Ciena Corp Correlations

CIEN Stock

USD 82.12 0.61 0.75%

The current 90-days correlation between Ciena Corp and Hewlett Packard Enterprise is 0.8 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ciena Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ciena Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Ciena Corp Correlation With Market

Poor diversification

The correlation between Ciena Corp and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ciena Corp and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ciena 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.

To learn how to invest in Ciena Stock, please use our How to Invest in Ciena Corp guide.

Moving together with Ciena Stock

0.81	STX	Seagate Technology PLC	Pair Corr
0.82	WDC	Western Digital	Pair Corr
0.75	JNPR	Juniper Networks	Pair Corr
0.89	NTAP	NetApp Inc	Pair Corr
0.93	PSTG	Pure Storage	Pair Corr
0.91	ANET	Arista Networks Tech Boost	Pair Corr
0.76	SMCI	Super Micro Computer Aggressive Push	Pair Corr
0.84	SSYS	Stratasys	Pair Corr
0.78	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.89	DELL	Dell Technologies	Pair Corr
0.68	CRM	Salesforce	Pair Corr
0.73	IBM	International Business	Pair Corr
0.83	MARA	Marathon Digital Holdings Aggressive Push	Pair Corr
0.88	MSFT	Microsoft Aggressive Push	Pair Corr
0.75	RIOT	Riot Blockchain Aggressive Push	Pair Corr
0.67	BTBT	Bit Digital	Pair Corr
0.82	CLSK	CleanSpark Aggressive Push	Pair Corr
0.67	HYMTF	Hyundai Motor	Pair Corr
0.81	KB	KB Financial Group	Pair Corr
0.78	TD	Toronto Dominion Bank	Pair Corr
0.76	WMT	Walmart	Pair Corr
0.82	TRV	The Travelers Companies	Pair Corr
0.88	JPM	JPMorgan Chase	Pair Corr
0.91	AXP	American Express	Pair Corr
0.88	GE	GE Aerospace	Pair Corr

Moving against Ciena Stock

0.37	CAN	Canaan Inc	Pair Corr
0.45	BRK-A	Berkshire Hathaway	Pair Corr
0.45	MRK	Merck Company	Pair Corr
0.44	BRK-B	Berkshire Hathaway	Pair Corr

Related Correlations Analysis

	EXTR	HPE	NTGR	MSI	LITE	ADTN	GILT	VIAV	INFN	AAOI
EXTR		0.94	0.89	-0.18	0.97	0.5	0.34	-0.38	0.4	0.85	EXTR
HPE	0.94		0.89	-0.1	0.91	0.39	0.38	-0.4	0.23	0.75	HPE
NTGR	0.89	0.89		-0.14	0.79	0.33	0.16	-0.54	0.08	0.62	NTGR
MSI	-0.18	-0.1	-0.14		-0.23	0.36	0.16	0.68	-0.32	-0.04	MSI
LITE	0.97	0.91	0.79	-0.23		0.45	0.33	-0.37	0.51	0.87	LITE
ADTN	0.5	0.39	0.33	0.36	0.45		0.51	0.47	0.22	0.71	ADTN
GILT	0.34	0.38	0.16	0.16	0.33	0.51		0.29	-0.04	0.54	GILT
VIAV	-0.38	-0.4	-0.54	0.68	-0.37	0.47	0.29		-0.05	-0.06	VIAV
INFN	0.4	0.23	0.08	-0.32	0.51	0.22	-0.04	-0.05		0.42	INFN
AAOI	0.85	0.75	0.62	-0.04	0.87	0.71	0.54	-0.06	0.42		AAOI
	EXTR	HPE	NTGR	MSI	LITE	ADTN	GILT	VIAV	INFN	AAOI

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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

LITE	+ 0.97	EXTR
HPE	+ 0.94	EXTR
LITE	+ 0.91	HPE
NTGR	+ 0.89	EXTR
NTGR	+ 0.89	HPE
AAOI	+ 0.87	LITE

High negative correlations

VIAV	- 0.54	NTGR
VIAV	- 0.4	HPE
VIAV	- 0.38	EXTR
VIAV	- 0.37	LITE
INFN	- 0.32	MSI
LITE	- 0.23	MSI

Risk-Adjusted Indicators

There is a big difference between Ciena Stock performing well and Ciena Corp 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 Ciena Corp'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
EXTR	2.35	0.21	0.07	0.17	3.17	(2.42)	4.94	(5.08)	20.04
HPE	2.14	0.15	0.05	0.13	3.33	(2.19)	5.01	(5.21)	21.07
NTGR	2.44	0.20	0.07	0.17	3.03	(3.15)	5.80	(4.12)	22.43
MSI	1.07	(0.06)	0.00	(0.04)	0.00	0.00	1.81	(2.08)	13.15
LITE	3.11	0.44	0.10	0.25	4.45	(3.45)	6.53	(6.98)	28.50
ADTN	2.37	(0.12)	0.00	(0.03)	0.00	0.00	5.11	(4.62)	21.56
GILT	2.35	0.05	0.02	0.09	2.96	(2.71)	6.02	(4.40)	20.93
VIAV	1.49	(0.26)	0.00	(0.24)	0.00	0.00	3.01	(3.34)	18.23
INFN	0.23	0.00	(0.14)	0.14	0.26	(0.29)	0.46	(0.45)	1.52
AAOI	6.32	0.47	0.08	0.17	6.94	(7.35)	17.82	(10.47)	45.13

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