NetApp Correlations

NTAP Stock

USD 107.41 0.96 0.89%

The current 90-days correlation between NetApp Inc and Arista Networks is 0.57 (i.e., Very weak diversification). The correlation of NetApp 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.

NetApp Correlation With Market

Poor diversification

The correlation between NetApp Inc 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 NetApp Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NetApp Stock

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

Moving together with NetApp Stock

0.81	CDW	CDW Corp	Pair Corr
0.91	LPL	LG Display Earnings Call This Week	Pair Corr
0.93	VSH	Vishay Intertechnology	Pair Corr
0.94	LASR	nLIGHT Inc	Pair Corr
0.96	LITE	Lumentum Holdings	Pair Corr
0.82	NTGR	NETGEAR Earnings Call This Week	Pair Corr
0.76	RGTIW	Rigetti Computing Trending	Pair Corr
0.87	QBTS	D Wave Quantum Aggressive Push	Pair Corr
0.87	QUBT	Quantum Computing Aggressive Push	Pair Corr
0.81	RDWR	Radware	Pair Corr
0.76	RGTI	Rigetti Computing Trending	Pair Corr
0.83	AAOI	Applied Opt	Pair Corr
0.74	ADTN	ADTRAN Inc	Pair Corr
0.95	AVNW	Aviat Networks	Pair Corr
0.84	CIEN	Ciena Corp	Pair Corr
0.86	CRNT	Ceragon Networks	Pair Corr
0.96	CSCO	Cisco Systems	Pair Corr
0.93	MU	Micron Technology	Pair Corr
0.93	MX	MagnaChip Semiconductor	Pair Corr
0.9	ON	ON Semiconductor Earnings Call This Week	Pair Corr
0.94	VRRM	Verra Mobility Corp	Pair Corr
0.61	ENLV	Enlivex Therapeutics	Pair Corr
0.97	ADI	Analog Devices	Pair Corr
0.88	AMD	Advanced Micro Devices Aggressive Push	Pair Corr
0.93	ARM	Arm Holdings plc	Pair Corr
0.85	FRGE	Forge Global Holdings	Pair Corr
0.9	GFS	Globalfoundries	Pair Corr

Moving against NetApp Stock

0.67	IMTE	Integrated Media Tec Tech Boost	Pair Corr
0.38	QMCO	Quantum	Pair Corr
0.63	FRGT	Freight Technologies	Pair Corr
0.48	ARQQW	Arqit Quantum Warrants	Pair Corr

Related Correlations Analysis

	ANET	DELL	DDD	SSYS	WDC	LOGI	HPQ	NNDM	SMCI	PSTG
ANET		0.9	-0.33	0.86	0.9	0.94	0.29	0.17	0.87	0.9	ANET
DELL	0.9		-0.58	0.87	0.96	0.96	0.19	-0.05	0.95	0.93	DELL
DDD	-0.33	-0.58		-0.28	-0.55	-0.41	0.08	0.37	-0.59	-0.47	DDD
SSYS	0.86	0.87	-0.28		0.82	0.91	0.41	0.18	0.81	0.89	SSYS
WDC	0.9	0.96	-0.55	0.82		0.93	-0.01	-0.12	0.92	0.83	WDC
LOGI	0.94	0.96	-0.41	0.91	0.93		0.27	0.09	0.93	0.91	LOGI
HPQ	0.29	0.19	0.08	0.41	-0.01	0.27		0.53	0.11	0.45	HPQ
NNDM	0.17	-0.05	0.37	0.18	-0.12	0.09	0.53		-0.08	0.13	NNDM
SMCI	0.87	0.95	-0.59	0.81	0.92	0.93	0.11	-0.08		0.84	SMCI
PSTG	0.9	0.93	-0.47	0.89	0.83	0.91	0.45	0.13	0.84		PSTG
	ANET	DELL	DDD	SSYS	WDC	LOGI	HPQ	NNDM	SMCI	PSTG

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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

WDC	+ 0.96	DELL
LOGI	+ 0.96	DELL
SMCI	+ 0.95	DELL
LOGI	+ 0.94	ANET
PSTG	+ 0.93	DELL
LOGI	+ 0.93	WDC

High negative correlations

SMCI	- 0.59	DDD
DDD	- 0.58	DELL
WDC	- 0.55	DDD
PSTG	- 0.47	DDD
LOGI	- 0.41	DDD
DDD	- 0.33	ANET

Risk-Adjusted Indicators

There is a big difference between NetApp Stock performing well and NetApp 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 NetApp'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
ANET	2.27	0.47	0.17	0.43	2.33	(2.37)	6.40	(4.76)	13.69
DELL	1.76	0.52	0.37	0.55	0.94	(2.18)	5.88	(2.50)	11.22
DDD	4.20	(0.38)	(0.02)	0.00	6.59	(4.79)	7.93	(6.80)	41.46
SSYS	1.58	0.07	0.06	0.19	1.48	(1.92)	3.78	(2.44)	19.27
WDC	1.34	0.88	0.64	1.18	0.00	(1.73)	5.25	(1.84)	10.25
LOGI	1.34	0.25	0.17	0.34	1.29	(1.55)	2.94	(2.80)	10.08
HPQ	1.41	(0.06)	(0.02)	0.08	1.96	(1.55)	2.83	(2.54)	15.06
NNDM	1.97	(0.12)	(0.03)	0.04	2.29	(2.56)	4.73	(4.29)	14.14
SMCI	3.62	0.63	0.15	0.66	3.83	(4.07)	8.80	(6.35)	25.80
PSTG	1.74	0.36	0.20	0.40	1.51	(2.04)	4.39	(3.35)	14.74

NetApp Corporate Management

Elizabeth JD	Interim VP	Profile
Daniel Lorenzo	Controller VP	Profile
Puneet Gupta	Managing Services	Profile
Gus Shahin	Executive Operations	Profile
Alessandra Yockelson	Executive CHRO	Profile
Elizabeth OCallahan	Chief VP	Profile

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