ServiceNow Correlations

4S0 Stock

EUR 129.10 2.34 1.85%

The current 90-days correlation between ServiceNow and United Internet AG is 0.18 (i.e., Average 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.

ServiceNow Correlation With Market

Good diversification

The correlation between ServiceNow and DJI is -0.16 (i.e., Good 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.

The ability to find closely correlated positions to ServiceNow could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ServiceNow 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 ServiceNow - 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 ServiceNow to buy it.

Moving together with ServiceNow Stock

0.72	SAP	SAP SE	Pair Corr
0.72	SAPA	SAP SE	Pair Corr
0.79	UT8	Uber Technologies	Pair Corr
0.67	W7D	Workday	Pair Corr
0.68	TT8	Trade Desk	Pair Corr

Moving against ServiceNow Stock

0.59	J9T	CODERE ONLINE LUX	Pair Corr
0.58	CFSL	Coca Cola FEMSA	Pair Corr
0.55	PQ9	PT Bank Mandiri	Pair Corr
0.54	WFA	Weng Fine Art	Pair Corr
0.48	1KG	Kainos Group plc	Pair Corr
0.47	BOX	Becton Dickinson	Pair Corr
0.45	SSUN	Samsung Electronics	Pair Corr
0.41	PQ9	BANK MANDIRI	Pair Corr

Related Correlations Analysis

	GNU1	55O1	CVB	UTDI	4C6	UVD	2HZ
GNU1		0.16	-0.56	-0.5	0.6	-0.77	0.41	GNU1
55O1	0.16		-0.14	-0.14	0.43	0.09	0.32	55O1
CVB	-0.56	-0.14		0.38	-0.53	0.62	-0.47	CVB
UTDI	-0.5	-0.14	0.38		-0.17	0.7	0.06	UTDI
4C6	0.6	0.43	-0.53	-0.17		-0.38	0.51	4C6
UVD	-0.77	0.09	0.62	0.7	-0.38		-0.34	UVD
2HZ	0.41	0.32	-0.47	0.06	0.51	-0.34		2HZ
	GNU1	55O1	CVB	UTDI	4C6	UVD	2HZ

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

UVD	+ 0.7	UTDI
UVD	+ 0.62	CVB
4C6	+ 0.6	GNU1
2HZ	+ 0.51	4C6
4C6	+ 0.43	55O1
2HZ	+ 0.41	GNU1

High negative correlations

UVD	- 0.77	GNU1
CVB	- 0.56	GNU1
4C6	- 0.53	CVB
UTDI	- 0.5	GNU1
2HZ	- 0.47	CVB
UVD	- 0.38	4C6

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
GNU1	1.70	0.12	0.02	(2.16)	1.91	(1.99)	3.03	(3.33)	18.02
55O1	0.97	(0.04)	0.00	(0.04)	0.00	0.00	2.06	(1.96)	7.86
CVB	1.75	(0.08)	0.00	(0.09)	0.00	0.00	6.25	(5.88)	12.13
UTDI	1.41	0.09	0.02	0.42	1.58	(1.53)	3.26	(2.23)	12.35
4C6	1.70	0.16	0.00	(0.05)	2.74	(9.42)	9.09	(8.33)	19.09
UVD	2.05	(0.07)	0.00	0.17	0.00	0.00	4.11	(4.15)	25.10
2HZ	0.89	0.12	0.03	3.39	1.05	(1.22)	2.21	(2.13)	7.39

Be your own money manager

Our tools can tell you how much better you can do entering a position in ServiceNow 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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