GUARDANT HEALTH Correlations

5GH Stock

EUR 40.82 1.20 2.86%

The current 90-days correlation between GUARDANT HEALTH CL and Singapore Telecommunications Limited is 0.19 (i.e., Average diversification). The correlation of GUARDANT HEALTH 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.

GUARDANT HEALTH Correlation With Market

Modest diversification

The correlation between GUARDANT HEALTH CL and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GUARDANT HEALTH CL and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to GUARDANT HEALTH could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace GUARDANT HEALTH 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 GUARDANT HEALTH - 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 GUARDANT HEALTH CL to buy it.

Moving together with GUARDANT Stock

0.7	SHL1	SIEMENS HEALTH ADR050	Pair Corr
0.71	SHL	Siemens Healthineers	Pair Corr
0.61	9NPA	NIPPON PROLOGIS REIT	Pair Corr
0.8	0S2	UNITED URBAN INV	Pair Corr
0.74	E908	Lyxor 1	Pair Corr

Moving against GUARDANT Stock

0.58	DBPD	Xtrackers ShortDAX	Pair Corr
0.49	GGG	GUDANG GARAM Earnings Call This Week	Pair Corr

Related Correlations Analysis

	SIT4	3FNA	CHWD	PCHP	M8Z	E4C	M1W	5PMA
SIT4		0.58	0.47	-0.57	-0.79	-0.41	0.7	0.52	SIT4
3FNA	0.58		0.2	-0.48	-0.57	-0.22	0.53	0.4	3FNA
CHWD	0.47	0.2		0.16	-0.04	0.17	-0.03	0.06	CHWD
PCHP	-0.57	-0.48	0.16		0.69	0.57	-0.74	-0.73	PCHP
M8Z	-0.79	-0.57	-0.04	0.69		0.69	-0.88	-0.57	M8Z
E4C	-0.41	-0.22	0.17	0.57	0.69		-0.7	-0.41	E4C
M1W	0.7	0.53	-0.03	-0.74	-0.88	-0.7		0.58	M1W
5PMA	0.52	0.4	0.06	-0.73	-0.57	-0.41	0.58		5PMA
	SIT4	3FNA	CHWD	PCHP	M8Z	E4C	M1W	5PMA

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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

M1W	+ 0.7	SIT4
M8Z	+ 0.69	PCHP
E4C	+ 0.69	M8Z
3FNA	+ 0.58	SIT4
5PMA	+ 0.58	M1W
E4C	+ 0.57	PCHP

High negative correlations

M1W	- 0.88	M8Z
M8Z	- 0.79	SIT4
M1W	- 0.74	PCHP
5PMA	- 0.73	PCHP
M1W	- 0.7	E4C
5PMA	- 0.57	M8Z

Risk-Adjusted Indicators

There is a big difference between GUARDANT Stock performing well and GUARDANT HEALTH 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 GUARDANT HEALTH'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
SIT4	1.22	0.12	0.08	0.17	1.59	(1.28)	2.28	(2.17)	7.88
3FNA	3.36	0.27	0.07	0.48	3.93	(4.07)	9.60	(7.35)	22.54
CHWD	0.62	(0.01)	0.00	(0.15)	0.00	0.00	1.13	(1.12)	4.37
PCHP	2.92	(0.65)	0.00	6.12	0.00	0.00	5.16	(6.57)	23.81
M8Z	0.80	(0.38)	0.00	(0.85)	0.00	0.00	0.00	0.00	26.81
E4C	0.98	(0.04)	0.03	0.02	1.29	(1.47)	2.26	(2.20)	9.08
M1W	3.51	0.63	0.11	0.38	3.22	(6.06)	5.56	(5.56)	27.08
5PMA	2.94	0.37	0.12	(0.58)	2.95	(4.03)	6.52	(5.88)	20.17

Be your own money manager

Our tools can tell you how much better you can do entering a position in GUARDANT HEALTH 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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