Workday Correlations

WDAY Stock

USD 144.77 1.16 0.81%

The current 90-days correlation between Workday and Autodesk is 0.5 (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 -0.67 (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

0.95	U	Unity Software Aggressive Push	Pair Corr
0.65	BGE	Bridge Saas	Pair Corr
0.77	9NY	BYTES TECHGRP LS	Pair Corr
0.98	BL	Blackline Tech Boost	Pair Corr
0.94	DT	Dynatrace Holdings LLC	Pair Corr
0.84	DV	DoubleVerify Holdings Earnings Call Today	Pair Corr
0.92	35U	PAR TECHNOLOGY DL	Pair Corr
0.93	MQ	Marqeta Earnings Call Today	Pair Corr
0.98	PD	Pagerduty Tech Boost	Pair Corr
0.63	QH	Quhuo	Pair Corr
0.86	VS	Versus Systems	Pair Corr
0.97	WK	Workiva	Pair Corr
0.63	MTLO	Martello Technologies	Pair Corr
0.9	DMRC	Digimarc Earnings Call Today	Pair Corr
0.9	RM	RM Plc	Pair Corr
0.98	2TY	PagerDuty	Pair Corr
0.97	DOCU	DocuSign	Pair Corr
0.92	DOMO	Domo Inc Earnings Call Tomorrow	Pair Corr
0.87	1Q5	Dropbox	Pair Corr
0.93	VERI	Veritone	Pair Corr
0.93	VERX	Vertex Tech Boost	Pair Corr
0.95	6NCA	NCINO INC DL	Pair Corr
0.94	DSGX	Descartes Systems Earnings Call This Week	Pair Corr
0.95	LY0	Lyft Inc	Pair Corr
0.74	DTCX	Datacentrex Symbol Change	Pair Corr
0.62	DUOT	Duos Technologies	Pair Corr
0.78	0M5	Bill Holdings	Pair Corr

Moving against Workday Stock

0.88	60Z	UNIFIEDPOST GRP SANV	Pair Corr
0.83	DSG	Dillistone Group PLC	Pair Corr
0.83	RNI	OXFORD METRICS LS	Pair Corr
0.73	JG	Aurora Mobile	Pair Corr
0.51	LUS1	Lang Schwarz Aktieng	Pair Corr
0.49	TRB	Tribal Group plc	Pair Corr
0.82	89P	CLAVISTER HOLDING	Pair Corr
0.81	MKQ	Mitek Systems	Pair Corr
0.37	PR1	Pri0r1ty Intelligence	Pair Corr

Related Correlations Analysis

	ADSK	DDOG	MSTR	FTNT	CRWV	MSI	INFY	FICO	TEAM	CDNS
ADSK		0.86	0.84	0.16	-0.59	-0.88	0.74	0.97	0.94	0.75	ADSK
DDOG	0.86		0.79	0.43	-0.38	-0.78	0.56	0.86	0.78	0.67	DDOG
MSTR	0.84	0.79		0.05	-0.25	-0.81	0.71	0.86	0.81	0.85	MSTR
FTNT	0.16	0.43	0.05		0.04	-0.11	-0.04	0.14	0.07	0.14	FTNT
CRWV	-0.59	-0.38	-0.25	0.04		0.43	-0.24	-0.59	-0.5	-0.14	CRWV
MSI	-0.88	-0.78	-0.81	-0.11	0.43		-0.89	-0.88	-0.95	-0.63	MSI
INFY	0.74	0.56	0.71	-0.04	-0.24	-0.89		0.72	0.86	0.56	INFY
FICO	0.97	0.86	0.86	0.14	-0.59	-0.88	0.72		0.92	0.76	FICO
TEAM	0.94	0.78	0.81	0.07	-0.5	-0.95	0.86	0.92		0.7	TEAM
CDNS	0.75	0.67	0.85	0.14	-0.14	-0.63	0.56	0.76	0.7		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

FICO	+ 0.97	ADSK
TEAM	+ 0.94	ADSK
TEAM	+ 0.92	FICO
DDOG	+ 0.86	ADSK
FICO	+ 0.86	DDOG
FICO	+ 0.86	MSTR

High negative correlations

TEAM	- 0.95	MSI
INFY	- 0.89	MSI
FICO	- 0.88	MSI
MSI	- 0.88	ADSK
MSI	- 0.81	MSTR
MSI	- 0.78	DDOG

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	1.64	(0.25)	0.00	(0.23)	0.00	0.00	3.46	(4.51)	10.57
DDOG	2.42	(0.54)	0.00	(0.28)	0.00	0.00	5.56	(7.61)	25.01
MSTR	3.93	(0.37)	0.00	(0.08)	0.00	0.00	6.63	(7.76)	31.72
FTNT	1.58	(0.02)	(0.01)	0.02	2.14	(1.61)	2.92	(3.90)	10.68
CRWV	4.89	0.15	0.04	0.09	5.44	(5.83)	10.77	(8.44)	41.14
MSI	0.90	0.41	0.44	(2.29)	0.23	(1.11)	2.00	(1.12)	9.02
INFY	2.06	(0.30)	0.00	(0.23)	0.00	0.00	4.32	(5.12)	20.28
FICO	1.74	(0.36)	0.00	(0.26)	0.00	0.00	4.43	(4.21)	13.51
TEAM	2.81	(0.96)	0.00	2.38	0.00	0.00	3.68	(7.65)	15.75
CDNS	1.93	(0.05)	(0.01)	0.01	2.65	(2.02)	4.46	(5.34)	13.16

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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