NetApp Correlations

NTA Stock

EUR 85.42 0.61 0.72%

The current 90-days correlation between NetApp Inc and Reliance Steel Aluminum is 0.17 (i.e., Average diversification). The correlation of NetApp 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.

NetApp Correlation With Market

Excellent diversification

The correlation between NetApp Inc and DJI is -0.6 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NetApp Inc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to NetApp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NetApp when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back NetApp - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling NetApp Inc to buy it.

Moving against NetApp Stock

0.88	W25	West African Resources Earnings Call This Week	Pair Corr
0.82	OCBA	Oversea Chinese Banking	Pair Corr
0.77	TEX	Castellum AB	Pair Corr
0.76	CHV	Chevron	Pair Corr
0.75	KIN2	Kinross Gold	Pair Corr
0.75	KGHA	KGHM Polska Miedz	Pair Corr
0.73	SHG	Sun Hung Kai	Pair Corr
0.71	TWZ	Trican Well Service	Pair Corr
0.69	INL	Intel	Pair Corr
0.69	GZM0	FEEDBACK PLC LS	Pair Corr
0.67	C43	Cosmo Pharmaceuticals	Pair Corr
0.67	TEQ	Telenor ASA	Pair Corr
0.66	F5J	Mineral Resources	Pair Corr
0.62	WFK	World Fuel Services	Pair Corr
0.55	NZR	NZ REFINING CO	Pair Corr
0.51	LU2	Lumentum Holdings	Pair Corr
0.5	KSB	KSB SE	Pair Corr
0.49	AOA	Atkore Inc	Pair Corr
0.48	KPN	Koninklijke KPN NV	Pair Corr
0.47	BFP	BBVA Banco Frances Earnings Call This Week	Pair Corr
0.46	VDY	OneSpan	Pair Corr
0.35	LVN	CP ALL Public	Pair Corr
0.85	NE0	NEXA RESOURCES SA	Pair Corr
0.79	2X0	Corteva	Pair Corr
0.78	KIN2	Kinross Gold	Pair Corr
0.78	O7D	Arctic Fox Lithium	Pair Corr
0.77	SHF	SNP Schneider Neurei	Pair Corr
0.75	PKE	Park Aerospace Corp	Pair Corr
0.75	DL8	Deluxe	Pair Corr
0.74	30Z0	IPERIONX LTD SPADR10	Pair Corr
0.74	6MN	MARUHA NICHIRO P Split	Pair Corr
0.69	INL	Intel	Pair Corr
0.64	KOM1	KOMATSU	Pair Corr
0.61	CWA0	REFINED METALS P	Pair Corr
0.61	23J	Promis Neurosciences	Pair Corr

Related Correlations Analysis

	8SP	94P	DVDG	INL	VOW	BTC1	RS6	RRU	9K1	3RKU
8SP		-0.01	0.28	0.33	-0.01	-0.16	0.46	0.18	0.28	0.16	8SP
94P	-0.01		0.08	-0.08	0.48	-0.17	0.01	-0.08	0.24	0.27	94P
DVDG	0.28	0.08		0.67	0.32	-0.83	0.87	0.83	0.82	0.73	DVDG
INL	0.33	-0.08	0.67		0.27	-0.36	0.77	0.7	0.47	0.24	INL
VOW	-0.01	0.48	0.32	0.27		-0.12	0.36	0.43	0.29	0.02	VOW
BTC1	-0.16	-0.17	-0.83	-0.36	-0.12		-0.69	-0.48	-0.8	-0.81	BTC1
RS6	0.46	0.01	0.87	0.77	0.36	-0.69		0.77	0.69	0.5	RS6
RRU	0.18	-0.08	0.83	0.7	0.43	-0.48	0.77		0.56	0.39	RRU
9K1	0.28	0.24	0.82	0.47	0.29	-0.8	0.69	0.56		0.74	9K1
3RKU	0.16	0.27	0.73	0.24	0.02	-0.81	0.5	0.39	0.74		3RKU
	8SP	94P	DVDG	INL	VOW	BTC1	RS6	RRU	9K1	3RKU

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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

RS6	+ 0.87	DVDG
RRU	+ 0.83	DVDG
9K1	+ 0.82	DVDG
RS6	+ 0.77	INL
RRU	+ 0.77	RS6
3RKU	+ 0.74	9K1

High negative correlations

BTC1	- 0.83	DVDG
3RKU	- 0.81	BTC1
9K1	- 0.8	BTC1
RS6	- 0.69	BTC1
RRU	- 0.48	BTC1
BTC1	- 0.36	INL

Risk-Adjusted Indicators

There is a big difference between NetApp Stock performing well and NetApp 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 NetApp'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
8SP	1.35	(0.13)	0.00	(0.37)	0.00	0.00	2.29	(2.27)	22.43
94P	1.73	0.02	(0.01)	0.12	1.97	(2.03)	3.44	(3.49)	11.80
DVDG	0.44	0.13	0.11	0.71	0.28	(0.50)	0.96	(0.57)	3.06
INL	3.07	0.53	0.10	(0.99)	3.79	(3.36)	8.76	(5.40)	24.14
VOW	0.47	0.14	0.05	0.94	0.37	(1.07)	1.70	(0.66)	6.39
BTC1	2.22	(0.37)	0.00	(2.10)	0.00	0.00	4.44	(4.17)	14.40
RS6	1.29	0.24	0.11	(1.67)	1.15	(1.55)	3.18	(1.98)	7.73
RRU	1.81	0.41	0.15	(4.09)	1.78	(2.01)	3.53	(2.91)	9.23
9K1	1.88	0.22	0.05	(2.45)	2.49	(2.23)	4.97	(5.15)	12.87
3RKU	2.41	0.35	0.10	(4.52)	2.30	(3.10)	5.46	(4.46)	12.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in NetApp without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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NetApp Corporate Management

Elected by the shareholders, the NetApp's board of directors comprises two types of representatives: NetApp inside directors who are chosen from within the company, and outside directors, selected externally and held independent of NetApp. The board's role is to monitor NetApp's management team and ensure that shareholders' interests are well served. NetApp's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, NetApp's outside directors are responsible for providing unbiased perspectives on the board's policies.

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