Magic Software Correlations

MGIC Stock

USD 21.13 0.12 0.57%

The current 90-days correlation between Magic Software Enter and Formula Systems 1985 is 0.18 (i.e., Average diversification). 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 0.44 (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 together with Magic Stock

0.74	KD	Kyndryl Holdings	Pair Corr
0.66	SAIHW	SAIHEAT Limited Symbol Change	Pair Corr
0.74	VNET	VNET Group DRC Tech Boost	Pair Corr
0.84	VRRM	Verra Mobility Corp	Pair Corr
0.7	CTM	Castellum Buyout Trend	Pair Corr
0.87	GDS	GDS Holdings	Pair Corr
0.86	IBM	International Business Earnings Call This Week	Pair Corr
0.74	III	Information Services	Pair Corr
0.68	JFU	9F Inc	Pair Corr
0.9	PSN	Parsons Corp	Pair Corr
0.92	VYX	NCR Voyix	Pair Corr
0.68	WIT	Wipro Limited ADR	Pair Corr
0.63	WNS	WNS Holdings	Pair Corr
0.76	IBEX	IBEX	Pair Corr
0.73	INFY	Infosys Ltd ADR	Pair Corr
0.87	INOD	Innodata	Pair Corr

Moving against Magic Stock

0.6	IT	Gartner	Pair Corr
0.6	AUR	Aurora Innovation Aggressive Push	Pair Corr
0.56	MFH	Mercurity Fintech Holding Upward Rally	Pair Corr
0.53	FI	Fiserv, Earnings Call This Week	Pair Corr
0.47	GIB	CGI Inc	Pair Corr
0.42	EXLS	ExlService Holdings	Pair Corr
0.75	AUROW	Aurora Innovation	Pair Corr
0.73	GDYN	Grid Dynamics Holdings	Pair Corr
0.71	GLOB	Globant SA	Pair Corr
0.66	JDZG	JIADE LIMITED Common Tech Boost	Pair Corr

Related Correlations Analysis

	FORTY	NYAX	HCKT	III	SPNS	MNDO	NVMI	AUDC
FORTY		0.75	-0.34	0.79	0.82	-0.72	0.93	0.52	FORTY
NYAX	0.75		-0.3	0.61	0.67	-0.72	0.74	0.59	NYAX
HCKT	-0.34	-0.3		-0.35	-0.34	0.51	-0.26	-0.13	HCKT
III	0.79	0.61	-0.35		0.78	-0.86	0.63	0.24	III
SPNS	0.82	0.67	-0.34	0.78		-0.65	0.79	0.4	SPNS
MNDO	-0.72	-0.72	0.51	-0.86	-0.65		-0.6	-0.21	MNDO
NVMI	0.93	0.74	-0.26	0.63	0.79	-0.6		0.58	NVMI
AUDC	0.52	0.59	-0.13	0.24	0.4	-0.21	0.58		AUDC
	FORTY	NYAX	HCKT	III	SPNS	MNDO	NVMI	AUDC

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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

NVMI	+ 0.93	FORTY
SPNS	+ 0.82	FORTY
III	+ 0.79	FORTY
NVMI	+ 0.79	SPNS
SPNS	+ 0.78	III
NYAX	+ 0.75	FORTY

High negative correlations

MNDO	- 0.86	III
MNDO	- 0.72	NYAX
MNDO	- 0.72	FORTY
MNDO	- 0.65	SPNS
NVMI	- 0.6	MNDO
III	- 0.35	HCKT

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
FORTY	2.21	0.60	0.13	2.10	2.08	(3.39)	6.23	(4.76)	20.45
NYAX	2.29	0.25	0.10	0.41	2.31	(2.80)	5.47	(3.81)	14.07
HCKT	1.35	(0.32)	0.00	(0.15)	0.00	0.00	2.77	(2.48)	10.55
III	2.06	0.37	0.15	0.61	1.85	(2.53)	4.57	(3.30)	20.73
SPNS	1.09	0.11	0.06	0.28	1.03	(1.24)	2.70	(2.12)	6.25
MNDO	1.48	(0.26)	0.00	(0.53)	0.00	0.00	2.84	(4.29)	8.97
NVMI	2.35	0.47	0.22	0.46	1.98	(2.90)	6.60	(3.03)	15.15
AUDC	1.87	0.08	0.04	0.19	2.37	(2.29)	3.64	(2.25)	15.19

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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