8x8 Common Correlations

EGHT Stock

USD 1.75 0.09 4.89%

The current 90-days correlation between 8x8 Common Stock and Blackbaud is -0.22 (i.e., Very good diversification). The correlation of 8x8 Common 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.

8x8 Common Correlation With Market

Poor diversification

The correlation between 8x8 Common Stock and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 8x8 Common Stock and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in 8x8 Common Stock. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with 8x8 Stock

0.77	KC	Kingsoft Cloud Holdings	Pair Corr
0.86	PD	Pagerduty	Pair Corr
0.88	WK	Workiva	Pair Corr
0.69	VMEO	Vimeo Inc	Pair Corr
0.64	WALD	Waldencast Acquisition	Pair Corr
0.68	ESTC	Elastic NV	Pair Corr
0.65	EXFY	Expensify	Pair Corr
0.83	API	Agora Inc	Pair Corr

Moving against 8x8 Stock

0.57	VERX	Vertex	Pair Corr
0.35	DUOL	Duolingo	Pair Corr
0.35	ANY	Sphere 3D Corp	Pair Corr
0.32	BSY	Bentley Systems	Pair Corr

Related Correlations Analysis

	BLKB	BSY	PCTY	ANSS	BL	DV	ROP	GWRE	CVLT	AGYS
BLKB		0.18	0.47	0.35	0.3	0.24	0.4	0.13	0.36	0.02	BLKB
BSY	0.18		0.23	0.81	0.86	0.62	0.17	0.87	0.79	0.86	BSY
PCTY	0.47	0.23		0.57	0.44	0.4	0.59	0.05	0.41	0.09	PCTY
ANSS	0.35	0.81	0.57		0.91	0.84	0.59	0.74	0.87	0.74	ANSS
BL	0.3	0.86	0.44	0.91		0.82	0.49	0.8	0.87	0.89	BL
DV	0.24	0.62	0.4	0.84	0.82		0.56	0.74	0.8	0.65	DV
ROP	0.4	0.17	0.59	0.59	0.49	0.56		0.21	0.36	0.2	ROP
GWRE	0.13	0.87	0.05	0.74	0.8	0.74	0.21		0.81	0.86	GWRE
CVLT	0.36	0.79	0.41	0.87	0.87	0.8	0.36	0.81		0.79	CVLT
AGYS	0.02	0.86	0.09	0.74	0.89	0.65	0.2	0.86	0.79		AGYS
	BLKB	BSY	PCTY	ANSS	BL	DV	ROP	GWRE	CVLT	AGYS

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Risk-Adjusted Indicators

There is a big difference between 8x8 Stock performing well and 8x8 Common 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 8x8 Common'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
BLKB	1.27	0.00	(0.02)	0.10	1.80	(1.22)	2.45	(2.57)	10.58
BSY	1.31	0.28	0.16	0.36	1.41	(1.42)	2.63	(2.22)	13.09
PCTY	1.36	(0.12)	0.00	(0.11)	0.00	0.00	2.21	(3.52)	13.01
ANSS	1.22	0.03	0.02	0.06	2.08	(1.19)	2.59	(3.26)	13.99
BL	1.60	0.14	0.07	0.15	1.87	(1.87)	3.63	(2.88)	12.20
DV	2.05	(0.01)	0.00	0.01	2.62	(2.14)	4.36	(4.65)	18.32
ROP	1.04	(0.06)	0.00	(0.04)	0.00	0.00	1.69	(1.97)	9.88
GWRE	1.62	0.33	0.16	0.37	1.60	(1.80)	3.11	(3.66)	18.60
CVLT	2.21	0.05	0.01	2.66	3.28	(2.05)	3.93	(5.03)	17.64
AGYS	2.16	0.57	0.28	0.55	1.57	(2.59)	4.66	(3.32)	24.20

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