Cadence Design Correlations

CDNS Stock

USD 291.00 7.48 2.64%

The current 90-days correlation between Cadence Design Systems and MicroStrategy Incorporated is 0.32 (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

Good diversification

The correlation between Cadence Design Systems 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 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 state.

Moving together with Cadence Stock

0.78	U	Unity Software Buyout Trend	Pair Corr
0.7	DT	Dynatrace Holdings LLC	Pair Corr
0.63	BMR	Beamr Imaging	Pair Corr
0.65	TTD	Trade Desk	Pair Corr
0.72	HUBS	HubSpot	Pair Corr
0.69	INTU	Intuit Inc	Pair Corr
0.73	MNDY	MondayCom Earnings Call Today	Pair Corr
0.72	PAYC	Paycom Software Earnings Call Tomorrow	Pair Corr
0.69	PHUN	Phunware Tech Boost	Pair Corr
0.66	ADSK	Autodesk	Pair Corr
0.72	TEAM	Atlassian Corp Plc	Pair Corr

Moving against Cadence Stock

0.46	SLF	Sun Life Financial Earnings Call This Week	Pair Corr
0.75	KO	Coca Cola	Pair Corr
0.73	PG	Procter Gamble	Pair Corr
0.62	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.61	JNJ	Johnson Johnson	Pair Corr
0.6	CVX	Chevron Corp	Pair Corr
0.54	MRK	Merck Company Aggressive Push	Pair Corr
0.53	TRV	The Travelers Companies	Pair Corr
0.48	CSCO	Cisco Systems Earnings Call Tomorrow	Pair Corr
0.47	PFE	Pfizer Inc	Pair Corr
0.44	CAT	Caterpillar	Pair Corr

Related Correlations Analysis

	MSTR	SNPS	SNOW	ADSK	WDAY	NTES	RBLX	GLW	MSI	DELL
MSTR		-0.44	0.84	0.57	0.7	0.45	0.88	-0.52	-0.21	0.79	MSTR
SNPS	-0.44		-0.45	-0.27	-0.38	0.16	-0.55	0.23	0.16	-0.42	SNPS
SNOW	0.84	-0.45		0.8	0.85	0.64	0.87	-0.78	-0.51	0.66	SNOW
ADSK	0.57	-0.27	0.8		0.93	0.67	0.76	-0.78	-0.79	0.68	ADSK
WDAY	0.7	-0.38	0.85	0.93		0.65	0.83	-0.84	-0.77	0.68	WDAY
NTES	0.45	0.16	0.64	0.67	0.65		0.51	-0.7	-0.55	0.37	NTES
RBLX	0.88	-0.55	0.87	0.76	0.83	0.51		-0.69	-0.53	0.78	RBLX
GLW	-0.52	0.23	-0.78	-0.78	-0.84	-0.7	-0.69		0.8	-0.37	GLW
MSI	-0.21	0.16	-0.51	-0.79	-0.77	-0.55	-0.53	0.8		-0.3	MSI
DELL	0.79	-0.42	0.66	0.68	0.68	0.37	0.78	-0.37	-0.3		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

WDAY	+ 0.93	ADSK
RBLX	+ 0.88	MSTR
RBLX	+ 0.87	SNOW
WDAY	+ 0.85	SNOW
SNOW	+ 0.84	MSTR
RBLX	+ 0.83	WDAY

High negative correlations

GLW	- 0.84	WDAY
MSI	- 0.79	ADSK
GLW	- 0.78	ADSK
GLW	- 0.78	SNOW
MSI	- 0.77	WDAY
GLW	- 0.7	NTES

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	4.00	(1.08)	0.00	(0.34)	0.00	0.00	5.78	(8.14)	23.75
SNPS	1.86	(0.14)	0.00	(0.04)	0.00	0.00	3.80	(5.09)	13.31
SNOW	2.20	(0.84)	0.00	(0.45)	0.00	0.00	3.44	(5.19)	14.85
ADSK	1.32	(0.43)	0.00	(0.35)	0.00	0.00	1.68	(4.45)	10.57
WDAY	1.76	(0.63)	0.00	(0.51)	0.00	0.00	3.11	(6.69)	12.27
NTES	1.46	(0.22)	0.00	(0.59)	0.00	0.00	4.20	(3.11)	12.64
RBLX	2.49	(0.76)	0.00	(0.62)	0.00	0.00	4.71	(6.18)	23.70
GLW	2.15	0.45	0.16	0.43	2.56	(2.41)	3.95	(4.48)	20.55
MSI	0.76	0.09	0.04	0.33	0.75	(0.85)	1.56	(1.37)	5.31
DELL	2.23	(0.54)	0.00	(0.20)	0.00	0.00	4.17	(5.45)	13.28

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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