Chegg Correlations

CHGG Stock

USD 2.37 0.26 12.32%

The current 90-days correlation between Chegg Inc and Coursera is 0.43 (i.e., Very weak diversification). The correlation of Chegg 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.

Chegg Correlation With Market

Average diversification

The correlation between Chegg Inc and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chegg Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Chegg Stock

0.61	VSTA	Vasta Platform	Pair Corr
0.48	IH	Ihuman Inc	Pair Corr
0.47	STG	Sunlands Technology Earnings Call This Week	Pair Corr
0.44	TAL	TAL Education Group	Pair Corr
0.43	YQ	17 Education Technology	Pair Corr
0.43	EDU	New Oriental Education	Pair Corr
0.42	QSG	QuantaSing Group	Pair Corr
0.31	WAFU	Wah Fu Education	Pair Corr
0.43	LXEH	Lixiang Education Holding	Pair Corr
0.42	JDZG	JIADE LIMITED Common	Pair Corr
0.42	FHSEY	First High School	Pair Corr
0.38	GOTU	Gaotu Techedu DRC	Pair Corr
0.32	AACG	ATA Creativity Global	Pair Corr
0.49	SKIL	Skillsoft Corp Earnings Call Tomorrow	Pair Corr
0.37	BEDU	Bright Scholar Education	Pair Corr
0.34	CLEU	China Liberal Education	Pair Corr

Related Correlations Analysis

	COUR	UDMY	TAL	DAO	TWOU	LRN	ATGE	EDU	GOTU	YQ
COUR		0.07	-0.4	-0.46	0.5	-0.34	-0.32	0.22	0.15	0.25	COUR
UDMY	0.07		-0.12	-0.08	0.02	0.17	0.28	-0.49	-0.4	-0.49	UDMY
TAL	-0.4	-0.12		0.79	-0.82	0.13	0.24	0.52	0.58	0.4	TAL
DAO	-0.46	-0.08	0.79		-0.84	0.44	0.56	0.16	0.19	0.11	DAO
TWOU	0.5	0.02	-0.82	-0.84		-0.32	-0.46	-0.21	-0.18	-0.19	TWOU
LRN	-0.34	0.17	0.13	0.44	-0.32		0.86	-0.6	-0.48	-0.62	LRN
ATGE	-0.32	0.28	0.24	0.56	-0.46	0.86		-0.51	-0.45	-0.5	ATGE
EDU	0.22	-0.49	0.52	0.16	-0.21	-0.6	-0.51		0.93	0.92	EDU
GOTU	0.15	-0.4	0.58	0.19	-0.18	-0.48	-0.45	0.93		0.84	GOTU
YQ	0.25	-0.49	0.4	0.11	-0.19	-0.62	-0.5	0.92	0.84		YQ
	COUR	UDMY	TAL	DAO	TWOU	LRN	ATGE	EDU	GOTU	YQ

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

GOTU	+ 0.93	EDU
YQ	+ 0.92	EDU
ATGE	+ 0.86	LRN
YQ	+ 0.84	GOTU
DAO	+ 0.79	TAL
GOTU	+ 0.58	TAL

High negative correlations

TWOU	- 0.84	DAO
TWOU	- 0.82	TAL
YQ	- 0.62	LRN
EDU	- 0.6	LRN
EDU	- 0.51	ATGE
YQ	- 0.5	ATGE

Risk-Adjusted Indicators

There is a big difference between Chegg Stock performing well and Chegg 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 Chegg'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
COUR	2.13	(0.23)	(0.03)	0.01	2.95	(2.10)	5.23	(4.14)	19.52
UDMY	1.97	(0.21)	(0.04)	0.01	2.27	(2.43)	4.00	(4.04)	12.70
TAL	3.08	0.33	0.08	0.63	3.20	(3.69)	6.68	(5.17)	33.92
DAO	4.22	1.39	0.28	(3.45)	3.79	(5.24)	10.49	(6.12)	51.51
TWOU	10.94	(1.68)	0.00	1.26	0.00	0.00	15.01	(35.25)	164.94
LRN	2.08	0.56	0.18	(1.39)	1.74	(2.64)	3.29	(2.32)	40.91
ATGE	1.45	0.11	0.10	0.19	1.61	(1.60)	2.81	(2.83)	15.11
EDU	2.17	(0.16)	0.00	(0.08)	0.00	0.00	3.52	(4.66)	22.58
GOTU	3.64	0.10	0.02	0.23	3.82	(5.45)	11.48	(5.71)	41.91
YQ	3.19	(0.03)	(0.02)	0.08	3.82	(4.44)	7.17	(6.19)	32.10

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC