Co-movers

daily closes · 500dMethod

Moved together

SPSCwithMSFT

×0.18co-movement · MSFT on SPSC · 500d

r 0.28scale to r 0.75

Shared co-movers3with SPSCwith MSFT

NOWServiceNow, Inc.r 0.51r 0.52

WDAYWorkday, Inc.r 0.50r 0.44

QTWOQ2 Holdings, Inc.r 0.55r 0.39

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

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