NetApp Correlations

NTAP Stock

USD 103.84 4.56 4.21%

The current 90-days correlation between NetApp Inc and HP Inc is 0.65 (i.e., Poor 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. If the correlation is 0, the equities are not correlated; they are entirely random.

NetApp Correlation With Market

Very weak diversification

The correlation between NetApp Inc and DJI is 0.43 (i.e., Very weak 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.

Build AI portfolio with NetApp Stock

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

Moving together with NetApp Stock

0.89	HPQ	HP Inc	Pair Corr
0.71	SMCI	Super Micro Computer Buyout Trend	Pair Corr
0.81	CRSR	Corsair Gaming	Pair Corr

Moving against NetApp Stock

0.59	BIMT	Bitmis Corp	Pair Corr
0.49	FCTI	Fact Inc	Pair Corr
0.36	002152	GRG Banking Equipment	Pair Corr
0.36	NNAX	New Momentum	Pair Corr
0.33	002177	Guangzhou KingTeller	Pair Corr
0.32	ACN	Accenture plc	Pair Corr
0.77	BHKLY	BOC Hong Kong	Pair Corr
0.66	ATI	Allegheny Technologies	Pair Corr
0.64	WEICF	Weichai Power	Pair Corr
0.63	FYBR	Frontier Communications	Pair Corr
0.6	KCRD	Kindcard	Pair Corr
0.58	ACR-PC	ACRES Commercial Realty	Pair Corr
0.56	ASXSF	Elysee Development Corp	Pair Corr
0.55	F	Ford Motor	Pair Corr
0.55	PNGZF	Paringa Resources	Pair Corr
0.45	NMIH	NMI Holdings	Pair Corr
0.41	LAND	Gladstone Land	Pair Corr
0.4	WSFS	WSFS Financial	Pair Corr
0.37	SANM	Sanmina Tech Boost	Pair Corr
0.31	BOF	BranchOut Food Common	Pair Corr

Related Correlations Analysis

	RGTI	HPQ	LOGI	FLEX	LDOS	VRSN	JBL	CHKP	TDY	PTC
RGTI		0.8	0.3	0.14	0.07	0.36	-0.33	0.41	0.5	0.88	RGTI
HPQ	0.8		0.67	0.19	-0.15	0.19	-0.48	0.55	0.09	0.85	HPQ
LOGI	0.3	0.67		0.12	0.02	-0.11	-0.42	0.64	-0.44	0.3	LOGI
FLEX	0.14	0.19	0.12		-0.01	-0.34	0.6	0.32	0.33	0.14	FLEX
LDOS	0.07	-0.15	0.02	-0.01		-0.07	0.07	0.35	0.26	-0.05	LDOS
VRSN	0.36	0.19	-0.11	-0.34	-0.07		-0.4	-0.11	0.45	0.27	VRSN
JBL	-0.33	-0.48	-0.42	0.6	0.07	-0.4		-0.14	0.31	-0.37	JBL
CHKP	0.41	0.55	0.64	0.32	0.35	-0.11	-0.14		0.09	0.4	CHKP
TDY	0.5	0.09	-0.44	0.33	0.26	0.45	0.31	0.09		0.39	TDY
PTC	0.88	0.85	0.3	0.14	-0.05	0.27	-0.37	0.4	0.39		PTC
	RGTI	HPQ	LOGI	FLEX	LDOS	VRSN	JBL	CHKP	TDY	PTC

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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

PTC	+ 0.88	RGTI
PTC	+ 0.85	HPQ
HPQ	+ 0.8	RGTI
LOGI	+ 0.67	HPQ
CHKP	+ 0.64	LOGI
JBL	+ 0.6	FLEX

High negative correlations

JBL	- 0.48	HPQ
TDY	- 0.44	LOGI
JBL	- 0.42	LOGI
JBL	- 0.4	VRSN
PTC	- 0.37	JBL
VRSN	- 0.34	FLEX

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
RGTI	5.08	(1.22)	0.00	(0.39)	0.00	0.00	9.82	(10.45)	24.38
HPQ	1.60	(0.60)	0.00	(0.35)	0.00	0.00	2.73	(4.01)	10.78
LOGI	1.47	(0.20)	0.00	(0.17)	0.00	0.00	3.08	(4.34)	10.55
FLEX	2.30	0.02	0.03	0.11	2.57	(2.54)	5.40	(4.13)	13.21
LDOS	1.15	(0.02)	(0.02)	0.07	1.26	(1.25)	2.51	(2.43)	9.17
VRSN	1.04	(0.15)	0.00	(0.13)	0.00	0.00	1.99	(2.77)	7.38
JBL	1.89	0.27	0.10	0.34	2.45	(1.99)	4.27	(5.03)	12.48
CHKP	1.31	(0.15)	0.00	(0.07)	0.00	0.00	2.06	(2.65)	9.38
TDY	1.11	(0.07)	(0.04)	0.02	1.50	(1.08)	2.11	(1.93)	6.93
PTC	1.03	(0.38)	0.00	(0.28)	0.00	0.00	1.48	(2.36)	9.93

NetApp Corporate Management

Elizabeth JD	Interim VP	Profile
Daniel Lorenzo	Controller VP	Profile
Puneet Gupta	Managing Services	Profile
Gus Shahin	Executive Operations	Profile
Alessandra Yockelson	Executive CHRO	Profile
Andrew Sotiropoulos	Senior Pacific	Profile

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