ServiceNow Correlations

NOW Stock

USD 147.92 2.98 1.97%

The current 90-days correlation between ServiceNow and Intuit Inc is 0.56 (i.e., Very weak diversification). The correlation of ServiceNow 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.

ServiceNow Correlation With Market

Weak diversification

The correlation between ServiceNow and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ServiceNow and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ServiceNow Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ServiceNow. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

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

Moving together with ServiceNow Stock

0.84	S	SentinelOne	Pair Corr
0.87	AI	C3 Ai Inc	Pair Corr
0.86	BB	BlackBerry	Pair Corr
0.83	ZS	Zscaler	Pair Corr
0.94	DTSS	Datasea	Pair Corr
0.72	VRNS	Varonis Systems	Pair Corr
0.83	FTNT	Fortinet	Pair Corr
0.81	FUBO	Fubotv Inc	Pair Corr
0.85	PGY	Pagaya Technologies	Pair Corr
0.83	INLX	Intellinetics	Pair Corr
0.92	INTZ	Intrusion	Pair Corr
0.69	IVDA	Iveda Solutions	Pair Corr
0.86	MSFT	Microsoft	Pair Corr
0.65	NABL	N Able Inc	Pair Corr
0.88	ORCL	Oracle	Pair Corr
0.89	PANW	Palo Alto Networks	Pair Corr
0.8	300339	Jiangsu Hoperun Software	Pair Corr
0.88	RIOT	Riot Blockchain Aggressive Push	Pair Corr
0.83	SVCO	Silvaco Group Common	Pair Corr
0.85	TAOX	TAO Synergies Symbol Change	Pair Corr
0.98	TENB	Tenable Holdings	Pair Corr
0.65	CHKP	Check Point Software	Pair Corr

Moving against ServiceNow Stock

0.83	TDC	Teradata Corp	Pair Corr
0.76	FROG	Jfrog	Pair Corr
0.45	600756	Inspur Software	Pair Corr
0.79	PPERY	Bank Mandiri Persero	Pair Corr
0.75	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.66	PPERF	Bank Mandiri Persero	Pair Corr
0.66	TLK	Telkom Indonesia Tbk	Pair Corr
0.64	PTAIY	Astra International Tbk	Pair Corr
0.63	EC	Ecopetrol SA ADR	Pair Corr
0.51	APPN	Appian Corp	Pair Corr
0.41	QLYS	Qualys Inc	Pair Corr
0.41	BILL	Bill Com Holdings	Pair Corr

Related Correlations Analysis

	INTU	APP	UBER	SHOP	AMAT	ANET	QCOM	CRM	LRCX	PANW
INTU		0.41	0.08	0.55	-0.07	0.27	0.39	0.59	0.02	0.25	INTU
APP	0.41		-0.38	0.59	0.63	-0.09	0.59	0.67	0.57	-0.31	APP
UBER	0.08	-0.38		0.02	-0.65	0.74	-0.16	-0.24	-0.54	0.92	UBER
SHOP	0.55	0.59	0.02		0.3	0.51	0.62	0.69	0.43	0.18	SHOP
AMAT	-0.07	0.63	-0.65	0.3		-0.48	0.6	0.51	0.85	-0.68	AMAT
ANET	0.27	-0.09	0.74	0.51	-0.48		0.03	0.19	-0.26	0.81	ANET
QCOM	0.39	0.59	-0.16	0.62	0.6	0.03		0.67	0.7	-0.04	QCOM
CRM	0.59	0.67	-0.24	0.69	0.51	0.19	0.67		0.6	-0.06	CRM
LRCX	0.02	0.57	-0.54	0.43	0.85	-0.26	0.7	0.6		-0.47	LRCX
PANW	0.25	-0.31	0.92	0.18	-0.68	0.81	-0.04	-0.06	-0.47		PANW
	INTU	APP	UBER	SHOP	AMAT	ANET	QCOM	CRM	LRCX	PANW

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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

PANW	+ 0.92	UBER
LRCX	+ 0.85	AMAT
PANW	+ 0.81	ANET
ANET	+ 0.74	UBER
LRCX	+ 0.7	QCOM
CRM	+ 0.69	SHOP

High negative correlations

PANW	- 0.68	AMAT
AMAT	- 0.65	UBER
LRCX	- 0.54	UBER
ANET	- 0.48	AMAT
PANW	- 0.47	LRCX
UBER	- 0.38	APP

Risk-Adjusted Indicators

There is a big difference between ServiceNow Stock performing well and ServiceNow 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 ServiceNow'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
INTU	1.22	(0.11)	0.00	(0.08)	0.00	0.00	2.23	(2.58)	9.01
APP	2.91	(0.11)	0.00	(0.05)	0.00	0.00	5.46	(6.46)	16.30
UBER	1.56	(0.22)	0.00	(0.16)	0.00	0.00	3.34	(3.82)	10.51
SHOP	2.16	(0.07)	0.01	0.03	2.87	(2.18)	5.06	(5.90)	11.34
AMAT	2.10	0.36	0.14	0.25	2.28	(2.13)	4.62	(4.08)	10.80
ANET	2.16	(0.21)	0.00	(0.13)	0.00	0.00	4.04	(4.56)	16.86
QCOM	1.61	(0.01)	0.02	0.06	2.17	(1.60)	3.53	(3.93)	15.46
CRM	1.54	0.11	0.05	0.19	1.96	(1.55)	3.66	(2.92)	9.91
LRCX	2.62	0.38	0.15	0.21	2.86	(2.80)	5.95	(5.07)	12.15
PANW	1.44	(0.15)	0.00	(0.10)	0.00	0.00	2.58	(3.03)	10.62

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