdings Earnings Call Tomorrow	Pair Corr
0.88	LZ	LegalZoom	Pair Corr
0.78	MG	Mistras Group	Pair Corr
0.89	WM	Waste Management	Pair Corr
0.88	VRSK	Verisk Analytics	Pair Corr
0.66	EXLS	ExlService Holdings	Pair Corr

Moving against Paychex Stock

0.86	VCIG	VCI Global Limited	Pair Corr
0.72	DLHC	DLH Holdings Corp	Pair Corr
0.71	BV	BrightView Holdings	Pair Corr
0.66	NL	NL Industries	Pair Corr
0.56	WLDN	Willdan Group	Pair Corr
0.5	VLTO	Veralto Sell-off Trend	Pair Corr
0.44	EXPO	Exponent	Pair Corr
0.4	FC	Franklin Covey Earnings Call This Week	Pair Corr
0.37	FA	First Advantage Corp	Pair Corr
0.76	CXW	CoreCivic	Pair Corr
0.72	BTM	Bitcoin Depot	Pair Corr
0.69	DLX	Deluxe	Pair Corr
0.67	FORR	Forrester Research	Pair Corr
0.66	DNB	Dun Bradstreet Holdings	Pair Corr
0.61	CIX	CompX International	Pair Corr
0.59	FCN	FTI Consulting	Pair Corr
0.58	AXR	AMREP	Pair Corr
0.52	HNI	HNI Corp	Pair Corr
0.51	CLH	Clean Harbors	Pair Corr
0.48	FTEK	Fuel Tech	Pair Corr
0.33	AWX	Avalon Holdings Earnings Call Today	Pair Corr
0.32	BRC	Brady	Pair Corr
0.31	DSS	DSS Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	RHI	MAN	UPWK	NSP	KFY	KFRC	KELYA	HSII	BGSF	HSON
RHI		0.24	0.79	-0.59	0.63	0.92	0.45	0.39	0.86	0.92	RHI
MAN	0.24		-0.11	0.06	0.58	0.5	0.33	0.59	-0.09	0.17	MAN
UPWK	0.79	-0.11		-0.48	0.46	0.59	0.44	0.22	0.85	0.76	UPWK
NSP	-0.59	0.06	-0.48		-0.45	-0.56	-0.15	-0.42	-0.65	-0.65	NSP
KFY	0.63	0.58	0.46	-0.45		0.72	0.64	0.71	0.36	0.61	KFY
KFRC	0.92	0.5	0.59	-0.56	0.72		0.43	0.56	0.72	0.89	KFRC
KELYA	0.45	0.33	0.44	-0.15	0.64	0.43		0.39	0.23	0.31	KELYA
HSII	0.39	0.59	0.22	-0.42	0.71	0.56	0.39		0.25	0.41	HSII
BGSF	0.86	-0.09	0.85	-0.65	0.36	0.72	0.23	0.25		0.87	BGSF
HSON	0.92	0.17	0.76	-0.65	0.61	0.89	0.31	0.41	0.87		HSON
	RHI	MAN	UPWK	NSP	KFY	KFRC	KELYA	HSII	BGSF	HSON

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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

KFRC	+ 0.92	RHI
HSON	+ 0.92	RHI
HSON	+ 0.89	KFRC
HSON	+ 0.87	BGSF
BGSF	+ 0.86	RHI
BGSF	+ 0.85	UPWK

High negative correlations

HSON	- 0.65	NSP
BGSF	- 0.65	NSP
NSP	- 0.59	RHI
KFRC	- 0.56	NSP
NSP	- 0.48	UPWK
KFY	- 0.45	NSP

Risk-Adjusted Indicators

There is a big difference between Paychex Stock performing well and Paychex 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 Paychex'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
RHI	1.24	(0.42)	0.00	(0.61)	0.00	0.00	2.29	(2.86)	9.07
MAN	1.32	0.02	0.00	(0.06)	0.00	0.00	3.22	(2.38)	8.18
UPWK	2.27	(0.24)	0.00	(0.24)	0.00	0.00	4.29	(5.43)	15.63
NSP	1.94	0.20	0.10	0.21	2.06	(2.20)	4.40	(3.82)	21.10
KFY	1.15	(0.03)	0.00	(0.12)	0.00	0.00	1.94	(2.63)	8.79
KFRC	1.16	(0.21)	0.00	(0.40)	0.00	0.00	2.22	(3.31)	7.05
KELYA	1.55	(0.09)	0.00	(0.20)	0.00	0.00	3.16	(3.36)	11.95
HSII	1.21	(0.05)	0.00	(0.23)	0.00	0.00	2.44	(3.38)	17.22
BGSF	2.18	(0.65)	0.00	(2.68)	0.00	0.00	3.63	(6.17)	21.74
HSON	1.61	(0.43)	0.00	(0.69)	0.00	0.00	3.22	(3.73)	8.93

Paychex Corporate Management

John Gibson	Sr. VP of Service	Profile
Christopher Simmons	Controller, VP	Profile
Dave Wilson	Vice Services	Profile
Chad Parodi	Managing Services	Profile
Christopher DeSalvo	VP Operations	Profile
Frank Fiorille	Compliance Risk	Profile

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