Workday Correlations

WDAY Stock

USD 220.70 3.85 1.78%

The current 90-days correlation between Workday and Shopify is 0.32 (i.e., 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

Weak diversification

The correlation between Workday and DJI is 0.34 (i.e., Weak 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

0.9	DT	Dynatrace Holdings LLC	Pair Corr
0.79	JG	Aurora Mobile	Pair Corr
0.87	PD	Pagerduty	Pair Corr
0.72	QH	Quhuo Tech Boost	Pair Corr
0.86	VS	Versus Systems	Pair Corr
0.69	DSG	Dillistone Group	Pair Corr
0.7	688078	Beijing LongRuan Tec	Pair Corr
0.73	DMRC	Digimarc	Pair Corr
0.8	DOMO	Domo Inc	Pair Corr
0.77	002410	Glodon Software	Pair Corr
0.84	VERX	Vertex	Pair Corr
0.68	600588	Yonyou Network Technology	Pair Corr
0.88	VRAR	Glimpse Group	Pair Corr
0.74	603383	Fujian Apex Software	Pair Corr

Moving against Workday Stock

0.62	BL	Blackline	Pair Corr
0.57	U	Unity Software	Pair Corr
0.45	BGE	Bridge Saas	Pair Corr
0.42	ZM	Zoom Video Communications	Pair Corr
0.38	WK	Workiva	Pair Corr
0.33	NN	Nextnav Acquisition Corp	Pair Corr
0.54	DTST	Data Storage Corp	Pair Corr
0.53	RM	RM Plc	Pair Corr
0.51	DUOT	Duos Technologies	Pair Corr
0.34	300036	Beijing SuperMap Software	Pair Corr
0.31	300845	Zhengzhou J	Pair Corr
0.79	MKT	DeepMarkit Corp Earnings Call This Week	Pair Corr
0.69	ELWS	Earlyworks Co,	Pair Corr
0.47	VMEO	Vimeo Inc	Pair Corr

Related Correlations Analysis

	SHOP	SAP	UBER	APP	INTU	MU	NOW	IBM	CSCO	LRCX
SHOP		0.19	-0.11	0.37	0.19	0.41	0.05	0.43	0.15	0.6	SHOP
SAP	0.19		0.75	-0.06	0.41	-0.64	0.86	-0.59	-0.84	-0.5	SAP
UBER	-0.11	0.75		-0.19	0.25	-0.67	0.89	-0.43	-0.76	-0.58	UBER
APP	0.37	-0.06	-0.19		0.48	0.27	-0.16	0.23	0.16	0.46	APP
INTU	0.19	0.41	0.25	0.48		-0.26	0.38	-0.22	-0.31	-0.11	INTU
MU	0.41	-0.64	-0.67	0.27	-0.26		-0.7	0.79	0.83	0.93	MU
NOW	0.05	0.86	0.89	-0.16	0.38	-0.7		-0.47	-0.79	-0.59	NOW
IBM	0.43	-0.59	-0.43	0.23	-0.22	0.79	-0.47		0.7	0.81	IBM
CSCO	0.15	-0.84	-0.76	0.16	-0.31	0.83	-0.79	0.7		0.71	CSCO
LRCX	0.6	-0.5	-0.58	0.46	-0.11	0.93	-0.59	0.81	0.71		LRCX
	SHOP	SAP	UBER	APP	INTU	MU	NOW	IBM	CSCO	LRCX

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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

LRCX	+ 0.93	MU
NOW	+ 0.89	UBER
NOW	+ 0.86	SAP
CSCO	+ 0.83	MU
LRCX	+ 0.81	IBM
IBM	+ 0.79	MU

High negative correlations

CSCO	- 0.84	SAP
CSCO	- 0.79	NOW
CSCO	- 0.76	UBER
NOW	- 0.7	MU
MU	- 0.67	UBER
MU	- 0.64	SAP

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
SHOP	2.22	0.06	0.05	0.10	2.84	(2.27)	5.08	(5.90)	14.35
SAP	0.97	(0.21)	0.00	(0.13)	0.00	0.00	1.39	(2.75)	5.69
UBER	1.46	(0.35)	0.00	(0.25)	0.00	0.00	2.60	(3.82)	10.51
APP	2.85	0.13	0.04	0.18	3.94	(3.09)	5.67	(5.57)	20.37
INTU	1.12	(0.10)	0.00	(0.05)	0.00	0.00	2.23	(2.48)	6.96
MU	3.29	0.77	0.23	0.41	3.25	(3.81)	7.99	(5.58)	19.80
NOW	1.37	(0.36)	0.00	(0.26)	0.00	0.00	2.08	(2.79)	15.48
IBM	1.21	0.13	0.09	0.20	1.29	(1.29)	2.25	(2.43)	11.09
CSCO	1.03	0.20	0.11	0.57	1.14	(1.06)	1.94	(2.00)	8.39
LRCX	2.44	0.36	0.14	0.23	2.91	(2.52)	5.41	(5.07)	13.48

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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