Open Text Correlations

OTEX Stock

USD 27.38 1.06 3.73%

The current 90-days correlation between Open Text Corp and InterDigital is -0.02 (i.e., Good 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

Very good diversification

The correlation between Open Text Corp and DJI is -0.5 (i.e., Very good 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

0.92	DT	Dynatrace Holdings LLC Earnings Call This Week	Pair Corr
0.79	PD	Pagerduty	Pair Corr
0.85	DOMO	Domo Inc	Pair Corr
0.66	ESTC	Elastic NV	Pair Corr
0.91	TTD	Trade Desk	Pair Corr
0.94	HUBS	HubSpot	Pair Corr
0.72	INTU	Intuit Inc	Pair Corr
0.74	MAPS	WM Technology	Pair Corr
0.86	MLGO	MicroAlgo	Pair Corr
0.93	MNDY	MondayCom	Pair Corr
0.87	NUKK	Nukkleus	Pair Corr
0.95	PAYC	Paycom Software	Pair Corr
0.86	PHUN	Phunware	Pair Corr
0.74	ADSK	Autodesk	Pair Corr
0.73	ALAR	Alarum Technologies	Pair Corr
0.77	AWRE	Aware Inc	Pair Corr
0.73	STEX	Streamex Corp Symbol Change	Pair Corr
0.74	TEAM	Atlassian Corp Plc Earnings Call Next Week	Pair Corr
0.83	UPLD	Upland Software	Pair Corr

Moving against Open Stock

0.43	U	Unity Software Earnings Call Tomorrow	Pair Corr
0.45	RDZN	Roadzen	Pair Corr
0.45	AMKBY	AP Moeller Maersk Earnings Call This Week	Pair Corr
0.86	JNJ	Johnson Johnson	Pair Corr
0.79	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.78	SBSW	Sibanye Gold	Pair Corr
0.66	CNOB	ConnectOne Bancorp Earnings Call Tomorrow	Pair Corr
0.61	FTCI	FTC Solar	Pair Corr
0.6	SEBC	Southeastern Banking Corp	Pair Corr
0.6	EGP	EastGroup Properties	Pair Corr
0.59	RBGPF	Reckitt Benckiser	Pair Corr

Related Correlations Analysis

	IDCC	PAYC	APPF	NICE	ESTC	DOX	PEGA	TTAN	MANH	AKAM
IDCC		0.73	0.68	0.53	0.57	0.04	0.46	-0.23	0.56	-0.71	IDCC
PAYC	0.73		0.64	0.67	0.62	0.2	0.75	0.01	0.86	-0.85	PAYC
APPF	0.68	0.64		0.65	0.75	0.14	0.63	0.0	0.5	-0.66	APPF
NICE	0.53	0.67	0.65		0.75	0.62	0.53	-0.04	0.59	-0.63	NICE
ESTC	0.57	0.62	0.75	0.75		0.24	0.51	-0.12	0.48	-0.58	ESTC
DOX	0.04	0.2	0.14	0.62	0.24		0.27	0.27	0.24	-0.22	DOX
PEGA	0.46	0.75	0.63	0.53	0.51	0.27		0.56	0.65	-0.71	PEGA
TTAN	-0.23	0.01	0.0	-0.04	-0.12	0.27	0.56		0.02	-0.04	TTAN
MANH	0.56	0.86	0.5	0.59	0.48	0.24	0.65	0.02		-0.63	MANH
AKAM	-0.71	-0.85	-0.66	-0.63	-0.58	-0.22	-0.71	-0.04	-0.63		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	+ 0.86	PAYC
PEGA	+ 0.75	PAYC
ESTC	+ 0.75	APPF
ESTC	+ 0.75	NICE
PAYC	+ 0.73	IDCC
APPF	+ 0.68	IDCC

High negative correlations

AKAM	- 0.85	PAYC
AKAM	- 0.71	PEGA
AKAM	- 0.71	IDCC
AKAM	- 0.66	APPF
AKAM	- 0.63	MANH
AKAM	- 0.63	NICE

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	2.02	(0.11)	0.00	(0.43)	0.00	0.00	3.53	(4.57)	17.55
PAYC	1.46	(0.59)	0.00	(0.49)	0.00	0.00	2.32	(3.57)	11.72
APPF	1.45	(0.22)	0.00	(0.12)	0.00	0.00	3.09	(3.72)	12.22
NICE	1.67	(0.28)	0.00	(0.20)	0.00	0.00	3.22	(3.81)	18.80
ESTC	1.98	(0.25)	0.00	(0.22)	0.00	0.00	3.82	(3.82)	18.64
DOX	0.90	(0.05)	0.00	(0.04)	0.00	0.00	1.50	(1.79)	8.96
PEGA	1.82	(0.46)	0.00	(0.46)	0.00	0.00	4.17	(4.07)	11.55
TTAN	1.98	0.00	(0.03)	0.08	2.69	(1.92)	3.83	(4.54)	17.57
MANH	1.25	(0.25)	0.00	(0.33)	0.00	0.00	2.51	(4.09)	7.48
AKAM	1.81	0.44	0.23	0.46	1.55	(2.10)	4.04	(3.43)	18.87

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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