Innodata Correlations

INOD Stock

USD 62.01 9.02 17.02%

The current 90-days correlation between Innodata and DXC Technology Co is -0.01 (i.e., Good diversification). The correlation of Innodata 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.

Innodata Correlation With Market

Weak diversification

The correlation between Innodata and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innodata and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Innodata Stock

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

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

Moving together with Innodata Stock

0.66	PG	Procter Gamble	Pair Corr
0.8	HPQ	HP Inc	Pair Corr

Moving against Innodata Stock

0.91	DD	Dupont De Nemours	Pair Corr
0.84	CASS	Cass Information Systems	Pair Corr
0.83	FTV	Fortive Corp	Pair Corr
0.83	JNJ	Johnson Johnson	Pair Corr
0.82	KO	Coca Cola	Pair Corr
0.81	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.8	MRK	Merck Company	Pair Corr
0.71	MCD	McDonalds	Pair Corr
0.63	WMT	Walmart Common Stock Sell-off Trend	Pair Corr
0.58	IBM	International Business	Pair Corr
0.57	MMM	3M Company	Pair Corr
0.47	JPM	JPMorgan Chase Earnings Call Next Week	Pair Corr

Related Correlations Analysis

	DXC	CLVT	FORTY	AI	GLOB	VNET	ASGN	CNXC	VICR	SPNS
DXC		-0.12	0.64	-0.23	0.75	-0.14	0.7	0.11	0.52	0.47	DXC
CLVT	-0.12		-0.42	0.56	-0.16	0.41	0.26	0.46	-0.58	-0.44	CLVT
FORTY	0.64	-0.42		-0.73	0.69	-0.43	0.32	-0.33	0.79	0.75	FORTY
AI	-0.23	0.56	-0.73		-0.56	0.7	0.23	0.79	-0.74	-0.37	AI
GLOB	0.75	-0.16	0.69	-0.56		-0.44	0.31	-0.35	0.72	0.36	GLOB
VNET	-0.14	0.41	-0.43	0.7	-0.44		0.07	0.49	-0.45	-0.33	VNET
ASGN	0.7	0.26	0.32	0.23	0.31	0.07		0.64	-0.02	0.46	ASGN
CNXC	0.11	0.46	-0.33	0.79	-0.35	0.49	0.64		-0.53	0.07	CNXC
VICR	0.52	-0.58	0.79	-0.74	0.72	-0.45	-0.02	-0.53		0.5	VICR
SPNS	0.47	-0.44	0.75	-0.37	0.36	-0.33	0.46	0.07	0.5		SPNS
	DXC	CLVT	FORTY	AI	GLOB	VNET	ASGN	CNXC	VICR	SPNS

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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

VICR	+ 0.79	FORTY
CNXC	+ 0.79	AI
GLOB	+ 0.75	DXC
SPNS	+ 0.75	FORTY
VICR	+ 0.72	GLOB
ASGN	+ 0.7	DXC

High negative correlations

VICR	- 0.74	AI
AI	- 0.73	FORTY
VICR	- 0.58	CLVT
GLOB	- 0.56	AI
VICR	- 0.53	CNXC
VICR	- 0.45	VNET

Risk-Adjusted Indicators

There is a big difference between Innodata Stock performing well and Innodata 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 Innodata'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
DXC	1.76	(0.01)	0.00	0.05	2.43	(1.69)	2.74	(3.52)	16.29
CLVT	2.05	(0.30)	0.00	(0.17)	0.00	0.00	3.33	(4.12)	12.79
FORTY	3.27	0.56	0.10	1.32	4.55	(3.34)	7.00	(7.91)	23.60
AI	2.73	(0.45)	0.00	(0.12)	0.00	0.00	4.88	(5.34)	16.09
GLOB	2.03	0.08	0.05	0.11	2.09	(2.20)	5.26	(3.52)	9.88
VNET	2.94	(0.25)	0.00	(0.05)	0.00	0.00	6.96	(6.41)	19.06
ASGN	1.71	(0.10)	(0.03)	0.00	2.28	(1.82)	3.26	(3.13)	11.18
CNXC	1.73	(0.21)	0.00	(0.12)	0.00	0.00	3.68	(5.02)	11.23
VICR	3.23	1.33	0.39	0.94	2.45	(3.71)	7.38	(5.35)	36.51
SPNS	955.18	479.63	4,007	5.10	0.00	(1,104)	0.28	(0.14)	32,006

Innodata Corporate Management

Amy Agress	General VP	Profile
Martin Lyster	Chief Solutions	Profile
Marissa Espineli	Interim Finance	Profile
Douglas Kemp	Senior Synodex	Profile

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