Magic Software Correlations

MGIC Stock

USD 27.20 1.15 4.41%

The current 90-days correlation between Magic Software Enter and Taskus Inc is 0.01 (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

Modest diversification

The correlation between Magic Software Enterprises and DJI is 0.23 (i.e., Modest 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

0.85	U	Unity Software	Pair Corr
0.71	BL	Blackline	Pair Corr
0.76	NN	Nextnav Acquisition Corp	Pair Corr
0.73	ZM	Zoom Video Communications	Pair Corr
0.81	DTST	Data Storage Corp	Pair Corr
0.83	MKT	DeepMarkit Corp	Pair Corr
0.69	ELWS	Earlyworks Tech Boost	Pair Corr

Moving against Magic Stock

0.92	VS	Versus Systems	Pair Corr
0.91	DOMO	Domo Inc	Pair Corr
0.91	VRAR	Glimpse Group	Pair Corr
0.85	002410	Glodon Software	Pair Corr
0.84	PD	Pagerduty	Pair Corr
0.84	VTEX	VTEX	Pair Corr
0.83	DT	Dynatrace Holdings LLC	Pair Corr
0.81	MSFT	Microsoft Corp CDR	Pair Corr
0.75	JG	Aurora Mobile	Pair Corr
0.75	VERX	Vertex	Pair Corr
0.68	QH	Quhuo	Pair Corr
0.57	EGAN	eGain	Pair Corr
0.5	NOW	NowVertical Group	Pair Corr
0.44	MTLO	Martello Technologies	Pair Corr
0.36	VERI	Veritone	Pair Corr
0.34	VEEA	Veea Inc	Pair Corr
0.33	DSGX	Descartes Systems	Pair Corr
0.89	BSY	Bentley Systems Sell-off Trend	Pair Corr
0.87	WAVE	Eco Wave Power	Pair Corr
0.87	OTEX	Open Text Corp	Pair Corr
0.86	688590	Shanghai Newtouch	Pair Corr
0.84	EXOD	Exodus Movement	Pair Corr
0.83	WDAY	Workday	Pair Corr
0.83	688152	Hunan Kylinsec Technology	Pair Corr
0.79	BB	BlackBerry	Pair Corr

Related Correlations Analysis

	TASK	NTGR	SCSC	CTLP	COHU	GCT	BKSY	YEXT	CTS	GDYN
TASK		0.74	0.72	-0.15	-0.64	-0.61	0.66	0.14	-0.6	-0.45	TASK
NTGR	0.74		0.65	-0.21	-0.48	-0.85	0.72	0.19	-0.78	-0.68	NTGR
SCSC	0.72	0.65		-0.19	-0.15	-0.43	0.49	0.42	-0.24	-0.18	SCSC
CTLP	-0.15	-0.21	-0.19		-0.04	0.2	0.13	-0.3	0.04	0.0	CTLP
COHU	-0.64	-0.48	-0.15	-0.04		0.62	-0.47	0.17	0.77	0.67	COHU
GCT	-0.61	-0.85	-0.43	0.2	0.62		-0.46	-0.06	0.8	0.82	GCT
BKSY	0.66	0.72	0.49	0.13	-0.47	-0.46		-0.11	-0.58	-0.4	BKSY
YEXT	0.14	0.19	0.42	-0.3	0.17	-0.06	-0.11		0.05	0.09	YEXT
CTS	-0.6	-0.78	-0.24	0.04	0.77	0.8	-0.58	0.05		0.8	CTS
GDYN	-0.45	-0.68	-0.18	0.0	0.67	0.82	-0.4	0.09	0.8		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

GDYN	+ 0.82	GCT
CTS	+ 0.8	GCT
GDYN	+ 0.8	CTS
CTS	+ 0.77	COHU
NTGR	+ 0.74	TASK
SCSC	+ 0.72	TASK

High negative correlations

GCT	- 0.85	NTGR
CTS	- 0.78	NTGR
GDYN	- 0.68	NTGR
COHU	- 0.64	TASK
GCT	- 0.61	TASK
CTS	- 0.6	TASK

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	1.97	(0.70)	0.00	(0.64)	0.00	0.00	2.20	(5.55)	12.64
NTGR	2.02	(0.49)	0.00	(0.27)	0.00	0.00	2.59	(6.83)	17.77
SCSC	1.35	(0.25)	0.00	(0.13)	0.00	0.00	2.50	(2.86)	7.75
CTLP	0.29	0.00	(0.11)	0.04	0.34	(0.34)	0.56	(0.56)	2.92
COHU	2.23	0.21	0.09	0.16	2.49	(2.35)	5.76	(4.55)	13.08
GCT	2.73	0.47	0.15	0.35	2.92	(2.97)	5.66	(5.45)	35.50
BKSY	5.31	0.02	0.03	0.06	6.77	(5.58)	11.04	(11.45)	29.60
YEXT	0.89	(0.16)	0.00	(0.21)	0.00	0.00	2.04	(1.79)	8.06
CTS	1.60	0.08	0.04	0.11	2.15	(1.55)	3.72	(4.10)	10.06
GDYN	2.42	0.17	0.08	0.15	2.58	(2.85)	5.80	(4.18)	27.07

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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