Workday Correlations

WDAY Stock

USD 149.67 13.25 8.13%

The current 90-days correlation between Workday and Autodesk is 0.57 (i.e., Very weak diversification). The correlation of Workday 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.

Workday Correlation With Market

Excellent diversification

The correlation between Workday and DJI is -0.7 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Workday and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Workday Stock

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

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

Moving together with Workday Stock

0.96	DT	Dynatrace Holdings LLC	Pair Corr
0.81	MQ	Marqeta	Pair Corr
0.9	PD	Pagerduty	Pair Corr
0.87	DOMO	Domo Inc	Pair Corr
0.75	ESTC	Elastic NV	Pair Corr
0.88	TTD	Trade Desk	Pair Corr
0.91	HUBS	HubSpot	Pair Corr
0.95	INTU	Intuit Inc	Pair Corr
0.88	LPSN	LivePerson	Pair Corr
0.89	MNDY	MondayCom Earnings Call Today	Pair Corr
0.93	PAYC	Paycom Software Earnings Call Tomorrow	Pair Corr
0.75	PHUN	Phunware	Pair Corr
0.93	ADSK	Autodesk	Pair Corr
0.66	BLIV	BeLive Holdings Ordinary	Pair Corr
0.91	TEAM	Atlassian Corp Plc	Pair Corr
0.74	DDOG	Datadog Earnings Call Tomorrow	Pair Corr

Moving against Workday Stock

0.73	SLF	Sun Life Financial Earnings Call This Week	Pair Corr
0.68	ASUR	Asure Software	Pair Corr
0.95	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.92	CVX	Chevron Corp	Pair Corr
0.91	JNJ	Johnson Johnson	Pair Corr
0.91	CAT	Caterpillar	Pair Corr
0.84	INTC	Intel Aggressive Push	Pair Corr
0.82	MRK	Merck Company Aggressive Push	Pair Corr
0.79	BA	Boeing	Pair Corr
0.77	KO	Coca Cola Aggressive Push	Pair Corr
0.75	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.62	GLUC	Glucose Health	Pair Corr
0.62	HD	Home Depot	Pair Corr
0.6	PG	Procter Gamble	Pair Corr
0.48	CSCO	Cisco Systems Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	ADSK	DDOG	MSTR	FTNT	CRWV	MSI	INFY	FICO	TEAM	CDNS
ADSK		0.67	0.57	0.47	-0.22	-0.79	-0.06	0.9	0.94	0.66	ADSK
DDOG	0.67		0.79	0.44	0.04	-0.41	-0.52	0.63	0.54	0.36	DDOG
MSTR	0.57	0.79		0.47	0.47	-0.21	-0.51	0.44	0.54	0.57	MSTR
FTNT	0.47	0.44	0.47		0.3	-0.1	-0.37	0.29	0.41	0.39	FTNT
CRWV	-0.22	0.04	0.47	0.3		0.55	-0.22	-0.39	-0.14	0.3	CRWV
MSI	-0.79	-0.41	-0.21	-0.1	0.55		-0.16	-0.88	-0.75	-0.45	MSI
INFY	-0.06	-0.52	-0.51	-0.37	-0.22	-0.16		0.03	0.04	0.13	INFY
FICO	0.9	0.63	0.44	0.29	-0.39	-0.88	0.03		0.83	0.58	FICO
TEAM	0.94	0.54	0.54	0.41	-0.14	-0.75	0.04	0.83		0.72	TEAM
CDNS	0.66	0.36	0.57	0.39	0.3	-0.45	0.13	0.58	0.72		CDNS
	ADSK	DDOG	MSTR	FTNT	CRWV	MSI	INFY	FICO	TEAM	CDNS

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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

TEAM	+ 0.94	ADSK
FICO	+ 0.9	ADSK
TEAM	+ 0.83	FICO
MSTR	+ 0.79	DDOG
CDNS	+ 0.72	TEAM
DDOG	+ 0.67	ADSK

High negative correlations

FICO	- 0.88	MSI
MSI	- 0.79	ADSK
TEAM	- 0.75	MSI
INFY	- 0.52	DDOG
INFY	- 0.51	MSTR
CDNS	- 0.45	MSI

Risk-Adjusted Indicators

There is a big difference between Workday Stock performing well and Workday 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 Workday'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
ADSK	1.32	(0.43)	0.00	(0.35)	0.00	0.00	1.68	(4.45)	10.57
DDOG	2.41	(0.55)	0.00	(0.63)	0.00	0.00	5.00	(7.61)	32.62
MSTR	4.00	(1.08)	0.00	(0.34)	0.00	0.00	5.78	(8.14)	23.75
FTNT	1.46	(0.15)	0.00	(0.08)	0.00	0.00	2.47	(2.70)	7.88
CRWV	4.81	(0.51)	0.00	(0.13)	0.00	0.00	10.77	(8.44)	32.11
MSI	0.76	0.09	0.04	0.33	0.75	(0.85)	1.56	(1.37)	5.31
INFY	1.72	0.02	(0.01)	0.11	1.97	(1.95)	4.32	(3.08)	16.01
FICO	1.72	(0.35)	0.00	(0.19)	0.00	0.00	3.93	(3.16)	13.51
TEAM	2.34	(0.95)	0.00	(1.28)	0.00	0.00	2.91	(7.11)	15.75
CDNS	1.48	(0.32)	0.00	(0.24)	0.00	0.00	2.69	(3.29)	12.87

Workday Corporate Management

Ali Fuller	Senior Experience	Profile
Mark Garfield	Chief Officer	Profile
Jeff Gelfuso	Chief Officer	Profile
Rani Johnson	Chief Officer	Profile
Barbara Larson	Chief Officer	Profile

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