Datadog Correlations

D1DG34 Stock

BRL 58.68 2.23 3.95%

The current 90-days correlation between Datadog and ServiceNow is 0.32 (i.e., Weak diversification). The correlation of Datadog 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.

Datadog Correlation With Market

Pay attention - limited upside

The correlation between Datadog and DJI is -0.78 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Datadog and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Datadog Stock

0.79	N1OW34	ServiceNow Split	Pair Corr
0.74	U1BE34	Uber Technologies	Pair Corr
0.72	T2TD34	Trade Desk Earnings Call This Week	Pair Corr

Moving against Datadog Stock

0.87	M1UF34	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.86	S1MF34	Sumitomo Mitsui Financial	Pair Corr
0.86	BCPX39	Global X Funds Split	Pair Corr
0.84	TSMC34	Taiwan Semiconductor	Pair Corr
0.78	S1SN34	SSC Technologies Holdings	Pair Corr
0.72	NMRH34	Nomura Holdings	Pair Corr
0.59	LUPA3	Lupatech SA	Pair Corr
0.51	B1SA34	Banco Santander Chile	Pair Corr
0.47	TMCO34	Toyota Motor	Pair Corr
0.38	BBSE3	BB Seguridade Partic Earnings Call This Week	Pair Corr

Related Correlations Analysis

	N1OW34	U1BE34	S2NW34	D1DG34	A1UT34	Z1OM34	S1SN34
N1OW34		0.83	0.29	0.79	0.5	-0.07	-0.52	N1OW34
U1BE34	0.83		0.11	0.74	0.15	-0.35	-0.58	U1BE34
S2NW34	0.29	0.11		0.26	0.72	-0.07	-0.02	S2NW34
D1DG34	0.79	0.74	0.26		0.32	-0.27	-0.78	D1DG34
A1UT34	0.5	0.15	0.72	0.32		0.2	0.09	A1UT34
Z1OM34	-0.07	-0.35	-0.07	-0.27	0.2		0.52	Z1OM34
S1SN34	-0.52	-0.58	-0.02	-0.78	0.09	0.52		S1SN34
	N1OW34	U1BE34	S2NW34	D1DG34	A1UT34	Z1OM34	S1SN34

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

U1BE34	+ 0.83	N1OW34
D1DG34	+ 0.79	N1OW34
D1DG34	+ 0.74	U1BE34
A1UT34	+ 0.72	S2NW34
S1SN34	+ 0.52	Z1OM34
A1UT34	+ 0.5	N1OW34

High negative correlations

S1SN34	- 0.78	D1DG34
S1SN34	- 0.58	U1BE34
S1SN34	- 0.52	N1OW34
Z1OM34	- 0.35	U1BE34
Z1OM34	- 0.27	D1DG34
Z1OM34	- 0.07	S2NW34

Risk-Adjusted Indicators

There is a big difference between Datadog Stock performing well and Datadog 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 Datadog'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
N1OW34	2.47	(1.04)	0.00	(1.99)	0.00	0.00	3.33	(7.19)	15.90
U1BE34	1.66	(0.40)	0.00	0.86	0.00	0.00	3.07	(4.39)	9.29
S2NW34	2.30	(0.90)	0.00	(3.34)	0.00	0.00	3.18	(8.06)	15.46
D1DG34	2.75	(0.65)	0.00	(0.34)	0.00	0.00	5.04	(7.11)	32.73
A1UT34	1.47	(0.47)	0.00	(0.36)	0.00	0.00	2.09	(5.94)	10.73
Z1OM34	2.04	(0.02)	(0.01)	0.06	2.41	(2.30)	4.27	(4.61)	16.59
S1SN34	0.01	(0.01)	0.00	(4.56)	0.00	0.00	0.00	0.00	0.21

Be your own money manager

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