Western Digital Correlations

WDC Stock

USD 43.66 0.85 1.91%

The current 90-days correlation between Western Digital and NetApp Inc is 0.37 (i.e., Weak diversification). The correlation of Western Digital 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.

Western Digital Correlation With Market

Very weak diversification

The correlation between Western Digital and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Digital 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 Western Digital. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

For information on how to trade Western Stock refer to our How to Trade Western Stock guide.

Moving together with Western Stock

0.76	HPQ	HP Inc	Pair Corr
0.79	JBL	Jabil Circuit Buyout Trend	Pair Corr
0.75	PCTY	Paylocity Holdng	Pair Corr
0.64	ASAN	Asana Inc	Pair Corr
0.76	KNTK	Kinetik Holdings	Pair Corr

Moving against Western Stock

0.5	RTMVF	Rightmove plc	Pair Corr
0.44	CBYDF	Corby Spirit	Pair Corr
0.37	CDUAF	Canadian Utilities	Pair Corr
0.34	TCTZF	Tencent Holdings Downward Rally	Pair Corr
0.33	GORO	Gold Resource	Pair Corr

Related Correlations Analysis

	NTAP	LOGI	HPQ	DELL	PSTG	STX	SMCI	ANET	DDD	SSYS
NTAP		0.16	0.92	0.78	0.94	0.54	-0.08	0.65	0.64	0.15	NTAP
LOGI	0.16		0.14	-0.14	0.15	0.64	0.58	-0.21	0.63	0.8	LOGI
HPQ	0.92	0.14		0.88	0.81	0.46	0.1	0.48	0.66	0.11	HPQ
DELL	0.78	-0.14	0.88		0.71	0.24	0.12	0.47	0.45	-0.04	DELL
PSTG	0.94	0.15	0.81	0.71		0.53	-0.15	0.75	0.63	0.18	PSTG
STX	0.54	0.64	0.46	0.24	0.53		0.31	0.24	0.49	0.43	STX
SMCI	-0.08	0.58	0.1	0.12	-0.15	0.31		-0.38	0.31	0.53	SMCI
ANET	0.65	-0.21	0.48	0.47	0.75	0.24	-0.38		0.25	-0.1	ANET
DDD	0.64	0.63	0.66	0.45	0.63	0.49	0.31	0.25		0.67	DDD
SSYS	0.15	0.8	0.11	-0.04	0.18	0.43	0.53	-0.1	0.67		SSYS
	NTAP	LOGI	HPQ	DELL	PSTG	STX	SMCI	ANET	DDD	SSYS

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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	+ 0.94	NTAP
HPQ	+ 0.92	NTAP
DELL	+ 0.88	HPQ
PSTG	+ 0.81	HPQ
SSYS	+ 0.8	LOGI
DELL	+ 0.78	NTAP

High negative correlations

ANET	- 0.38	SMCI
ANET	- 0.21	LOGI
SMCI	- 0.15	PSTG
DELL	- 0.14	LOGI
SSYS	- 0.1	ANET
SMCI	- 0.08	NTAP

Risk-Adjusted Indicators

There is a big difference between Western Stock performing well and Western Digital 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 Western Digital'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
NTAP	1.65	(0.38)	0.00	(0.87)	0.00	0.00	2.13	(4.09)	18.97
LOGI	1.39	0.17	0.15	0.89	1.43	(1.65)	3.42	(2.24)	8.10
HPQ	1.25	(0.24)	0.00	(0.44)	0.00	0.00	1.82	(2.68)	9.02
DELL	2.32	(0.19)	0.00	(0.31)	0.00	0.00	3.96	(4.74)	12.66
PSTG	2.34	(0.19)	0.00	(0.25)	0.00	0.00	4.17	(5.79)	20.50
STX	1.53	(0.04)	0.00	(0.11)	0.00	0.00	3.20	(4.35)	13.10
SMCI	5.62	0.38	0.06	0.22	6.15	(6.92)	12.23	(11.76)	33.52
ANET	2.76	(0.41)	0.00	(1.75)	0.00	0.00	4.21	(6.43)	29.20
DDD	3.90	(0.17)	0.00	(0.40)	0.00	0.00	9.11	(6.96)	35.49
SSYS	2.53	0.07	0.03	0.02	2.57	(3.24)	6.12	(3.48)	27.38

Western Digital Corporate Management

David Goeckeler	CEO Director	Profile
Gene Zamiska	Senior Officer	Profile
Shantnu Sharma	Chief Officer	Profile
Katie Watson	Chief Officer	Profile
Vidya Gubbi	Chief Operations	Profile

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