Agilent Technologies Correlations

A Stock

USD 120.75 0.47 0.39%

The current 90-days correlation between Agilent Technologies and Illumina is 0.49 (i.e., Very weak diversification). The correlation of Agilent Technologies 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.

Agilent Technologies Correlation With Market

Very weak diversification

The correlation between Agilent Technologies and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Agilent Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Agilent Stock refer to our How to Trade Agilent Stock guide.

Moving together with Agilent Stock

0.71	ME	23Andme Holding	Pair Corr
0.62	VANI	Vivani Medical Earnings Call Tomorrow	Pair Corr
0.88	DNLI	Denali Therapeutics	Pair Corr
0.89	VCEL	Vericel Corp Ord	Pair Corr
0.9	VCYT	Veracyte	Pair Corr
0.86	DRTS	Alpha Tau Medical	Pair Corr
0.69	SABSW	SAB Biotherapeutics	Pair Corr
0.61	VRDN	Viridian Therapeutics	Pair Corr

Moving against Agilent Stock

0.41	VALN	Valneva SE ADR	Pair Corr
0.75	VNDA	Vanda Pharmaceuticals	Pair Corr
0.72	DVAX	Dynavax Technologies	Pair Corr
0.48	VRTX	Vertex Pharmaceuticals	Pair Corr
0.37	VRNA	Verona Pharma PLC	Pair Corr
0.35	VSTM	Verastem	Pair Corr
0.61	ENTA	Enanta Pharmaceuticals	Pair Corr
0.53	EDSA	Edesa Biotech	Pair Corr

Related Correlations Analysis

	DHR	ILMN	IDXX	WAT	TMO	GH	MTD	CRL	RVTY
DHR		0.86	-0.5	0.27	0.38	-0.36	0.02	0.54	0.47	DHR
ILMN	0.86		-0.28	0.32	0.49	-0.37	0.17	0.5	0.51	ILMN
IDXX	-0.5	-0.28		0.34	0.3	0.55	0.63	-0.59	0.18	IDXX
WAT	0.27	0.32	0.34		0.92	0.51	0.87	-0.37	0.9	WAT
TMO	0.38	0.49	0.3	0.92		0.49	0.85	-0.3	0.93	TMO
GH	-0.36	-0.37	0.55	0.51	0.49		0.61	-0.81	0.39	GH
MTD	0.02	0.17	0.63	0.87	0.85	0.61		-0.54	0.79	MTD
CRL	0.54	0.5	-0.59	-0.37	-0.3	-0.81	-0.54		-0.14	CRL
RVTY	0.47	0.51	0.18	0.9	0.93	0.39	0.79	-0.14		RVTY
	DHR	ILMN	IDXX	WAT	TMO	GH	MTD	CRL	RVTY

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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

RVTY	+ 0.93	TMO
TMO	+ 0.92	WAT
RVTY	+ 0.9	WAT
MTD	+ 0.87	WAT
ILMN	+ 0.86	DHR
MTD	+ 0.85	TMO

High negative correlations

CRL	- 0.81	GH
CRL	- 0.59	IDXX
CRL	- 0.54	MTD
IDXX	- 0.5	DHR
CRL	- 0.37	WAT
GH	- 0.37	ILMN

Risk-Adjusted Indicators

There is a big difference between Agilent Stock performing well and Agilent Technologies 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 Agilent Technologies' 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
DHR	1.11	(0.12)	0.00	(0.32)	0.00	0.00	2.19	(2.24)	12.14
ILMN	1.94	(0.66)	0.00	(0.84)	0.00	0.00	3.38	(5.47)	15.07
IDXX	1.30	0.00	0.00	(0.07)	0.00	0.00	2.22	(3.31)	14.80
WAT	1.37	0.00	0.00	(0.07)	0.00	0.00	2.95	(2.93)	10.90
TMO	1.09	0.01	0.00	(0.04)	0.00	0.00	2.40	(2.39)	10.04
GH	3.41	0.67	0.15	0.29	3.60	(3.62)	6.28	(5.93)	32.66
MTD	1.23	(0.04)	0.00	(0.12)	0.00	0.00	2.34	(2.81)	8.60
CRL	1.68	(0.15)	0.00	(0.36)	0.00	0.00	3.86	(4.66)	11.78
RVTY	1.42	(0.05)	0.00	(0.14)	0.00	0.00	2.93	(3.38)	12.24

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