Paychex Correlations

PAYX Stock

USD 144.46 0.37 0.26%

The current 90-days correlation between Paychex and Robert Half International is 0.63 (i.e., Poor diversification). The correlation of Paychex 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.

Paychex Correlation With Market

Very weak diversification

The correlation between Paychex and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Paychex and DJI in the same portfolio, assuming nothing else is changed.

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

For more information on how to buy Paychex Stock please use our How to Invest in Paychex guide.

Moving together with Paychex Stock

0.76	BV	BrightView Holdings	Pair Corr
0.69	DRVN	Driven Brands Holdings	Pair Corr
0.81	IIIV	i3 Verticals	Pair Corr
0.66	INOD	Innodata Tech Boost	Pair Corr
0.66	PYCR	Paycor HCM	Pair Corr
0.64	SPIR	Spire Global Symbol Change	Pair Corr
0.75	CSGS	CSG Systems International	Pair Corr
0.8	B	Barnes Group	Pair Corr
0.88	J	Jacobs Solutions	Pair Corr
0.8	R	Ryder System	Pair Corr
0.79	DIST	Distoken Acquisition	Pair Corr
0.83	AZ	A2Z Smart Technologies	Pair Corr
0.78	BW	Babcock Wilcox Enter	Pair Corr
0.74	CR	Crane Company	Pair Corr
0.94	CW	Curtiss Wright	Pair Corr
0.62	EH	Ehang Holdings	Pair Corr

Moving against Paychex Stock

0.86	WHLM	Wilhelmina	Pair Corr
0.72	MLKN	MillerKnoll	Pair Corr
0.57	RTO	Rentokil Initial PLC	Pair Corr
0.5	CVEO	Civeo Corp	Pair Corr
0.43	AP	Ampco Pittsburgh	Pair Corr
0.35	MMS	Maximus	Pair Corr
0.82	RR	Richtech Robotics Class	Pair Corr
0.78	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.67	CP	Canadian Pacific Railway	Pair Corr
0.67	SB	Safe Bulkers Potential Growth	Pair Corr
0.54	MG	Mistras Group	Pair Corr
0.44	TH	Target Hospitality Corp	Pair Corr

Related Correlations Analysis

	RHI	MAN	UPWK	NSP	KFY	KFRC	KELYA	HSII	BGSF	HSON
RHI		-0.63	0.91	-0.74	0.81	-0.32	-0.7	0.9	-0.44	-0.3	RHI
MAN	-0.63		-0.79	0.84	-0.19	0.55	0.71	-0.65	0.46	0.22	MAN
UPWK	0.91	-0.79		-0.86	0.67	-0.26	-0.76	0.91	-0.6	-0.29	UPWK
NSP	-0.74	0.84	-0.86		-0.41	0.46	0.77	-0.71	0.6	0.23	NSP
KFY	0.81	-0.19	0.67	-0.41		0.13	-0.51	0.83	-0.46	-0.28	KFY
KFRC	-0.32	0.55	-0.26	0.46	0.13		0.21	-0.04	-0.23	0.12	KFRC
KELYA	-0.7	0.71	-0.76	0.77	-0.51	0.21		-0.79	0.71	0.25	KELYA
HSII	0.9	-0.65	0.91	-0.71	0.83	-0.04	-0.79		-0.62	-0.31	HSII
BGSF	-0.44	0.46	-0.6	0.6	-0.46	-0.23	0.71	-0.62		0.12	BGSF
HSON	-0.3	0.22	-0.29	0.23	-0.28	0.12	0.25	-0.31	0.12		HSON
	RHI	MAN	UPWK	NSP	KFY	KFRC	KELYA	HSII	BGSF	HSON

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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

UPWK	+ 0.91	RHI
HSII	+ 0.91	UPWK
HSII	+ 0.9	RHI
NSP	+ 0.84	MAN
HSII	+ 0.83	KFY
KFY	+ 0.81	RHI

High negative correlations

NSP	- 0.86	UPWK
HSII	- 0.79	KELYA
UPWK	- 0.79	MAN
KELYA	- 0.76	UPWK
NSP	- 0.74	RHI
HSII	- 0.71	NSP

Risk-Adjusted Indicators

There is a big difference between Paychex Stock performing well and Paychex 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 Paychex'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
RHI	1.24	0.09	0.13	0.15	1.02	(1.54)	2.85	(2.06)	13.22
MAN	1.36	(0.37)	0.00	(0.18)	0.00	0.00	2.48	(2.84)	12.95
UPWK	2.58	0.71	0.34	1.10	1.47	(3.62)	7.80	(3.41)	30.61
NSP	1.62	(0.49)	0.00	(0.17)	0.00	0.00	2.40	(4.45)	13.22
KFY	1.30	(0.03)	0.03	0.08	1.35	(1.45)	3.56	(2.17)	9.56
KFRC	1.32	(0.25)	0.00	(0.12)	0.00	0.00	2.48	(3.03)	9.02
KELYA	1.69	(0.69)	0.00	(0.34)	0.00	0.00	2.27	(4.04)	27.28
HSII	1.53	0.14	0.16	0.16	1.29	(1.77)	3.31	(2.62)	15.55
BGSF	2.10	(0.50)	0.00	(0.65)	0.00	0.00	3.46	(4.31)	27.33
HSON	1.69	(0.34)	0.00	1.50	0.00	0.00	3.58	(4.27)	16.19

Paychex Corporate Management

John Gibson	Sr. VP of Service	Profile
Christopher Simmons	Controller, VP	Profile
Dave Wilson	Vice Services	Profile
Chad Parodi	Managing Services	Profile
Christopher DeSalvo	VP Operations	Profile
Frank Fiorille	Compliance Risk	Profile

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