Rackspace Technology Correlations

RXT Stock

USD 1.22 0.06 4.69%

The current 90-days correlation between Rackspace Technology and CiT Inc is 0.06 (i.e., Significant diversification). The correlation of Rackspace Technology 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.

Rackspace Technology Correlation With Market

Good diversification

The correlation between Rackspace Technology and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Rackspace Technology and DJI in the same portfolio, assuming nothing else is changed.

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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Rackspace Technology. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

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

Moving together with Rackspace Stock

0.83	DOCN	DigitalOcean Holdings	Pair Corr
0.87	VERI	Veritone	Pair Corr
0.63	VRNT	Verint Systems	Pair Corr
0.62	EXOD	Exodus Movement,	Pair Corr
0.89	RPD	Rapid7 Inc	Pair Corr

Moving against Rackspace Stock

0.62	DBX	Dropbox	Pair Corr
0.6	VRSN	VeriSign	Pair Corr
0.59	DLO	Dlocal	Pair Corr
0.58	VRNS	Varonis Systems	Pair Corr
0.55	ZS	Zscaler	Pair Corr
0.46	GB	Global Blue Group	Pair Corr
0.46	BOX	Box Inc	Pair Corr
0.46	IOT	Samsara	Pair Corr
0.45	FAAS	DigiAsia Corp	Pair Corr
0.42	MQ	Marqeta	Pair Corr
0.37	VRAR	Glimpse Group	Pair Corr
0.33	FTNT	Fortinet	Pair Corr
0.55	NET	Cloudflare	Pair Corr
0.55	INFA	Informatica Sell-off Trend	Pair Corr
0.49	PGY	Pagaya Technologies	Pair Corr
0.47	LIDR	Aeye Inc	Pair Corr
0.44	OLB	OLB Group	Pair Corr
0.44	TCX	Tucows Inc	Pair Corr
0.39	INTZ	Intrusion	Pair Corr
0.34	YEXT	Yext Inc	Pair Corr

Related Correlations Analysis

	GCT	IRNT	ALAR	STEM	PGY	TENB	CINT	NTNX	NEWR	RAMP
GCT		0.0	0.61	0.57	0.91	0.01	0.63	0.79	0.0	0.88	GCT
IRNT	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	IRNT
ALAR	0.61	0.0		0.32	0.72	-0.14	0.22	0.29	0.0	0.58	ALAR
STEM	0.57	0.0	0.32		0.63	-0.3	0.57	0.73	0.0	0.67	STEM
PGY	0.91	0.0	0.72	0.63		-0.16	0.51	0.7	0.0	0.92	PGY
TENB	0.01	0.0	-0.14	-0.3	-0.16		0.37	0.12	0.0	-0.12	TENB
CINT	0.63	0.0	0.22	0.57	0.51	0.37		0.87	0.0	0.53	CINT
NTNX	0.79	0.0	0.29	0.73	0.7	0.12	0.87		0.0	0.75	NTNX
NEWR	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	NEWR
RAMP	0.88	0.0	0.58	0.67	0.92	-0.12	0.53	0.75	0.0		RAMP
	GCT	IRNT	ALAR	STEM	PGY	TENB	CINT	NTNX	NEWR	RAMP

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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

RAMP	+ 0.92	PGY
PGY	+ 0.91	GCT
RAMP	+ 0.88	GCT
NTNX	+ 0.87	CINT
NTNX	+ 0.79	GCT
RAMP	+ 0.75	NTNX

High negative correlations

TENB	- 0.3	STEM
TENB	- 0.16	PGY
TENB	- 0.14	ALAR
RAMP	- 0.12	TENB
RAMP	- 0.0	NEWR
NEWR	- 0.0	NTNX

Risk-Adjusted Indicators

There is a big difference between Rackspace Stock performing well and Rackspace Technology 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 Rackspace Technology'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
GCT	3.37	0.38	0.08	(0.61)	3.81	(3.54)	7.01	(6.02)	21.34
IRNT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ALAR	4.60	0.75	0.13	(0.92)	4.94	(5.60)	10.06	(9.00)	45.89
STEM	5.43	0.32	0.05	0.43	5.45	(8.15)	14.29	(10.26)	46.90
PGY	3.83	0.89	0.19	(2.53)	4.01	(4.26)	8.68	(6.80)	30.06
TENB	1.53	(0.21)	0.00	(0.18)	0.00	0.00	2.55	(3.30)	17.76
CINT	2.45	(0.13)	0.00	(0.13)	0.00	0.00	5.57	(5.28)	14.40
NTNX	2.11	0.06	0.02	0.07	2.97	(2.43)	4.07	(5.01)	18.74
NEWR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RAMP	2.02	0.22	0.08	0.21	2.36	(2.14)	3.82	(4.25)	27.05

Rackspace Technology Corporate Management

Srini Koushik	Ex CTO	Profile
Kathleen Schneider	Chief Officer	Profile
Greg Hrncir	Chief Officer	Profile
Michael Bross	Senior Officer	Profile
Sagar Hebbar	Head Relations	Profile
JD Esq	Chief EVP	Profile
Sandeep Bhargava	VP Japan	Profile

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