Arista Networks Correlations

ANET Stock

USD 145.29 4.21 2.82%

The current 90-days correlation between Arista Networks and Pure Storage is 0.29 (i.e., Modest diversification). The correlation of Arista Networks 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.

Arista Networks Correlation With Market

Modest diversification

The correlation between Arista Networks and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Arista Networks and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Arista Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Arista Networks. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in commodities.

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

Moving together with Arista Stock

0.67	NVDA	NVIDIA	Pair Corr
0.8	NIO	Nio Class A	Pair Corr
0.65	MPW	Medical Properties Trust Aggressive Push	Pair Corr
0.78	TLRY	Tilray Inc Earnings Call Today	Pair Corr
0.86	HD	Home Depot	Pair Corr
0.81	WMT	Walmart	Pair Corr
0.75	HPQ	HP Inc	Pair Corr
0.67	CVX	Chevron Corp	Pair Corr
0.69	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.67	BAC	Bank of America Earnings Call This Week	Pair Corr

Moving against Arista Stock

0.74	INFY	Infosys Ltd ADR	Pair Corr
0.6	KO	Coca Cola	Pair Corr
0.83	DIS	Walt Disney Sell-off Trend	Pair Corr
0.34	BA	Boeing	Pair Corr

Related Correlations Analysis

	SMCI	IONQ	PSTG	DELL	PAYC	FTNT	TTD	TEAM	NOW
SMCI		0.05	-0.3	0.27	0.11	0.76	0.71	0.39	0.42	SMCI
IONQ	0.05		0.8	0.46	-0.71	-0.13	-0.49	-0.47	0.09	IONQ
PSTG	-0.3	0.8		0.23	-0.67	-0.42	-0.71	-0.56	-0.02	PSTG
DELL	0.27	0.46	0.23		-0.56	-0.18	-0.25	-0.59	-0.42	DELL
PAYC	0.11	-0.71	-0.67	-0.56		0.33	0.59	0.76	0.35	PAYC
FTNT	0.76	-0.13	-0.42	-0.18	0.33		0.75	0.66	0.64	FTNT
TTD	0.71	-0.49	-0.71	-0.25	0.59	0.75		0.75	0.46	TTD
TEAM	0.39	-0.47	-0.56	-0.59	0.76	0.66	0.75		0.78	TEAM
NOW	0.42	0.09	-0.02	-0.42	0.35	0.64	0.46	0.78		NOW
	SMCI	IONQ	PSTG	DELL	PAYC	FTNT	TTD	TEAM	NOW

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

PSTG	+ 0.8	IONQ
NOW	+ 0.78	TEAM
FTNT	+ 0.76	SMCI
TEAM	+ 0.76	PAYC
TTD	+ 0.75	FTNT
TEAM	+ 0.75	TTD

High negative correlations

TTD	- 0.71	PSTG
PAYC	- 0.71	IONQ
PAYC	- 0.67	PSTG
TEAM	- 0.59	DELL
PAYC	- 0.56	DELL
TEAM	- 0.56	PSTG

Risk-Adjusted Indicators

There is a big difference between Arista Stock performing well and Arista Networks 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 Arista Networks' 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
SMCI	2.44	0.26	0.06	0.45	3.70	(2.59)	6.92	(4.44)	28.53
IONQ	3.70	0.83	0.23	0.52	3.40	(4.51)	7.38	(5.60)	24.19
PSTG	2.24	0.64	0.27	0.42	1.89	(2.62)	4.39	(3.35)	36.23
DELL	1.86	0.27	0.10	0.43	2.19	(2.10)	4.52	(4.05)	14.82
PAYC	1.47	(0.27)	0.00	(0.16)	0.00	0.00	2.92	(3.83)	9.13
FTNT	1.77	(0.17)	0.00	0.38	0.00	0.00	3.13	(2.92)	25.98
TTD	2.61	(0.32)	0.00	(0.85)	0.00	0.00	5.15	(4.44)	45.19
TEAM	1.99	(0.66)	0.00	(0.24)	0.00	0.00	3.77	(6.34)	11.94
NOW	1.47	(0.25)	0.00	(0.23)	0.00	0.00	2.79	(3.05)	8.34

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