Cadence Design Correlations

CDNS Stock

USD 323.22 12.21 3.64%

The current 90-days correlation between Cadence Design Systems and MicroStrategy Incorporated is 0.41 (i.e., Very weak diversification). The correlation of Cadence Design 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.

Cadence Design Correlation With Market

Very weak diversification

The correlation between Cadence Design Systems and DJI is 0.45 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cadence Design Systems and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Cadence Stock

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

Moving together with Cadence Stock

0.66	JG	Aurora Mobile	Pair Corr
0.7	DOCU	DocuSign Tech Boost	Pair Corr
0.64	NOW	NowVertical Group	Pair Corr
0.72	WEAV	Weave Communications	Pair Corr
0.72	BSY	Bentley Systems	Pair Corr
0.76	CXM	Sprinklr	Pair Corr
0.64	ERD	Eroad	Pair Corr
0.69	APTD	Aptitude Software	Pair Corr
0.71	INTU	Intuit Inc	Pair Corr
0.7	MTEC	Made Tech Group	Pair Corr
0.8	ATG	Auction Technology	Pair Corr
0.61	300378	Digiwin Software	Pair Corr
0.68	002232	Qiming Information	Pair Corr
0.67	002657	Sinodata	Pair Corr

Moving against Cadence Stock

0.52	FICO	Fair Isaac	Pair Corr
0.66	601360	360 Security Technology	Pair Corr
0.56	300659	Zhongfu Information	Pair Corr
0.55	LNU	Linius Technologies	Pair Corr
0.52	MGIC	Magic Software Enter	Pair Corr
0.36	MTLS	Materialise NV	Pair Corr

Related Correlations Analysis

	MSTR	SNPS	SNOW	ADSK	WDAY	NTES	RBLX	GLW	MSI	DELL
MSTR		0.56	-0.26	0.74	0.68	0.84	0.84	-0.25	0.88	0.37	MSTR
SNPS	0.56		-0.46	0.74	0.47	0.56	0.55	0.09	0.57	0.37	SNPS
SNOW	-0.26	-0.46		-0.41	-0.03	-0.34	-0.19	0.28	-0.25	0.41	SNOW
ADSK	0.74	0.74	-0.41		0.52	0.84	0.74	-0.36	0.8	0.18	ADSK
WDAY	0.68	0.47	-0.03	0.52		0.56	0.73	-0.12	0.7	0.48	WDAY
NTES	0.84	0.56	-0.34	0.84	0.56		0.87	-0.4	0.91	0.24	NTES
RBLX	0.84	0.55	-0.19	0.74	0.73	0.87		-0.29	0.96	0.43	RBLX
GLW	-0.25	0.09	0.28	-0.36	-0.12	-0.4	-0.29		-0.35	0.46	GLW
MSI	0.88	0.57	-0.25	0.8	0.7	0.91	0.96	-0.35		0.39	MSI
DELL	0.37	0.37	0.41	0.18	0.48	0.24	0.43	0.46	0.39		DELL
	MSTR	SNPS	SNOW	ADSK	WDAY	NTES	RBLX	GLW	MSI	DELL

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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

MSI	+ 0.96	RBLX
MSI	+ 0.91	NTES
MSI	+ 0.88	MSTR
RBLX	+ 0.87	NTES
NTES	+ 0.84	MSTR
RBLX	+ 0.84	MSTR

High negative correlations

SNOW	- 0.46	SNPS
ADSK	- 0.41	SNOW
GLW	- 0.4	NTES
GLW	- 0.36	ADSK
MSI	- 0.35	GLW
NTES	- 0.34	SNOW

Risk-Adjusted Indicators

There is a big difference between Cadence Stock performing well and Cadence Design 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 Cadence Design'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
MSTR	3.33	(0.98)	0.00	(0.46)	0.00	0.00	5.78	(7.15)	15.70
SNPS	2.07	0.04	0.03	0.09	2.77	(2.16)	4.08	(4.75)	22.25
SNOW	1.98	(0.12)	0.00	(0.01)	0.00	0.00	3.77	(4.34)	17.97
ADSK	0.96	(0.19)	0.00	(0.12)	0.00	0.00	1.58	(2.20)	6.14
WDAY	1.52	(0.08)	(0.03)	0.00	2.22	(1.49)	3.28	(3.15)	15.10
NTES	1.35	(0.18)	0.00	(0.40)	0.00	0.00	2.90	(4.04)	7.64
RBLX	2.25	(0.70)	0.00	(0.75)	0.00	0.00	3.93	(5.82)	20.32
GLW	1.87	0.09	0.05	0.12	2.76	(1.84)	3.56	(4.48)	11.93
MSI	0.92	(0.47)	0.00	(0.80)	0.00	0.00	1.09	(3.31)	7.63
DELL	2.36	0.06	0.00	0.29	2.74	(2.73)	5.58	(4.81)	17.49

Cadence Design Corporate Management

Thomas Beckley	Sr. VP and General Manager of Custom IC and PCB Group	Profile
Sandhya Venkateshan	Vice Finance	Profile
Yoon Kim	Corporate Resources	Profile
Paul Cunningham	Senior Group	Profile
Nimish Modi	Senior Ventures	Profile
Ariel Sella	CoFounder	Profile

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