Cadence Design Correlations

CDNS Stock

USD 305.43 4.80 1.60%

The current 90-days correlation between Cadence Design Systems and MicroStrategy Incorporated is 0.35 (i.e., Weak diversification). The correlation of Cadence Design 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.

Cadence Design Correlation With Market

Very good diversification

The correlation between Cadence Design Systems and DJI is -0.41 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cadence Design Systems and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Cadence Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cadence Design Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Cadence Stock

0.77	U	Unity Software Aggressive Push	Pair Corr
0.71	BL	Blackline Tech Boost	Pair Corr
0.8	DT	Dynatrace Holdings LLC	Pair Corr
0.74	DV	DoubleVerify Holdings	Pair Corr
0.7	35U	PAR TECHNOLOGY DL	Pair Corr
0.68	MQ	Marqeta	Pair Corr
0.73	PD	Pagerduty Earnings Call Next Week	Pair Corr
0.76	WK	Workiva	Pair Corr
0.76	DMRC	Digimarc	Pair Corr
0.65	RM	RM Plc	Pair Corr
0.63	2TY	PagerDuty Earnings Call Next Week	Pair Corr
0.79	DOCU	DocuSign	Pair Corr
0.67	1Q5	Dropbox	Pair Corr
0.76	VERI	Veritone Earnings Call Next Week	Pair Corr
0.7	VERX	Vertex Tech Boost	Pair Corr
0.66	6NCA	NCINO INC DL	Pair Corr
0.85	DSGX	Descartes Systems Earnings Call This Week	Pair Corr
0.72	LY0	Lyft Inc	Pair Corr
0.72	0M5	Bill Holdings	Pair Corr

Moving against Cadence Stock

0.65	RNI	OXFORD METRICS LS	Pair Corr
0.65	60Z	UNIFIEDPOST GRP SANV	Pair Corr
0.47	DSG	Dillistone Group PLC	Pair Corr
0.42	TRB	Tribal Group plc	Pair Corr
0.39	JG	Aurora Mobile	Pair Corr
0.46	89P	CLAVISTER HOLDING	Pair Corr
0.38	MKQ	Mitek Systems	Pair Corr
0.35	VRAR	Glimpse Group Symbol Change	Pair Corr

Related Correlations Analysis

	MSTR	SNPS	SNOW	ADSK	WDAY	NTES	RBLX	GLW	MSI	DELL
MSTR		0.54	0.63	0.84	0.85	0.82	0.74	-0.79	-0.79	0.38	MSTR
SNPS	0.54		0.75	0.37	0.51	0.67	0.48	-0.58	-0.5	-0.37	SNPS
SNOW	0.63	0.75		0.67	0.76	0.74	0.8	-0.71	-0.71	0.07	SNOW
ADSK	0.84	0.37	0.67		0.95	0.82	0.69	-0.84	-0.86	0.48	ADSK
WDAY	0.85	0.51	0.76	0.95		0.91	0.73	-0.94	-0.96	0.24	WDAY
NTES	0.82	0.67	0.74	0.82	0.91		0.62	-0.94	-0.92	0.06	NTES
RBLX	0.74	0.48	0.8	0.69	0.73	0.62		-0.6	-0.67	0.39	RBLX
GLW	-0.79	-0.58	-0.71	-0.84	-0.94	-0.94	-0.6		0.96	-0.05	GLW
MSI	-0.79	-0.5	-0.71	-0.86	-0.96	-0.92	-0.67	0.96		-0.1	MSI
DELL	0.38	-0.37	0.07	0.48	0.24	0.06	0.39	-0.05	-0.1		DELL
	MSTR	SNPS	SNOW	ADSK	WDAY	NTES	RBLX	GLW	MSI	DELL

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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

MSI	+ 0.96	GLW
WDAY	+ 0.95	ADSK
NTES	+ 0.91	WDAY
WDAY	+ 0.85	MSTR
ADSK	+ 0.84	MSTR
NTES	+ 0.82	MSTR

High negative correlations

MSI	- 0.96	WDAY
GLW	- 0.94	NTES
GLW	- 0.94	WDAY
MSI	- 0.92	NTES
MSI	- 0.86	ADSK
GLW	- 0.84	ADSK

Risk-Adjusted Indicators

There is a big difference between Cadence Stock performing well and Cadence Design 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 Cadence Design'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
MSTR	4.07	(0.24)	0.00	(0.04)	0.00	0.00	8.85	(7.76)	31.72
SNPS	2.05	0.05	0.02	0.07	2.91	(1.93)	4.01	(5.09)	13.31
SNOW	2.45	(0.57)	0.00	(0.26)	0.00	0.00	4.53	(5.19)	16.12
ADSK	1.63	(0.25)	0.00	(0.24)	0.00	0.00	3.46	(4.51)	10.57
WDAY	1.88	(0.63)	0.00	(0.50)	0.00	0.00	2.62	(6.24)	12.27
NTES	1.37	(0.27)	0.00	16.75	0.00	0.00	2.18	(3.11)	12.64
RBLX	2.88	(0.54)	0.00	(0.34)	0.00	0.00	7.46	(6.43)	23.70
GLW	2.54	0.86	0.28	0.90	2.34	(2.96)	7.32	(4.98)	22.10
MSI	0.91	0.40	0.44	(2.20)	0.25	(1.11)	2.00	(1.12)	9.02
DELL	2.52	0.11	0.04	0.11	3.36	(2.58)	4.17	(5.45)	27.38

Cadence Design Corporate Management

Thomas Beckley	Sr. VP and General Manager of Custom IC and PCB Group	Profile
Sandhya Venkateshan	Vice Finance	Profile
Yoon Kim	Corporate Resources	Profile
Paul Cunningham	Senior Group	Profile
Nimish Modi	Senior Ventures	Profile
Ariel Sella	CoFounder	Profile

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