ServiceNow Correlations

NOW Stock

USD 152.90 1.46 0.95%

The current 90-days correlation between ServiceNow and Intuit Inc is 0.52 (i.e., Very weak 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

Weak diversification

The correlation between ServiceNow and DJI is 0.37 (i.e., Weak diversification) 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

0.83	S	SentinelOne	Pair Corr
0.79	VRNS	Varonis Systems	Pair Corr
0.77	FTNT	Fortinet	Pair Corr
0.78	FUBO	Fubotv Inc	Pair Corr
0.8	PGY	Pagaya Technologies	Pair Corr
0.82	RPD	Rapid7 Inc	Pair Corr
0.84	GTLB	Gitlab Inc	Pair Corr
0.83	INLX	Intellinetics	Pair Corr
0.89	INTZ	Intrusion	Pair Corr
0.69	IVDA	Iveda Solutions	Pair Corr
0.85	MSFT	Microsoft	Pair Corr
0.9	ORCL	Oracle Aggressive Push	Pair Corr
0.79	300339	Jiangsu Hoperun Software	Pair Corr
0.67	CHKP	Check Point Software	Pair Corr
0.77	CYBR	CyberArk Software	Pair Corr
0.61	CHHE	China Health Industries	Pair Corr

Moving against ServiceNow Stock

0.83	TDC	Teradata Corp	Pair Corr
0.8	FROG	Jfrog	Pair Corr
0.7	600756	Inspur Software	Pair Corr
0.88	IRNRF	Iron Road Limited	Pair Corr
0.83	GSTX	Graphene Solar Techn	Pair Corr
0.76	DNGFF	Dongfang ElectricLimited	Pair Corr
0.75	NVGS	Navigator Holdings	Pair Corr
0.74	DX	Dynex Capital	Pair Corr
0.71	THNOF	Technology One	Pair Corr
0.63	QLYS	Qualys Inc	Pair Corr
0.32	PRLD	Prelude Therapeutics	Pair Corr

Related Correlations Analysis

	INTU	APP	UBER	SHOP	AMAT	ANET	QCOM	CRM	LRCX	PANW
INTU		0.44	0.41	0.09	-0.41	0.37	0.25	0.42	-0.33	0.24	INTU
APP	0.44		-0.05	0.3	0.34	0.05	0.49	0.49	0.31	-0.17	APP
UBER	0.41	-0.05		-0.05	-0.68	0.77	-0.12	-0.05	-0.55	0.82	UBER
SHOP	0.09	0.3	-0.05		0.39	0.42	0.58	0.66	0.56	0.28	SHOP
AMAT	-0.41	0.34	-0.68	0.39		-0.51	0.52	0.34	0.85	-0.51	AMAT
ANET	0.37	0.05	0.77	0.42	-0.51		0.04	0.28	-0.31	0.84	ANET
QCOM	0.25	0.49	-0.12	0.58	0.52	0.04		0.67	0.68	0.07	QCOM
CRM	0.42	0.49	-0.05	0.66	0.34	0.28	0.67		0.43	0.19	CRM
LRCX	-0.33	0.31	-0.55	0.56	0.85	-0.31	0.68	0.43		-0.21	LRCX
PANW	0.24	-0.17	0.82	0.28	-0.51	0.84	0.07	0.19	-0.21		PANW
	INTU	APP	UBER	SHOP	AMAT	ANET	QCOM	CRM	LRCX	PANW

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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

LRCX	+ 0.85	AMAT
PANW	+ 0.84	ANET
PANW	+ 0.82	UBER
ANET	+ 0.77	UBER
LRCX	+ 0.68	QCOM
CRM	+ 0.67	QCOM

High negative correlations

AMAT	- 0.68	UBER
LRCX	- 0.55	UBER
PANW	- 0.51	AMAT
ANET	- 0.51	AMAT
AMAT	- 0.41	INTU
LRCX	- 0.33	INTU

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
INTU	1.16	(0.07)	0.00	(0.03)	0.00	0.00	2.23	(2.48)	6.96
APP	2.86	0.17	0.05	0.19	3.99	(3.03)	5.67	(5.57)	20.37
UBER	1.49	(0.34)	0.00	(0.26)	0.00	0.00	2.60	(3.82)	10.51
SHOP	2.32	0.04	0.04	0.08	3.00	(2.32)	5.08	(5.90)	14.35
AMAT	2.13	0.40	0.15	0.30	2.34	(2.17)	4.65	(4.08)	12.50
ANET	2.14	(0.24)	0.00	(0.16)	0.00	0.00	4.04	(4.56)	16.86
QCOM	1.62	(0.02)	0.01	0.05	2.25	(1.63)	3.53	(3.93)	15.46
CRM	1.58	0.06	0.03	0.11	2.05	(1.53)	3.66	(2.92)	9.91
LRCX	2.53	0.40	0.14	0.23	2.95	(2.65)	5.41	(5.07)	13.48
PANW	1.36	(0.20)	0.00	(0.12)	0.00	0.00	2.27	(3.03)	10.62

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