AvidXchange Holdings Correlations

AVDX Stock

USD 10.66 0.10 0.93%

The current 90-days correlation between AvidXchange Holdings and Evertec is 0.05 (i.e., Significant diversification). The correlation of AvidXchange Holdings 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.

AvidXchange Holdings Correlation With Market

Poor diversification

The correlation between AvidXchange Holdings and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AvidXchange Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in AvidXchange Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

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

Moving together with AvidXchange Stock

0.62	NN	Nextnav Acquisition Corp	Pair Corr
0.66	ZS	Zscaler	Pair Corr
0.82	MOGO	Mogo Inc	Pair Corr
0.81	AVPTW	AvePoint Tech Boost	Pair Corr
0.78	FIVN	Five9 Inc	Pair Corr
0.72	FLYW	Flywire Corp	Pair Corr

Moving against AvidXchange Stock

0.47	VERI	Veritone	Pair Corr
0.32	MSAI	Infrared Cameras Holdings	Pair Corr
0.48	HCP	Hashicorp Sell-off Trend	Pair Corr
0.45	FAAS	DigiAsia Corp Symbol Change	Pair Corr
0.31	LIDRW	AEye Inc	Pair Corr

Related Correlations Analysis

	EVTC	NTCT	FORG	ESMT	EVCM	STER	CCSI	CSGS	RDWR	FLYW
EVTC		0.22	0.0	0.0	0.87	0.0	0.11	0.47	0.71	0.77	EVTC
NTCT	0.22		0.0	0.0	0.21	0.0	0.72	0.76	0.25	0.19	NTCT
FORG	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	FORG
ESMT	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	ESMT
EVCM	0.87	0.21	0.0	0.0		0.0	0.14	0.42	0.67	0.65	EVCM
STER	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	STER
CCSI	0.11	0.72	0.0	0.0	0.14	0.0		0.8	0.07	0.12	CCSI
CSGS	0.47	0.76	0.0	0.0	0.42	0.0	0.8		0.37	0.55	CSGS
RDWR	0.71	0.25	0.0	0.0	0.67	0.0	0.07	0.37		0.65	RDWR
FLYW	0.77	0.19	0.0	0.0	0.65	0.0	0.12	0.55	0.65		FLYW
	EVTC	NTCT	FORG	ESMT	EVCM	STER	CCSI	CSGS	RDWR	FLYW

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

EVCM	+ 0.87	EVTC
CSGS	+ 0.8	CCSI
FLYW	+ 0.77	EVTC
CSGS	+ 0.76	NTCT
CCSI	+ 0.72	NTCT
RDWR	+ 0.71	EVTC

High negative correlations

FLYW	- 0.0	STER
RDWR	- 0.0	STER
CSGS	- 0.0	STER
CCSI	- 0.0	STER
STER	- 0.0	EVCM
FLYW	- 0.0	ESMT

Risk-Adjusted Indicators

There is a big difference between AvidXchange Stock performing well and AvidXchange Holdings 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 AvidXchange Holdings' 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
EVTC	1.16	(0.03)	(0.05)	0.02	1.70	(1.11)	2.77	(2.30)	10.78
NTCT	1.56	0.26	0.14	0.47	1.45	(1.74)	3.29	(2.71)	11.69
FORG	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESMT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EVCM	1.57	(0.22)	0.00	(0.09)	0.00	0.00	3.22	(3.32)	13.03
STER	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CCSI	1.95	0.52	0.17	1.54	2.11	(2.15)	4.16	(3.95)	20.68
CSGS	1.22	0.23	0.16	0.40	1.07	(1.43)	2.66	(1.64)	13.96
RDWR	1.49	0.01	(0.03)	0.13	1.74	(1.75)	3.20	(3.51)	12.92
FLYW	2.43	0.20	0.06	0.61	2.23	(3.04)	5.76	(3.76)	19.61

AvidXchange Holdings Corporate Management

Ryan JD	General VP	Profile
Todd Cunningham	Chief VP	Profile
Michael Praeger	Chairman, CoFounder	Profile
Subhaash Kumar	Head Relations	Profile
Jess Antle	Vice Communications	Profile
Angelic Gibson	Chief VP	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC