Elastic NV Correlations

ESTC Stock

USD 74.31 1.75 2.41%

The current 90-days correlation between Elastic NV and Open Text Corp is 0.01 (i.e., Significant diversification). The correlation of Elastic NV 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.

Elastic NV Correlation With Market

Significant diversification

The correlation between Elastic NV and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elastic NV and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Elastic Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Elastic NV. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

For information on how to trade Elastic Stock refer to our How to Trade Elastic Stock guide.

Moving together with Elastic Stock

0.63	RXT	Rackspace Technology	Pair Corr
0.63	DDOG	Datadog Sell-off Trend	Pair Corr

Moving against Elastic Stock

0.57	MGIC	Magic Software Enter	Pair Corr
0.52	RDZN	Roadzen Tech Boost	Pair Corr
0.52	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.48	KEP	Korea Electric Power	Pair Corr
0.44	TLK	Telkom Indonesia Tbk	Pair Corr
0.39	PTAIY	Astra International Tbk	Pair Corr
0.31	ZM	Zoom Video Communications	Pair Corr
0.78	JNJ	Johnson Johnson	Pair Corr
0.75	WMT	Walmart Common Stock Sell-off Trend	Pair Corr
0.75	MRK	Merck Company	Pair Corr
0.64	FTV	Fortive Corp	Pair Corr
0.58	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.54	MCD	McDonalds	Pair Corr
0.52	CSCO	Cisco Systems	Pair Corr
0.41	CAT	Caterpillar	Pair Corr
0.32	AXP	American Express	Pair Corr
0.31	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Related Correlations Analysis

	OTEX	APPF	IDCC	PAYC	TTAN	DAY	PCOR	NICE	MNDY	PEGA
OTEX		0.32	0.59	0.95	-0.06	-0.8	-0.27	0.86	0.92	0.17	OTEX
APPF	0.32		0.37	0.3	0.01	-0.15	0.23	0.62	0.52	0.35	APPF
IDCC	0.59	0.37		0.42	-0.27	-0.65	0.17	0.48	0.72	0.36	IDCC
PAYC	0.95	0.3	0.42		-0.01	-0.69	-0.35	0.85	0.84	0.04	PAYC
TTAN	-0.06	0.01	-0.27	-0.01		0.37	0.16	-0.07	-0.1	0.5	TTAN
DAY	-0.8	-0.15	-0.65	-0.69	0.37		0.18	-0.67	-0.78	-0.02	DAY
PCOR	-0.27	0.23	0.17	-0.35	0.16	0.18		-0.16	-0.12	0.33	PCOR
NICE	0.86	0.62	0.48	0.85	-0.07	-0.67	-0.16		0.88	0.18	NICE
MNDY	0.92	0.52	0.72	0.84	-0.1	-0.78	-0.12	0.88		0.31	MNDY
PEGA	0.17	0.35	0.36	0.04	0.5	-0.02	0.33	0.18	0.31		PEGA
	OTEX	APPF	IDCC	PAYC	TTAN	DAY	PCOR	NICE	MNDY	PEGA

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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

PAYC	+ 0.95	OTEX
MNDY	+ 0.92	OTEX
MNDY	+ 0.88	NICE
NICE	+ 0.86	OTEX
NICE	+ 0.85	PAYC
MNDY	+ 0.84	PAYC

High negative correlations

DAY	- 0.8	OTEX
MNDY	- 0.78	DAY
DAY	- 0.69	PAYC
NICE	- 0.67	DAY
DAY	- 0.65	IDCC
PCOR	- 0.35	PAYC

Risk-Adjusted Indicators

There is a big difference between Elastic Stock performing well and Elastic NV 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 Elastic NV'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
OTEX	1.02	(0.28)	0.00	(0.27)	0.00	0.00	1.61	(2.58)	7.58
APPF	1.51	(0.32)	0.00	(0.25)	0.00	0.00	3.08	(2.99)	12.22
IDCC	2.05	(0.11)	0.00	(0.05)	0.00	0.00	3.53	(4.57)	16.18
PAYC	1.41	(0.51)	0.00	(0.43)	0.00	0.00	2.58	(4.28)	13.60
TTAN	1.69	(0.01)	(0.01)	0.04	2.14	(1.73)	3.19	(3.44)	12.35
DAY	0.12	(0.01)	(0.30)	(0.02)	0.14	(0.14)	0.29	(0.25)	0.69
PCOR	1.68	(0.11)	0.00	(0.03)	0.00	0.00	3.15	(3.71)	14.37
NICE	1.74	(0.42)	0.00	(0.33)	0.00	0.00	2.26	(3.86)	18.80
MNDY	2.26	(0.45)	0.00	(0.72)	0.00	0.00	3.37	(5.83)	17.07
PEGA	1.85	(0.06)	(0.03)	(0.01)	2.39	(1.85)	4.13	(3.87)	19.05

Elastic NV Corporate Management

Mathew Donoghue	Chief Officer	Profile
Carolyn Herzog	Chief Secretary	Profile
Steven Schuurman	Co-Founder, Non-Executive Independent Director	Profile
Shelley Leibowitz	Non-Executive Independent Director	Profile
Jonathan Chadwick	Non-Executive Independent Director	Profile
Anthony Luscri	Vice Relations	Profile
Nikolay CFA	Vice Relations	Profile

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