Paycom Software Correlations

PAYC Stock

USD 125.31 5.55 4.63%

The current 90-days correlation between Paycom Software and InterDigital is 0.04 (i.e., Significant diversification). The correlation of Paycom Software 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.

Paycom Software Correlation With Market

Excellent diversification

The correlation between Paycom Software and DJI is -0.65 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Paycom Software and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Paycom Stock

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

For information on how to trade Paycom Stock refer to our How to Trade Paycom Stock guide.

Moving together with Paycom Stock

0.84	U	Unity Software	Pair Corr
0.94	BL	Blackline	Pair Corr
0.93	DT	Dynatrace Holdings LLC Tech Boost	Pair Corr
0.64	DV	DoubleVerify Holdings	Pair Corr
0.88	35U	PAR TECHNOLOGY DL	Pair Corr
0.91	MQ	Marqeta	Pair Corr
0.88	PD	Pagerduty	Pair Corr
0.71	VS	Versus Systems	Pair Corr
0.95	WK	Workiva	Pair Corr
0.84	DMRC	Digimarc	Pair Corr
0.82	RM	RM Plc	Pair Corr
0.88	2TY	PagerDuty	Pair Corr
0.96	DOCU	DocuSign	Pair Corr
0.81	DOMO	Domo Inc	Pair Corr
0.86	1Q5	Dropbox Earnings Call This Week	Pair Corr
0.82	VERI	Veritone	Pair Corr
0.86	VERX	Vertex	Pair Corr
0.94	6NCA	NCINO INC DL	Pair Corr
0.85	DSGX	Descartes Systems	Pair Corr
0.89	LY0	Lyft Inc	Pair Corr
0.7	0M5	Bill Holdings	Pair Corr
0.78	AN5	Alpha Systems	Pair Corr

Moving against Paycom Stock

0.86	RNI	OXFORD METRICS LS	Pair Corr
0.78	60Z	UNIFIEDPOST GRP SANV	Pair Corr
0.71	JG	Aurora Mobile	Pair Corr
0.61	TRB	Tribal Group plc	Pair Corr
0.56	XV7	SERESCO 16	Pair Corr
0.56	ZM	Zoom Video Communications	Pair Corr
0.52	DSG	Dillistone Group PLC	Pair Corr
0.46	LUS1	Lang Schwarz Aktieng	Pair Corr
0.63	89P	CLAVISTER HOLDING	Pair Corr
0.63	MKQ	Mitek Systems	Pair Corr
0.36	EGHT	8x8 Common Stock	Pair Corr
0.31	MKT	DeepMarkit Corp Earnings Call Today	Pair Corr

Related Correlations Analysis

	IDCC	OTEX	PEGA	DAY	MANH	AKAM	GTM	MNDY	APPF	PCTY
IDCC		-0.06	-0.16	-0.21	-0.17	0.11	-0.25	-0.13	-0.09	-0.39	IDCC
OTEX	-0.06		0.94	-0.55	0.93	-0.73	0.95	0.92	0.94	0.84	OTEX
PEGA	-0.16	0.94		-0.35	0.88	-0.67	0.94	0.88	0.9	0.87	PEGA
DAY	-0.21	-0.55	-0.35		-0.45	0.54	-0.46	-0.59	-0.58	-0.39	DAY
MANH	-0.17	0.93	0.88	-0.45		-0.6	0.93	0.89	0.92	0.88	MANH
AKAM	0.11	-0.73	-0.67	0.54	-0.6		-0.7	-0.74	-0.65	-0.66	AKAM
GTM	-0.25	0.95	0.94	-0.46	0.93	-0.7		0.93	0.93	0.92	GTM
MNDY	-0.13	0.92	0.88	-0.59	0.89	-0.74	0.93		0.94	0.91	MNDY
APPF	-0.09	0.94	0.9	-0.58	0.92	-0.65	0.93	0.94		0.88	APPF
PCTY	-0.39	0.84	0.87	-0.39	0.88	-0.66	0.92	0.91	0.88		PCTY
	IDCC	OTEX	PEGA	DAY	MANH	AKAM	GTM	MNDY	APPF	PCTY

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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

GTM	+ 0.95	OTEX
PEGA	+ 0.94	OTEX
APPF	+ 0.94	OTEX
GTM	+ 0.94	PEGA
APPF	+ 0.94	MNDY
MANH	+ 0.93	OTEX

High negative correlations

MNDY	- 0.74	AKAM
AKAM	- 0.73	OTEX
GTM	- 0.7	AKAM
AKAM	- 0.67	PEGA
PCTY	- 0.66	AKAM
APPF	- 0.65	AKAM

Risk-Adjusted Indicators

There is a big difference between Paycom Stock performing well and Paycom Software 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 Paycom Software'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	0.05	0.01	0.18	2.61	(2.24)	5.50	(4.57)	16.69
OTEX	1.61	(0.58)	0.00	(0.34)	0.00	0.00	2.44	(3.73)	16.91
PEGA	2.54	(0.47)	0.00	(0.48)	0.00	0.00	5.03	(6.09)	17.31
DAY	0.15	0.02	(0.23)	(3.62)	0.00	(0.19)	0.29	(0.25)	0.93
MANH	1.64	(0.39)	0.00	(0.31)	0.00	0.00	2.52	(4.25)	13.27
AKAM	1.88	0.36	0.18	0.59	1.68	(2.26)	4.60	(2.80)	9.67
GTM	2.16	(0.82)	0.00	(0.44)	0.00	0.00	4.11	(6.08)	17.95
MNDY	2.59	(1.24)	0.00	(1.32)	0.00	0.00	3.04	(8.39)	24.99
APPF	1.71	(0.60)	0.00	(0.40)	0.00	0.00	2.91	(5.00)	11.62
PCTY	1.65	(0.44)	0.00	(0.90)	0.00	0.00	3.08	(5.39)	12.18

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