SAP SAP SE

together opposite · bar = ρ at each lag, −10 … 0 … +10 days · holdout ρ · click a card for the full picture

SAP vs EWG

Both indexed to 100 at 2026-05-11.

SAP EWG · range 86–143 · 2026-05-11 → 2026-11-06

Same day, ranked by what's left after the market and sector factors are removed ("beyond mkt").

EWG iShares MSCI Germany ETF

ρ +0.49beyond mkt +0.41holdout +0.29stable 88%robust

CRM Salesforce, Inc.

ρ +0.57beyond mkt +0.24holdout +0.72stable 100%robust

WCLD WisdomTree Trust WisdomTree Cloud Computing Fund

ρ +0.57beyond mkt +0.23holdout +0.68stable 100%robust

IGV iShares Expanded Tech-Software Sector ETF

ρ +0.54beyond mkt +0.23holdout +0.59stable 100%robust

RELX RELX PLC

ρ +0.52beyond mkt +0.22holdout +0.66stable 100%robust

CTSH Cognizant Technology Solutions Corporation Class A Common Stock

ρ +0.54beyond mkt +0.22holdout +0.72stable 100%robust

No day-to-day relationship, but 5- or 10-day returns move together.

SNPS Synopsys, Inc. Common Stock

horizon 10dρ +0.35holdout +0.18stable 75%robust

Biggest shifts in same-day correlation over the last 63 trading days versus the year before.

SMTC Semtech Corporation Common Stock

Δ -0.66recent -0.51prior +0.16beyond mkt +0.14

SNPS Synopsys, Inc. Common Stock

Δ -0.55recent -0.20prior +0.36beyond mkt +0.12

ITRN Ituran Location and Control Ltd. Ordinary Shares

Δ -0.53recent -0.38prior +0.15beyond mkt -0.02

AHLT American Beacon AHL Trend ETF

Δ -0.52recent -0.40prior +0.12beyond mkt -0.00

HPE Hewlett Packard Enterprise Company

Δ -0.52recent -0.32prior +0.20beyond mkt +0.07

IYZ iShares U.S. Telecommunications ETF

Δ -0.51recent -0.33prior +0.18beyond mkt -0.00

Strong beyond-the-market co-movement with few shared neighbours.

Symbol	beyond mkt	raw ρ	shared	isolation
EWG iShares MSCI Germany ETF	+0.41	+0.49	8