InterDigital Correlations

IDCC Stock

USD 371.08 26.03 7.54%

The current 90-days correlation between InterDigital and Paycom Software is 0.01 (i.e., Significant 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

Very good diversification

The correlation between InterDigital and DJI is -0.48 (i.e., Very good 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 private.

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

Moving against InterDigital Stock

0.65	FMCB	Farmers Merchants Bancorp	Pair Corr
0.6	ET	Evertz Technologies	Pair Corr
0.6	BNKHF	BOC Hong Kong	Pair Corr
0.56	SECVY	Seche Environnement	Pair Corr
0.54	FUWAF	Furukawa Electric	Pair Corr
0.46	OBYCF	Obayashi Earnings Call Tomorrow	Pair Corr
0.46	RILYL	B Riley Financial	Pair Corr
0.42	NFPDF	Nissin Foods Holdings	Pair Corr
0.41	MWE	MTI Wireless Edge	Pair Corr
0.41	YAMHF	Yamaha Motor Earnings Call This Week	Pair Corr
0.37	GGLDF	Getchell Gold Corp	Pair Corr
0.36	ENA	Enablence Technologies	Pair Corr
0.33	FCAP	First Capital Downward Rally	Pair Corr
0.31	DAIUF	Daifuku Co Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PAYC	OTEX	PEGA	APPF	MANH	AKAM	GTM	ESTC	MNDY	NICE
PAYC		0.97	0.85	0.91	0.87	-0.73	0.91	0.74	0.92	0.33	PAYC
OTEX	0.97		0.91	0.92	0.89	-0.72	0.95	0.74	0.92	0.32	OTEX
PEGA	0.85	0.91		0.86	0.85	-0.59	0.92	0.65	0.8	0.26	PEGA
APPF	0.91	0.92	0.86		0.85	-0.65	0.92	0.83	0.92	0.51	APPF
MANH	0.87	0.89	0.85	0.85		-0.44	0.88	0.65	0.77	0.23	MANH
AKAM	-0.73	-0.72	-0.59	-0.65	-0.44		-0.67	-0.51	-0.8	-0.37	AKAM
GTM	0.91	0.95	0.92	0.92	0.88	-0.67		0.73	0.89	0.46	GTM
ESTC	0.74	0.74	0.65	0.83	0.65	-0.51	0.73		0.81	0.62	ESTC
MNDY	0.92	0.92	0.8	0.92	0.77	-0.8	0.89	0.81		0.48	MNDY
NICE	0.33	0.32	0.26	0.51	0.23	-0.37	0.46	0.62	0.48		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
GTM	+ 0.95	OTEX
MNDY	+ 0.92	PAYC
APPF	+ 0.92	OTEX
MNDY	+ 0.92	OTEX
GTM	+ 0.92	PEGA

High negative correlations

MNDY	- 0.8	AKAM
AKAM	- 0.73	PAYC
AKAM	- 0.72	OTEX
GTM	- 0.67	AKAM
AKAM	- 0.65	APPF
AKAM	- 0.59	PEGA

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	1.60	(0.57)	0.00	(0.58)	0.00	0.00	2.58	(3.80)	11.72
OTEX	1.59	(0.73)	0.00	(0.40)	0.00	0.00	1.61	(3.92)	8.74
PEGA	2.13	(0.74)	0.00	(0.58)	0.00	0.00	4.59	(6.08)	15.04
APPF	1.60	(0.66)	0.00	(0.42)	0.00	0.00	2.91	(4.28)	11.62
MANH	1.53	(0.40)	0.00	(0.33)	0.00	0.00	2.52	(4.20)	13.27
AKAM	1.96	0.30	0.15	0.34	1.77	(2.27)	4.04	(3.43)	19.72
GTM	2.06	(0.82)	0.00	(0.43)	0.00	0.00	4.11	(5.69)	17.95
ESTC	2.28	(0.70)	0.00	(0.51)	0.00	0.00	3.82	(7.02)	18.64
MNDY	2.58	(1.14)	0.00	(1.13)	0.00	0.00	3.21	(8.39)	17.07
NICE	1.77	(0.35)	0.00	(0.25)	0.00	0.00	3.24	(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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