Magic Software Correlations

MGIC Stock

USD 13.87 0.03 0.22%

The correlation of Magic Software 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.

Magic Software Correlation With Market

Very weak diversification

The correlation between Magic Software Enterprises and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magic Software Enterprises and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Magic Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Magic Software Enterprises. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving against Magic Stock

0.56	FI	Fiserv,	Pair Corr
0.46	WIT	Wipro Limited ADR	Pair Corr
0.45	VRRM	Verra Mobility Corp	Pair Corr
0.44	ACN	Accenture plc	Pair Corr
0.42	VYX	NCR Voyix Earnings Call This Week	Pair Corr
0.41	IT	Gartner Earnings Call This Week	Pair Corr
0.41	GDYN	Grid Dynamics Holdings	Pair Corr
0.39	DXC	DXC Technology	Pair Corr
0.37	VNET	VNET Group DRC Tech Boost	Pair Corr
0.37	EPAM	EPAM Systems Earnings Call This Week	Pair Corr
0.33	DMRC	Digimarc	Pair Corr
0.31	VEEA	Veea Inc Symbol Change	Pair Corr
0.5	DTSTW	Data Storage	Pair Corr
0.49	HCKT	Hackett Group Earnings Call This Week	Pair Corr
0.46	VEEAW	Veea Inc Symbol Change	Pair Corr
0.44	NOTE	FiscalNote Holdings Earnings Call This Week	Pair Corr
0.43	INFY	Infosys Ltd ADR	Pair Corr
0.42	LVROW	Lavoro Limited Warrant	Pair Corr
0.4	SLNHP	Soluna Holdings Preferred	Pair Corr
0.39	BNAIW	Brand Engagement Network	Pair Corr
0.38	APLD	Applied Digital Upward Rally	Pair Corr
0.36	PONY	Pony AI American Downward Rally	Pair Corr
0.35	NABL	N Able Inc	Pair Corr
0.33	WRD	WeRide American Depo	Pair Corr
0.33	JDZG	JIADE LIMITED Common	Pair Corr

Related Correlations Analysis

	CTG	HCKT	CSPI	NYAX	FORTY	IBEX	INOD	ASGN
CTG		0.0	0.0	0.0	0.0	0.0	0.0	0.0	CTG
HCKT	0.0		0.68	0.03	0.62	0.24	0.49	0.85	HCKT
CSPI	0.0	0.68		0.52	0.59	0.15	0.19	0.67	CSPI
NYAX	0.0	0.03	0.52		0.21	0.07	0.0	0.06	NYAX
FORTY	0.0	0.62	0.59	0.21		0.57	0.71	0.42	FORTY
IBEX	0.0	0.24	0.15	0.07	0.57		0.68	-0.19	IBEX
INOD	0.0	0.49	0.19	0.0	0.71	0.68		0.13	INOD
ASGN	0.0	0.85	0.67	0.06	0.42	-0.19	0.13		ASGN
	CTG	HCKT	CSPI	NYAX	FORTY	IBEX	INOD	ASGN

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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

ASGN	+ 0.85	HCKT
INOD	+ 0.71	FORTY
CSPI	+ 0.68	HCKT
INOD	+ 0.68	IBEX
ASGN	+ 0.67	CSPI
FORTY	+ 0.62	HCKT

High negative correlations

ASGN	- 0.19	IBEX
INOD	- 0.0	NYAX
ASGN	- 0.0	CTG
INOD	- 0.0	CTG
IBEX	- 0.0	CTG
FORTY	- 0.0	CTG

Risk-Adjusted Indicators

There is a big difference between Magic Stock performing well and Magic Software 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 Magic Software'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
CTG	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HCKT	0.94	(0.20)	0.00	(0.49)	0.00	0.00	1.57	(2.51)	5.86
CSPI	3.36	0.32	0.06	0.08	3.89	(3.49)	6.82	(5.96)	22.53
NYAX	2.02	0.34	0.19	0.45	1.93	(2.49)	4.61	(3.17)	15.35
FORTY	1.26	0.05	0.09	0.04	1.45	(2.01)	3.45	(3.02)	10.25
IBEX	1.55	0.27	0.17	0.28	1.68	(1.73)	4.08	(3.17)	15.21
INOD	5.45	0.44	0.08	(19.16)	7.13	(5.17)	11.68	(11.94)	37.27
ASGN	1.89	(0.93)	0.00	5.99	0.00	0.00	2.43	(4.84)	19.92

Magic Software Corporate Management

Yael Ilan	Chief Solutions	Profile
Idan Faingold	Chief Ltd	Profile
Asaf CPA	Chief Officer	Profile
Karin Netzer	Chief Officer	Profile

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