ServiceNow Correlations

NOW Stock

USD 956.92 4.86 0.51%

The current 90-days correlation between ServiceNow and Autodesk is 0.63 (i.e., Poor diversification). The correlation of ServiceNow 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.

ServiceNow Correlation With Market

Very weak diversification

The correlation between ServiceNow and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ServiceNow and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ServiceNow Stock

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

For more information on how to buy ServiceNow Stock please use our How to Invest in ServiceNow guide.

Moving together with ServiceNow Stock

0.69	DJCO	Daily Journal Corp	Pair Corr
0.85	BL	Blackline	Pair Corr
0.88	DT	Dynatrace Holdings LLC	Pair Corr
0.73	DV	DoubleVerify Holdings Sell-off Trend	Pair Corr
0.85	ZM	Zoom Video Communications Sell-off Trend	Pair Corr
0.81	DMRC	Digimarc	Pair Corr
0.67	VERB	Verb Technology Tech Boost	Pair Corr
0.75	DUOL	Duolingo	Pair Corr
0.86	DUOT	Duos Technologies	Pair Corr
0.88	VTEX	VTEX	Pair Corr
0.75	VTSI	VirTra Inc	Pair Corr
0.65	WDAY	Workday	Pair Corr
0.64	ESTC	Elastic NV	Pair Corr
0.75	ETWO	E2open Parent Holdings	Pair Corr
0.82	API	Agora Inc	Pair Corr
0.74	BMR	Beamr Imaging	Pair Corr
0.75	CRM	Salesforce	Pair Corr

Moving against ServiceNow Stock

0.66	QH	Quhuo	Pair Corr
0.56	YB	Yuanbao American Dep	Pair Corr
0.43	VMEO	Vimeo Inc	Pair Corr
0.54	EXFY	Expensify	Pair Corr
0.48	WETO	Webus International Tech Boost	Pair Corr
0.41	ILLRW	Triller Group Symbol Change	Pair Corr

Related Correlations Analysis

	ADSK	INTU	ZM	SNOW	WDAY	SHOP	AI	CRM	DDOG	HUBS
ADSK		0.86	0.65	0.91	0.42	0.89	0.79	0.56	0.85	0.14	ADSK
INTU	0.86		0.36	0.97	0.08	0.86	0.86	0.16	0.89	-0.22	INTU
ZM	0.65	0.36		0.42	0.9	0.53	0.48	0.85	0.33	0.77	ZM
SNOW	0.91	0.97	0.42		0.15	0.91	0.86	0.29	0.92	-0.14	SNOW
WDAY	0.42	0.08	0.9	0.15		0.3	0.21	0.86	0.1	0.83	WDAY
SHOP	0.89	0.86	0.53	0.91	0.3		0.86	0.48	0.9	0.06	SHOP
AI	0.79	0.86	0.48	0.86	0.21	0.86		0.32	0.83	0.02	AI
CRM	0.56	0.16	0.85	0.29	0.86	0.48	0.32		0.29	0.79	CRM
DDOG	0.85	0.89	0.33	0.92	0.1	0.9	0.83	0.29		-0.17	DDOG
HUBS	0.14	-0.22	0.77	-0.14	0.83	0.06	0.02	0.79	-0.17		HUBS
	ADSK	INTU	ZM	SNOW	WDAY	SHOP	AI	CRM	DDOG	HUBS

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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

SNOW	+ 0.97	INTU
DDOG	+ 0.92	SNOW
SNOW	+ 0.91	ADSK
SHOP	+ 0.91	SNOW
WDAY	+ 0.9	ZM
DDOG	+ 0.9	SHOP

High negative correlations

HUBS	- 0.22	INTU
HUBS	- 0.17	DDOG
HUBS	- 0.14	SNOW

Risk-Adjusted Indicators

There is a big difference between ServiceNow Stock performing well and ServiceNow 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 ServiceNow'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
ADSK	1.14	0.04	0.02	0.16	1.47	(1.28)	2.44	(2.15)	9.64
INTU	1.31	0.55	0.30	(1.56)	0.75	(1.56)	3.15	(1.67)	12.65
ZM	1.01	(0.02)	(0.04)	0.09	1.27	(1.05)	1.95	(2.20)	7.05
SNOW	1.56	0.41	0.22	0.48	1.22	(1.64)	4.41	(3.37)	16.92
WDAY	1.39	(0.17)	0.00	(0.02)	0.00	0.00	2.85	(2.94)	17.86
SHOP	2.32	0.15	0.10	0.19	2.41	(2.57)	5.15	(3.96)	18.01
AI	2.69	0.25	0.12	0.28	2.33	(3.85)	5.28	(4.15)	26.86
CRM	1.37	(0.19)	0.00	(0.02)	0.00	0.00	2.95	(3.30)	9.31
DDOG	1.97	0.86	0.34	(0.73)	1.29	(2.50)	5.14	(2.48)	19.16
HUBS	1.96	(0.23)	0.00	(0.02)	0.00	0.00	4.38	(5.33)	16.15

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