InterDigital Correlations

IDCC Stock

USD 308.76 1.67 0.54%

The current 90-days correlation between InterDigital and Paycom Software is -0.04 (i.e., Good diversification). The correlation of InterDigital 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.

InterDigital Correlation With Market

Average diversification

The correlation between InterDigital and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding InterDigital and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with InterDigital Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in InterDigital. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

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

Moving together with InterDigital Stock

0.76

MSFT

Microsoft

Pair Corr

Moving against InterDigital Stock

0.84	MRK	Merck Company	Pair Corr
0.77	ATI	Allegheny Technologies	Pair Corr
0.66	ACN	Accenture plc	Pair Corr
0.65	WSFS	WSFS Financial	Pair Corr
0.63	WF	Woori Financial Group	Pair Corr
0.56	PPERY	Bank Mandiri Persero	Pair Corr
0.56	F	Ford Motor	Pair Corr
0.53	KB	KB Financial Group	Pair Corr
0.52	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.46	ASXSF	Elysee Development Corp	Pair Corr
0.43	SHG	Shinhan Financial	Pair Corr
0.79	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.78	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.76	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.75	DD	Dupont De Nemours	Pair Corr
0.59	TRV	The Travelers Companies Earnings Call This Week	Pair Corr
0.57	CAT	Caterpillar Sell-off Trend	Pair Corr
0.56	BAC	Bank of America	Pair Corr
0.54	PFE	Pfizer Inc	Pair Corr
0.4	CVX	Chevron Corp	Pair Corr
0.39	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.37	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	PAYC	OTEX	PEGA	APPF	MANH	AKAM	GTM	ESTC	MNDY	NICE
PAYC		0.97	0.25	0.39	0.87	-0.91	0.61	0.51	0.88	0.76	PAYC
OTEX	0.97		0.33	0.5	0.82	-0.93	0.71	0.56	0.93	0.82	OTEX
PEGA	0.25	0.33		0.48	0.01	-0.31	0.65	0.34	0.44	0.42	PEGA
APPF	0.39	0.5	0.48		0.22	-0.46	0.71	0.63	0.66	0.61	APPF
MANH	0.87	0.82	0.01	0.22		-0.72	0.46	0.28	0.69	0.64	MANH
AKAM	-0.91	-0.93	-0.31	-0.46	-0.72		-0.67	-0.49	-0.91	-0.74	AKAM
GTM	0.61	0.71	0.65	0.71	0.46	-0.67		0.49	0.79	0.79	GTM
ESTC	0.51	0.56	0.34	0.63	0.28	-0.49	0.49		0.64	0.69	ESTC
MNDY	0.88	0.93	0.44	0.66	0.69	-0.91	0.79	0.64		0.81	MNDY
NICE	0.76	0.82	0.42	0.61	0.64	-0.74	0.79	0.69	0.81		NICE
	PAYC	OTEX	PEGA	APPF	MANH	AKAM	GTM	ESTC	MNDY	NICE

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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

OTEX	+ 0.97	PAYC
MNDY	+ 0.93	OTEX
MNDY	+ 0.88	PAYC
MANH	+ 0.87	PAYC
MANH	+ 0.82	OTEX
NICE	+ 0.82	OTEX

High negative correlations

AKAM	- 0.93	OTEX
MNDY	- 0.91	AKAM
AKAM	- 0.91	PAYC
NICE	- 0.74	AKAM
AKAM	- 0.72	MANH
GTM	- 0.67	AKAM

Risk-Adjusted Indicators

There is a big difference between InterDigital Stock performing well and InterDigital 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 InterDigital'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
PAYC	1.36	(0.38)	0.00	2.16	0.00	0.00	2.58	(3.50)	13.60
OTEX	1.07	(0.34)	0.00	3.83	0.00	0.00	1.45	(3.31)	7.58
PEGA	1.96	(0.05)	0.00	(0.06)	0.00	0.00	4.17	(3.87)	21.06
APPF	1.46	(0.16)	0.00	(0.05)	0.00	0.00	3.16	(3.72)	12.22
MANH	1.24	(0.27)	0.00	(0.35)	0.00	0.00	2.32	(3.48)	7.27
AKAM	1.60	0.29	0.16	0.39	1.46	(1.87)	3.57	(2.80)	18.30
GTM	1.76	(0.28)	0.00	(0.14)	0.00	0.00	3.87	(4.63)	10.86
ESTC	1.99	(0.23)	0.00	(0.55)	0.00	0.00	3.42	(3.82)	18.64
MNDY	2.26	(0.62)	0.00	(0.80)	0.00	0.00	3.21	(6.07)	17.07
NICE	1.69	(0.33)	0.00	(0.17)	0.00	0.00	3.22	(3.81)	18.80

InterDigital Corporate Management

James Nolan	Executive VP of Interdigital Solutions	Profile
Eeva Hakoranta	Executive Officer	Profile
Joshua Schmidt	Chief VP	Profile
Eric Cohen	Chief Development Officer	Profile
Ken Kaskoun	Executive Officer	Profile

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