Open Text Corp (OTEX) — Stock Correlations & Overview
Over the past year, OTEX has moved most closely with XSW, INVN, WCLD. Explore the stocks most correlated and inversely correlated with OTEX below, along with its price, financials, and company profile.
Stocks correlated with OTEX
Correlation of daily returns. Higher positive values move with OTEX; negative values move opposite it. Informational only, not investment advice.
Most correlated with OTEX
| Symbol | Company | Correlation |
|---|---|---|
| XSW | State Street SPDR S&P Software & Services ETF | 0.72 |
| INVN | Alger Russell Innovation ETF | 0.71 |
| WCLD | WisdomTree Cloud Computing Fund | 0.68 |
| ABOT | Abacus FCF Innovation Leaders ETF | 0.67 |
| CLOU | Global X Cloud Computing ETF | 0.67 |
Most inversely correlated with OTEX
| Symbol | Company | Correlation |
|---|---|---|
| HDGE | AdvisorShares Ranger Equity Bear ETF | -0.59 |
| WEBS | Direxion Daily Dow Jones Internet Bear 3X ETF | -0.53 |
| DWSH | AdvisorShares Dorsey Wright Short ETF | -0.51 |
| MSFD | Direxion Shares ETF Trust Direxion Daily MSFT Bear 1X ETF | -0.43 |
| SKF | ProShares UltraShort Financials | -0.37 |
Frequently asked questions about OTEX correlations
- Which stocks are most correlated with OTEX?
- Based on one year of daily returns, the stocks most correlated with Open Text Corp (OTEX) are XSW (0.72), INVN (0.71) and WCLD (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 OTEX?
- Over the past year, the stocks most inversely correlated with Open Text Corp (OTEX) are HDGE (-0.59), WEBS (-0.53) and DWSH (-0.51). 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 OTEX correlations calculated?
- We compute the correlation of daily returns between OTEX 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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