Open Text Correlations

OTEX Stock

USD 24.48 0.49 2.04%

The current 90-days correlation between Open Text Corp and InterDigital is 0.11 (i.e., Average 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

Excellent diversification

The correlation between Open Text Corp and DJI is -0.62 (i.e., Excellent 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 housing.

Moving together with Open Stock

0.92	U	Unity Software	Pair Corr
0.63	9NY	BYTES TECHGRP LS	Pair Corr
0.93	BL	Blackline	Pair Corr
0.96	DT	Dynatrace Holdings LLC	Pair Corr
0.79	DV	DoubleVerify Holdings Earnings Call This Week	Pair Corr
0.89	35U	PAR TECHNOLOGY DL Earnings Call Tomorrow	Pair Corr
0.94	MQ	Marqeta Earnings Call This Week	Pair Corr
0.91	PD	Pagerduty	Pair Corr
0.77	VS	Versus Systems	Pair Corr
0.92	WK	Workiva	Pair Corr
0.83	DMRC	Digimarc Earnings Call This Week	Pair Corr
0.87	RM	RM Plc	Pair Corr
0.89	2TY	PagerDuty	Pair Corr
0.97	DOCU	DocuSign	Pair Corr
0.88	DOMO	Domo Inc Earnings Call Next Week	Pair Corr
0.89	1Q5	Dropbox	Pair Corr
0.88	VERI	Veritone	Pair Corr
0.86	VERX	Vertex Tech Boost	Pair Corr
0.88	6NCA	NCINO INC DL	Pair Corr
0.88	DSGX	Descartes Systems	Pair Corr
0.9	LY0	Lyft Inc	Pair Corr
0.71	DTCX	Datacentrex Symbol Change	Pair Corr
0.84	0M5	Bill Holdings	Pair Corr

Moving against Open Stock

0.88	RNI	OXFORD METRICS LS	Pair Corr
0.87	60Z	UNIFIEDPOST GRP SANV Earnings Call Tomorrow	Pair Corr
0.77	JG	Aurora Mobile	Pair Corr
0.66	DSG	Dillistone Group PLC	Pair Corr
0.57	TRB	Tribal Group plc	Pair Corr
0.49	XV7	SERESCO 16	Pair Corr
0.49	LUS1	Lang Schwarz Aktieng	Pair Corr
0.48	ZM	Zoom Video Communications	Pair Corr
0.78	89P	CLAVISTER HOLDING	Pair Corr
0.64	MKQ	Mitek Systems	Pair Corr

Related Correlations Analysis

	IDCC	PAYC	APPF	NICE	ESTC	DOX	PEGA	TTAN	MANH	AKAM
IDCC		-0.36	-0.44	-0.49	-0.49	-0.76	-0.36	-0.48	-0.42	0.33	IDCC
PAYC	-0.36		0.96	-0.05	0.88	0.61	0.9	0.9	0.95	-0.78	PAYC
APPF	-0.44	0.96		0.06	0.9	0.7	0.91	0.93	0.96	-0.75	APPF
NICE	-0.49	-0.05	0.06		0.05	0.45	0.11	0.21	0.07	-0.15	NICE
ESTC	-0.49	0.88	0.9	0.05		0.7	0.86	0.88	0.89	-0.64	ESTC
DOX	-0.76	0.61	0.7	0.45	0.7		0.59	0.74	0.72	-0.42	DOX
PEGA	-0.36	0.9	0.91	0.11	0.86	0.59		0.96	0.88	-0.7	PEGA
TTAN	-0.48	0.9	0.93	0.21	0.88	0.74	0.96		0.9	-0.7	TTAN
MANH	-0.42	0.95	0.96	0.07	0.89	0.72	0.88	0.9		-0.69	MANH
AKAM	0.33	-0.78	-0.75	-0.15	-0.64	-0.42	-0.7	-0.7	-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

APPF	+ 0.96	PAYC
MANH	+ 0.96	APPF
TTAN	+ 0.96	PEGA
MANH	+ 0.95	PAYC
TTAN	+ 0.93	APPF
PEGA	+ 0.91	APPF

High negative correlations

AKAM	- 0.78	PAYC
DOX	- 0.76	IDCC
AKAM	- 0.75	APPF
AKAM	- 0.7	TTAN
AKAM	- 0.7	PEGA
AKAM	- 0.69	MANH

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	2.14	0.16	0.04	0.39	2.45	(2.49)	5.50	(3.96)	16.69
PAYC	1.72	(0.43)	0.00	(0.67)	0.00	0.00	3.83	(4.37)	9.96
APPF	1.79	(0.56)	0.00	(0.28)	0.00	0.00	3.09	(5.17)	11.62
NICE	1.74	0.08	0.03	0.20	2.24	(1.86)	3.38	(2.84)	16.08
ESTC	2.60	(0.73)	0.00	(0.37)	0.00	0.00	3.82	(7.71)	14.67
DOX	1.15	(0.28)	0.00	(0.16)	0.00	0.00	1.60	(2.64)	10.32
PEGA	2.61	(0.39)	0.00	(0.27)	0.00	0.00	5.03	(7.45)	17.31
TTAN	2.69	(0.43)	0.00	(0.44)	0.00	0.00	4.54	(6.06)	21.98
MANH	1.80	(0.50)	0.00	(0.20)	0.00	0.00	2.52	(4.64)	14.73
AKAM	2.08	0.24	0.05	1.28	3.00	(2.27)	4.66	(3.59)	24.42

Open Text Corporate Management

Brian Sweeney	Executive Officer	Profile
Michael Acedo	Chief VP	Profile
Sandy Ono	Executive Officer	Profile
Shannon Bell	Executive Officer	Profile

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