Magic Software Correlations

MGIC Stock

USD 26.95 0.31 1.14%

The current 90-days correlation between Magic Software Enter and Taskus Inc is 0.09 (i.e., Significant diversification). The correlation of Magic Software 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.

Magic Software Correlation With Market

Very poor diversification

The correlation between Magic Software Enterprises and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magic Software Enterprises and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Magic Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Magic Software Enterprises. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Magic Stock

0.77	U	Unity Software Earnings Call This Week	Pair Corr
0.85	TTGI	Turnium Technology	Pair Corr
0.94	DSP	Viant Technology	Pair Corr

Moving against Magic Stock

0.91	FRGT	Freight Technologies	Pair Corr
0.89	DOMO	Domo Inc	Pair Corr
0.87	NCC	NCC Group plc	Pair Corr
0.83	PD	Pagerduty	Pair Corr
0.82	DT	Dynatrace Holdings LLC	Pair Corr
0.81	CYN	Cyngn Inc	Pair Corr
0.79	MSFT	Microsoft Corp CDR	Pair Corr
0.75	EXOD	Exodus Movement	Pair Corr
0.69	BMR	Beamr Imaging	Pair Corr
0.68	BOX	Box Inc	Pair Corr
0.66	VERX	Vertex	Pair Corr
0.66	DBX	Dropbox Sell-off Trend	Pair Corr
0.64	ESTC	Elastic NV	Pair Corr
0.49	EXFY	Expensify	Pair Corr
0.36	MTLO	Martello Technologies	Pair Corr
0.31	AUR	Aurora Innovation	Pair Corr
0.91	ERD	Eroad	Pair Corr
0.9	RIWI	Riwi Corp	Pair Corr
0.89	EVPL	Everplay Group PLC	Pair Corr
0.88	HTCR	HeartCore Enterprises	Pair Corr
0.86	TTD	Trade Desk	Pair Corr
0.84	GWRE	Guidewire Software	Pair Corr
0.83	WCT	Wellchange Holdings	Pair Corr
0.81	RXT	Rackspace Technology	Pair Corr

Related Correlations Analysis

	TASK	NTGR	SCSC	CTLP	COHU	GCT	BKSY	YEXT	CTS	GDYN
TASK		0.83	0.69	-0.41	-0.23	-0.63	0.21	0.39	-0.4	-0.28	TASK
NTGR	0.83		0.51	-0.61	-0.52	-0.86	-0.15	0.59	-0.72	-0.49	NTGR
SCSC	0.69	0.51		-0.12	0.12	-0.28	0.3	0.23	0.01	-0.03	SCSC
CTLP	-0.41	-0.61	-0.12		0.78	0.54	0.65	-0.83	0.75	0.22	CTLP
COHU	-0.23	-0.52	0.12	0.78		0.62	0.74	-0.71	0.89	0.41	COHU
GCT	-0.63	-0.86	-0.28	0.54	0.62		0.27	-0.44	0.73	0.73	GCT
BKSY	0.21	-0.15	0.3	0.65	0.74	0.27		-0.66	0.65	0.13	BKSY
YEXT	0.39	0.59	0.23	-0.83	-0.71	-0.44	-0.66		-0.74	-0.12	YEXT
CTS	-0.4	-0.72	0.01	0.75	0.89	0.73	0.65	-0.74		0.45	CTS
GDYN	-0.28	-0.49	-0.03	0.22	0.41	0.73	0.13	-0.12	0.45		GDYN
	TASK	NTGR	SCSC	CTLP	COHU	GCT	BKSY	YEXT	CTS	GDYN

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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

CTS	+ 0.89	COHU
NTGR	+ 0.83	TASK
COHU	+ 0.78	CTLP
CTS	+ 0.75	CTLP
BKSY	+ 0.74	COHU
CTS	+ 0.73	GCT

High negative correlations

GCT	- 0.86	NTGR
YEXT	- 0.83	CTLP
CTS	- 0.74	YEXT
CTS	- 0.72	NTGR
YEXT	- 0.71	COHU
YEXT	- 0.66	BKSY

Risk-Adjusted Indicators

There is a big difference between Magic Stock performing well and Magic Software 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 Magic Software'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
TASK	1.60	(0.35)	0.00	(0.29)	0.00	0.00	2.20	(3.45)	10.92
NTGR	1.84	(0.67)	0.00	(1.48)	0.00	0.00	2.49	(5.94)	11.33
SCSC	1.35	(0.16)	0.00	(0.05)	0.00	0.00	2.66	(2.86)	9.34
CTLP	0.30	(0.01)	(0.18)	0.02	0.32	(0.41)	0.76	(0.56)	2.92
COHU	2.09	0.28	0.13	0.22	2.28	(2.20)	4.45	(4.13)	11.82
GCT	2.72	0.67	0.22	0.69	2.47	(3.15)	5.71	(5.45)	36.06
BKSY	4.67	0.06	0.02	0.11	5.95	(4.86)	9.13	(9.00)	22.61
YEXT	0.99	(0.13)	0.00	0.59	0.00	0.00	2.04	(2.61)	8.06
CTS	1.46	0.20	0.11	0.20	1.73	(1.47)	3.37	(3.10)	8.33
GDYN	2.35	0.04	0.04	0.09	2.39	(2.75)	5.80	(4.18)	27.91

Magic Software Corporate Management

Yael Ilan	Chief Solutions	Profile
Idan Faingold	Chief Ltd	Profile
Asaf CPA	Chief Officer	Profile
Karin Netzer	Chief Officer	Profile

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