Cadence Design Systems (CDNS) — Stock Correlations & Overview
Over the past year, CDNS has moved most closely with QQEW, BASG, QNXT. Explore the stocks most correlated and inversely correlated with CDNS below, along with its price, financials, and company profile.
Stocks correlated with CDNS
Correlation of daily returns. Higher positive values move with CDNS; negative values move opposite it. Informational only, not investment advice.
Most correlated with CDNS
| Symbol | Company | Correlation |
|---|---|---|
| QQEW | First Trust Nasdaq-100 Select Equal Weight ETF | 0.69 |
| BASG | Brown Advisory Sustainable Growth ETF | 0.68 |
| QNXT | iShares Nasdaq-100 ex Top 30 ETF | 0.68 |
| XITK | State Street SPDR FactSet Innovative Technology ETF | 0.68 |
| ROBT | First Trust Nasdaq Artificial Intelligence and Robotics ETF | 0.66 |
Frequently asked questions about CDNS correlations
- Which stocks are most correlated with CDNS?
- Based on one year of daily returns, the stocks most correlated with Cadence Design Systems (CDNS) are QQEW (0.69), BASG (0.68) and QNXT (0.68). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with CDNS?
- Over the past year, the stocks most inversely correlated with Cadence Design Systems (CDNS) are WEBS (-0.57), REW (-0.56) and TECS (-0.56). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these CDNS correlations calculated?
- We compute the correlation of daily returns between CDNS and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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