Co-movers

daily closes · 499dMethod

Moved together

CXMwithMSFT

×0.23co-movement · MSFT on CXM · 499d

r 0.34scale to r 0.75

Shared co-movers3with CXMwith MSFT

NOWServiceNow, Inc.r 0.58r 0.52

CRMSalesforce, Inc.r 0.60r 0.45

WDAYWorkday, Inc.r 0.55r 0.44

CXM, solidMSFT, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

CXM compared with MSFT: revenue, margins and what each company keeps, and the suppliers and customers both name