Open Text Correlations

OTEX Stock

USD 31.74 0.84 2.58%

The current 90-days correlation between Open Text Corp and InterDigital is 0.02 (i.e., Significant diversification). The correlation of Open Text 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.

Open Text Correlation With Market

Significant diversification

The correlation between Open Text Corp and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Open Text Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Open Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Open Text Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Open Stock

0.78	JG	Aurora Mobile	Pair Corr
0.82	RXT	Rackspace Technology	Pair Corr
0.82	SAP	SAP SE ADR	Pair Corr
0.84	TTD	Trade Desk	Pair Corr
0.88	CLSK	CleanSpark Buyout Trend	Pair Corr
0.74	UPLD	Upland Software	Pair Corr
0.79	HPQ	HP Inc	Pair Corr
0.69	HD	Home Depot	Pair Corr

Moving against Open Stock

0.81	KEP	Korea Electric Power	Pair Corr
0.77	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.73	EC	Ecopetrol SA ADR	Pair Corr
0.71	TLK	Telkom Indonesia Tbk	Pair Corr
0.7	MGIC	Magic Software Enter	Pair Corr
0.68	PTAIY	Astra International Tbk	Pair Corr
0.4	ZM	Zoom Video Communications	Pair Corr
0.39	RDZN	Roadzen Tech Boost	Pair Corr
0.33	USDC	USDATA Corp	Pair Corr
0.73	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.72	MRK	Merck Company	Pair Corr
0.7	FTV	Fortive Corp	Pair Corr
0.7	CSCO	Cisco Systems	Pair Corr
0.67	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.63	JNJ	Johnson Johnson	Pair Corr
0.5	CAT	Caterpillar	Pair Corr
0.5	VZ	Verizon Communications	Pair Corr
0.48	AXP	American Express	Pair Corr
0.42	MCD	McDonalds	Pair Corr
0.42	IBM	International Business	Pair Corr
0.41	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.41	MMM	3M Company	Pair Corr

Related Correlations Analysis

	IDCC	PAYC	APPF	NICE	ESTC	DOX	PEGA	TTAN	MANH	AKAM
IDCC		0.42	0.37	0.53	0.56	0.47	0.36	-0.29	0.24	-0.58	IDCC
PAYC	0.42		0.3	0.75	0.35	0.61	0.04	-0.05	0.94	-0.83	PAYC
APPF	0.37	0.3		0.39	0.45	0.41	0.35	-0.03	0.24	-0.17	APPF
NICE	0.53	0.75	0.39		0.73	0.76	0.25	-0.14	0.64	-0.79	NICE
ESTC	0.56	0.35	0.45	0.73		0.53	0.33	-0.29	0.22	-0.47	ESTC
DOX	0.47	0.61	0.41	0.76	0.53		0.48	0.24	0.51	-0.69	DOX
PEGA	0.36	0.04	0.35	0.25	0.33	0.48		0.46	-0.11	-0.16	PEGA
TTAN	-0.29	-0.05	-0.03	-0.14	-0.29	0.24	0.46		0.03	0.12	TTAN
MANH	0.24	0.94	0.24	0.64	0.22	0.51	-0.11	0.03		-0.69	MANH
AKAM	-0.58	-0.83	-0.17	-0.79	-0.47	-0.69	-0.16	0.12	-0.69		AKAM
	IDCC	PAYC	APPF	NICE	ESTC	DOX	PEGA	TTAN	MANH	AKAM

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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

MANH	+ 0.94	PAYC
DOX	+ 0.76	NICE
NICE	+ 0.75	PAYC
ESTC	+ 0.73	NICE
MANH	+ 0.64	NICE
DOX	+ 0.61	PAYC

High negative correlations

AKAM	- 0.83	PAYC
AKAM	- 0.79	NICE
AKAM	- 0.69	MANH
AKAM	- 0.69	DOX
AKAM	- 0.58	IDCC
AKAM	- 0.47	ESTC

Risk-Adjusted Indicators

There is a big difference between Open Stock performing well and Open Text 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 Open Text'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
IDCC	2.05	(0.11)	0.00	(0.05)	0.00	0.00	3.53	(4.57)	16.18
PAYC	1.41	(0.51)	0.00	(0.43)	0.00	0.00	2.58	(4.28)	13.60
APPF	1.51	(0.32)	0.00	(0.25)	0.00	0.00	3.08	(2.99)	12.22
NICE	1.75	(0.36)	0.00	(0.29)	0.00	0.00	2.26	(3.80)	18.80
ESTC	2.10	(0.21)	0.00	(0.97)	0.00	0.00	3.82	(3.82)	20.71
DOX	0.85	(0.02)	0.00	0.15	0.00	0.00	1.38	(1.47)	10.60
PEGA	1.85	(0.06)	(0.03)	(0.01)	2.39	(1.85)	4.13	(3.87)	19.05
TTAN	1.68	0.01	(0.01)	0.14	2.15	(1.74)	3.19	(3.44)	15.08
MANH	1.34	(0.35)	0.00	(0.36)	0.00	0.00	2.32	(3.48)	9.96
AKAM	1.47	0.16	0.05	(0.67)	1.53	(1.64)	2.68	(2.99)	18.30

Open Text Corporate Management

Howard CPA	VP Officer	Profile
Brian Sweeney	Executive Officer	Profile
Michael Acedo	Chief VP	Profile
Denise Miura	Senior Japan	Profile
Renee McKenzie	Ex Officer	Profile

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