Workday Correlations

WDAY Stock

USD 251.91 1.29 0.51%

The current 90-days correlation between Workday and Intuit Inc is 0.62 (i.e., Poor diversification). The correlation of Workday 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.

Workday Correlation With Market

Weak diversification

The correlation between Workday and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Workday and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Workday. 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.

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

Moving together with Workday Stock

0.64	AI	C3 Ai Inc	Pair Corr
0.75	PD	Pagerduty Tech Boost	Pair Corr
0.68	ZM	Zoom Video Communications	Pair Corr
0.65	DOCU	DocuSign	Pair Corr
0.69	DSGX	Descartes Systems	Pair Corr
0.66	VMEO	Vimeo Inc Potential Growth	Pair Corr
0.68	ETWO	E2open Parent Holdings	Pair Corr

Moving against Workday Stock

0.32

Versus Systems

Pair Corr

Related Correlations Analysis

	INTU	ZM	NOW	SNOW	ADSK	AI	SHOP	CRM	TEAM
INTU		0.24	0.58	-0.3	0.3	0.62	-0.07	0.5	-0.29	INTU
ZM	0.24		0.7	0.56	0.87	0.77	0.73	0.87	0.54	ZM
NOW	0.58	0.7		0.29	0.85	0.88	0.39	0.93	0.19	NOW
SNOW	-0.3	0.56	0.29		0.61	0.24	0.83	0.43	0.9	SNOW
ADSK	0.3	0.87	0.85	0.61		0.83	0.74	0.94	0.6	ADSK
AI	0.62	0.77	0.88	0.24	0.83		0.49	0.91	0.24	AI
SHOP	-0.07	0.73	0.39	0.83	0.74	0.49		0.59	0.88	SHOP
CRM	0.5	0.87	0.93	0.43	0.94	0.91	0.59		0.38	CRM
TEAM	-0.29	0.54	0.19	0.9	0.6	0.24	0.88	0.38		TEAM
	INTU	ZM	NOW	SNOW	ADSK	AI	SHOP	CRM	TEAM

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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

CRM	+ 0.94	ADSK
CRM	+ 0.93	NOW
CRM	+ 0.91	AI
TEAM	+ 0.9	SNOW
AI	+ 0.88	NOW
TEAM	+ 0.88	SHOP

High negative correlations

SNOW	- 0.3	INTU
TEAM	- 0.29	INTU
SHOP	- 0.07	INTU

Risk-Adjusted Indicators

There is a big difference between Workday Stock performing well and Workday 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 Workday'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
INTU	1.50	(0.04)	(0.16)	3.01	(2.35)	17.47
ZM	1.39	(0.13)	(0.29)	2.54	(3.30)	16.58
NOW	1.79	(0.29)	(0.32)	2.61	(4.82)	14.05
SNOW	2.16	(0.07)	(0.15)	3.60	(4.81)	19.02
ADSK	1.24	(0.16)	(0.26)	2.09	(2.88)	8.00
AI	3.31	(0.78)	(0.74)	5.97	(8.51)	19.50
SHOP	2.46	(0.06)	(0.13)	4.57	(6.41)	16.75
CRM	1.42	(0.23)	(0.30)	2.72	(3.81)	8.88
TEAM	2.41	(0.14)	(0.19)	3.80	(7.26)	24.54

Workday Corporate Management

Ali Fuller	Senior Experience	Profile
Mark Garfield	Chief Officer	Profile
Jeff Gelfuso	Chief Officer	Profile
Robynne Sisco	CoPres	Profile
Josh DeFigueiredo	Chief Officer	Profile
Jim Stratton	Chief Officer	Profile

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