ServiceNow Correlations

NOW Stock

USD 104.23 1.74 1.70%

The current 90-days correlation between ServiceNow and Kingsoft Cloud Holdings is 0.13 (i.e., Average diversification). The correlation of ServiceNow 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ServiceNow Correlation With Market

Pay attention - limited upside

The correlation between ServiceNow and DJI is -0.74 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ServiceNow and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ServiceNow Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ServiceNow. 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 more information on how to buy ServiceNow Stock please use our How to Invest in ServiceNow guide.

Moving together with ServiceNow Stock

0.86	S	SentinelOne	Pair Corr
0.93	AI	C3 Ai Inc	Pair Corr
0.92	BB	BlackBerry	Pair Corr
0.9	ZS	Zscaler Earnings Call Tomorrow	Pair Corr
0.72	VRNS	Varonis Systems	Pair Corr
0.96	ANY	Sphere 3D Corp	Pair Corr
0.95	BTQ	BTQ Technologies Corp Upward Rally	Pair Corr
0.85	FROG	Jfrog	Pair Corr
0.88	FUBO	Fubotv Inc Earnings Call This Week	Pair Corr
0.81	PGY	Pagaya Technologies	Pair Corr
0.91	RPD	Rapid7 Inc	Pair Corr
0.69	TLS	Telos Corp	Pair Corr
0.76	XTKG	X3 Holdings	Pair Corr
0.88	GTLB	Gitlab Inc Earnings Call This Week	Pair Corr
0.61	INLX	Intellinetics	Pair Corr
0.86	INTZ	Intrusion	Pair Corr
0.79	IVDA	Iveda Solutions	Pair Corr
0.86	PRO	Prophecy International	Pair Corr
0.79	LSPD	Lightspeed Commerce	Pair Corr
0.92	MSFT	Microsoft	Pair Corr
0.92	NABL	N Able Inc	Pair Corr
0.91	ORCL	Oracle	Pair Corr
0.74	OSPN	OneSpan	Pair Corr
0.86	PANW	Palo Alto Networks	Pair Corr
0.75	PATH	Uipath Inc	Pair Corr
0.82	PLTR	Palantir Technologies	Pair Corr
0.86	QLYS	Qualys Inc	Pair Corr
0.88	RBRK	Rubrik	Pair Corr

Moving against ServiceNow Stock

0.78	OS	OneStream Class A Earnings Call Tomorrow	Pair Corr
0.67	GROV	Virgin Group Acquisition	Pair Corr
0.56	ALLIX	Wallix Group SA	Pair Corr
0.63	ATEN	A10 Network	Pair Corr
0.32	ALLT	Allot Communications	Pair Corr

Related Correlations Analysis

	KC	PTRN	BLKB	FRSH	DAVE	BRZE	VERX	NCNO	WRD	INTA
KC		0.03	-0.74	-0.67	-0.72	-0.8	-0.63	-0.69	-0.53	-0.73	KC
PTRN	0.03		0.22	0.53	0.12	0.16	0.6	0.51	0.21	0.42	PTRN
BLKB	-0.74	0.22		0.89	0.8	0.97	0.85	0.91	0.73	0.95	BLKB
FRSH	-0.67	0.53	0.89		0.65	0.89	0.97	0.97	0.66	0.95	FRSH
DAVE	-0.72	0.12	0.8	0.65		0.81	0.64	0.73	0.72	0.79	DAVE
BRZE	-0.8	0.16	0.97	0.89	0.81		0.84	0.91	0.67	0.95	BRZE
VERX	-0.63	0.6	0.85	0.97	0.64	0.84		0.97	0.65	0.94	VERX
NCNO	-0.69	0.51	0.91	0.97	0.73	0.91	0.97		0.69	0.98	NCNO
WRD	-0.53	0.21	0.73	0.66	0.72	0.67	0.65	0.69		0.69	WRD
INTA	-0.73	0.42	0.95	0.95	0.79	0.95	0.94	0.98	0.69		INTA
	KC	PTRN	BLKB	FRSH	DAVE	BRZE	VERX	NCNO	WRD	INTA

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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

INTA	+ 0.98	NCNO
BRZE	+ 0.97	BLKB
VERX	+ 0.97	FRSH
NCNO	+ 0.97	FRSH
NCNO	+ 0.97	VERX
INTA	+ 0.95	BLKB

High negative correlations

BRZE	- 0.8	KC
BLKB	- 0.74	KC
INTA	- 0.73	KC
DAVE	- 0.72	KC
NCNO	- 0.69	KC
FRSH	- 0.67	KC

Risk-Adjusted Indicators

There is a big difference between ServiceNow Stock performing well and ServiceNow 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 ServiceNow'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
KC	3.23	0.05	0.02	0.13	3.49	(3.61)	8.10	(5.25)	30.56
PTRN	3.47	(0.86)	0.00	(0.30)	0.00	0.00	7.93	(10.31)	25.95
BLKB	1.99	(0.39)	0.00	(0.23)	0.00	0.00	2.87	(5.28)	12.40
FRSH	2.47	(0.86)	0.00	(0.42)	0.00	0.00	3.12	(7.60)	22.32
DAVE	3.07	(0.42)	0.00	(0.03)	0.00	0.00	6.01	(6.67)	26.09
BRZE	2.92	(0.75)	0.00	(0.38)	0.00	0.00	5.12	(8.25)	27.69
VERX	2.31	(0.68)	0.00	(0.36)	0.00	0.00	5.22	(5.41)	21.09
NCNO	2.23	(0.83)	0.00	(0.40)	0.00	0.00	4.54	(6.27)	15.71
WRD	2.76	0.01	0.01	0.10	3.33	(2.89)	5.19	(4.62)	24.73
INTA	2.74	(1.10)	0.00	(0.54)	0.00	0.00	4.70	(6.56)	18.64

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