IDEXX Laboratories Correlations

0J8P Stock

434.17 3.78 0.86%

The current 90-days correlation between IDEXX Laboratories and Jacquet Metal Service is 0.36 (i.e., Weak diversification). The correlation of IDEXX Laboratories 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. If the correlation is 0, the equities are not correlated; they are entirely random.

IDEXX Laboratories Correlation With Market

Average diversification

The correlation between IDEXX Laboratories and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDEXX Laboratories and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IDEXX Laboratories could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace IDEXX Laboratories when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back IDEXX Laboratories - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling IDEXX Laboratories to buy it.

Moving together with IDEXX Stock

0.92	0QZK	Coca Cola	Pair Corr
0.77	MINI	Miton UK MicroCap	Pair Corr

Moving against IDEXX Stock

0.84	0R1I	NVIDIA Corp	Pair Corr
0.58	SIGC	Sherborne Investors	Pair Corr
0.49	CHRY	Chrysalis Investments	Pair Corr
0.33	0R1G	Home Depot	Pair Corr

Related Correlations Analysis

	0HDK	0HBH	0IN3	0QZ4	0QT5	EEE	0L4F	FME
0HDK		0.17	0.15	0.41	0.33	-0.09	0.2	-0.65	0HDK
0HBH	0.17		0.29	0.72	0.57	-0.67	0.44	0.11	0HBH
0IN3	0.15	0.29		0.23	0.05	0.03	0.62	0.12	0IN3
0QZ4	0.41	0.72	0.23		0.85	-0.8	0.58	0.14	0QZ4
0QT5	0.33	0.57	0.05	0.85		-0.76	0.39	0.22	0QT5
EEE	-0.09	-0.67	0.03	-0.8	-0.76		-0.47	-0.37	EEE
0L4F	0.2	0.44	0.62	0.58	0.39	-0.47		0.3	0L4F
FME	-0.65	0.11	0.12	0.14	0.22	-0.37	0.3		FME
	0HDK	0HBH	0IN3	0QZ4	0QT5	EEE	0L4F	FME

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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

0QT5	+ 0.85	0QZ4
0QZ4	+ 0.72	0HBH
0L4F	+ 0.62	0IN3
0L4F	+ 0.58	0QZ4
0QT5	+ 0.57	0HBH
0L4F	+ 0.44	0HBH

High negative correlations

EEE	- 0.8	0QZ4
EEE	- 0.76	0QT5
EEE	- 0.67	0HBH
FME	- 0.65	0HDK
0L4F	- 0.47	EEE
FME	- 0.37	EEE

Risk-Adjusted Indicators

There is a big difference between IDEXX Stock performing well and IDEXX Laboratories 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 IDEXX Laboratories' 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
0HDK	1.25	0.15	0.06	0.48	1.20	(1.83)	3.01	(2.24)	14.12
0HBH	1.00	0.07	0.04	0.20	0.74	(1.35)	2.49	(1.39)	11.59
0IN3	1.18	0.27	0.09	(3.20)	1.43	(1.22)	2.40	(2.50)	9.56
0QZ4	1.86	0.54	0.20	(0.85)	1.52	(2.06)	6.11	(2.72)	10.52
0QT5	0.87	0.08	(0.02)	(0.78)	0.89	(1.01)	2.53	(1.51)	7.10
EEE	2.21	(0.08)	0.00	0.27	0.00	0.00	6.40	(4.41)	14.89
0L4F	1.02	0.11	0.02	(2.03)	0.98	(1.14)	2.62	(1.63)	6.04
FME	1.55	(0.14)	0.00	5.42	0.00	0.00	4.24	(6.02)	23.39

Be your own money manager

Our tools can tell you how much better you can do entering a position in IDEXX Laboratories without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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IDEXX Laboratories Corporate Management

Elected by the shareholders, the IDEXX Laboratories' board of directors comprises two types of representatives: IDEXX Laboratories inside directors who are chosen from within the company, and outside directors, selected externally and held independent of IDEXX. The board's role is to monitor IDEXX Laboratories' management team and ensure that shareholders' interests are well served. IDEXX Laboratories' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, IDEXX Laboratories' outside directors are responsible for providing unbiased perspectives on the board's policies.

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