Workiva Correlations

0WKA Stock

EUR 93.00 0.50 0.54%

The current 90-days correlation between Workiva and NMI Holdings is 0.08 (i.e., Significant diversification). The correlation of Workiva 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.

Workiva Correlation With Market

Weak diversification

The correlation between Workiva and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Workiva and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Workiva could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Workiva when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Workiva - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Workiva to buy it.

Moving together with Workiva Stock

0.94	FOO	Salesforce Earnings Call Today	Pair Corr
0.78	SAP	SAP SE	Pair Corr
0.71	NEM	Nemetschek AG ON	Pair Corr
0.83	2TY	PagerDuty Earnings Call Tomorrow	Pair Corr
0.75	UN3	United Natural Foods Earnings Call This Week	Pair Corr
0.71	EK7	AGRICUL BK CHINA	Pair Corr

Moving against Workiva Stock

0.76	TG4	Oxurion NV	Pair Corr
0.41	BUU	DevEx Resources	Pair Corr
0.38	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	8SP	6NM	39O1	2DG	TLX	TM9	INVN
8SP		0.66	0.32	0.73	0.24	0.26	-0.75	8SP
6NM	0.66		0.45	0.22	0.22	0.23	-0.31	6NM
39O1	0.32	0.45		0.17	-0.22	0.46	-0.05	39O1
2DG	0.73	0.22	0.17		0.11	0.18	-0.81	2DG
TLX	0.24	0.22	-0.22	0.11		-0.01	-0.09	TLX
TM9	0.26	0.23	0.46	0.18	-0.01		-0.05	TM9
INVN	-0.75	-0.31	-0.05	-0.81	-0.09	-0.05		INVN
	8SP	6NM	39O1	2DG	TLX	TM9	INVN

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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

2DG	+ 0.73	8SP
6NM	+ 0.66	8SP
TM9	+ 0.46	39O1
39O1	+ 0.45	6NM
39O1	+ 0.32	8SP
TM9	+ 0.26	8SP

High negative correlations

INVN	- 0.81	2DG
INVN	- 0.75	8SP
INVN	- 0.31	6NM
TLX	- 0.22	39O1
INVN	- 0.09	TLX
INVN	- 0.05	TM9

Risk-Adjusted Indicators

There is a big difference between Workiva Stock performing well and Workiva 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 Workiva'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
8SP	2.10	(0.08)	0.00	0.28	0.00	0.00	3.38	(4.74)	20.22
6NM	1.23	0.12	(0.02)	(0.27)	1.76	(1.32)	2.79	(2.69)	9.64
39O1	3.77	0.19	0.04	0.34	3.51	(5.27)	8.41	(5.38)	34.42
2DG	3.89	(1.59)	0.00	(2.90)	0.00	0.00	6.45	(8.57)	52.42
TLX	0.97	0.00	(0.06)	0.00	1.13	(1.12)	2.67	(1.64)	7.58
TM9	2.78	(0.03)	(0.02)	0.04	4.26	(3.08)	5.56	(6.43)	36.50
INVN	2.16	0.26	0.04	(1.02)	2.54	(2.55)	5.61	(4.98)	14.01

Be your own money manager

Our tools can tell you how much better you can do entering a position in Workiva without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Workiva Corporate Management

Elected by the shareholders, the Workiva's board of directors comprises two types of representatives: Workiva inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Workiva. The board's role is to monitor Workiva's management team and ensure that shareholders' interests are well served. Workiva's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Workiva's outside directors are responsible for providing unbiased perspectives on the board's policies.

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