Synnex Correlations

SNX Stock

USD 116.57 0.55 0.47%

The current 90-days correlation between Synnex and Avnet Inc is 0.64 (i.e., Poor diversification). The correlation of Synnex 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.

Synnex Correlation With Market

Poor diversification

The correlation between Synnex and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Synnex and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Synnex. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

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

Moving together with Synnex Stock

0.87	AVT	Avnet Inc	Pair Corr
0.61	S	SentinelOne	Pair Corr
0.78	FN	Fabrinet	Pair Corr
0.67	KN	Knowles Cor	Pair Corr
0.75	MU	Micron Technology Aggressive Push	Pair Corr

Related Correlations Analysis

	AVT	NSIT	SCSC	CNXN	ARW	SNPO	CLMB
AVT		0.01	0.32	0.12	0.23	0.27	0.39	AVT
NSIT	0.01		-0.13	0.41	0.95	-0.31	-0.72	NSIT
SCSC	0.32	-0.13		0.55	-0.04	-0.19	0.37	SCSC
CNXN	0.12	0.41	0.55		0.39	0.03	0.01	CNXN
ARW	0.23	0.95	-0.04	0.39		-0.27	-0.59	ARW
SNPO	0.27	-0.31	-0.19	0.03	-0.27		0.61	SNPO
CLMB	0.39	-0.72	0.37	0.01	-0.59	0.61		CLMB
	AVT	NSIT	SCSC	CNXN	ARW	SNPO	CLMB

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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

ARW	+ 0.95	NSIT
CLMB	+ 0.61	SNPO
CNXN	+ 0.55	SCSC
CNXN	+ 0.41	NSIT
CLMB	+ 0.39	AVT
ARW	+ 0.39	CNXN

High negative correlations

CLMB	- 0.72	NSIT
CLMB	- 0.59	ARW
SNPO	- 0.31	NSIT
SNPO	- 0.27	ARW
SNPO	- 0.19	SCSC
SCSC	- 0.13	NSIT

Risk-Adjusted Indicators

There is a big difference between Synnex Stock performing well and Synnex 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 Synnex'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
AVT	1.15	(0.17)	0.00	(0.02)	0.00	0.00	2.86	(2.12)	11.96
NSIT	1.55	(0.64)	0.00	(0.28)	0.00	0.00	2.59	(3.48)	17.36
SCSC	1.76	(0.15)	(0.02)	0.03	1.88	(2.08)	3.13	(2.89)	15.95
CNXN	1.41	(0.17)	(0.03)	0.02	1.73	(1.59)	3.12	(2.71)	12.95
ARW	1.24	(0.32)	0.00	(0.11)	0.00	0.00	2.56	(1.98)	15.96
SNPO	1.98	0.58	0.20	3.85	1.54	(2.61)	3.77	(3.63)	29.77
CLMB	2.03	0.50	0.28	0.36	1.46	(2.23)	5.98	(3.15)	15.22

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