Agilent Technologies Correlations

A Stock

USD 134.18 1.10 0.81%

The current 90-days correlation between Agilent Technologies and Waters is 0.78 (i.e., Poor 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

Weak diversification

The correlation between Agilent Technologies and DJI is 0.36 (i.e., 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 against Agilent Stock

0.44	NIO	Nio Class A	Pair Corr
0.37	DD	Dupont De Nemours	Pair Corr
0.36	NVDA	NVIDIA Earnings Call Tomorrow	Pair Corr
0.31	VZ	Verizon Communications Aggressive Push	Pair Corr
0.48	HPQ	HP Inc Earnings Call Tomorrow	Pair Corr
0.43	INTC	Intel Downward Rally	Pair Corr
0.38	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	TMO	DHR	WAT	IDXX	EXAS	NTRA	CDNA	TWST
TMO		-0.01	0.9	0.33	-0.16	0.53	0.04	0.58	TMO
DHR	-0.01		0.04	-0.69	0.54	-0.13	-0.02	0.12	DHR
WAT	0.9	0.04		0.37	-0.03	0.53	0.25	0.65	WAT
IDXX	0.33	-0.69	0.37		-0.33	0.42	0.35	0.22	IDXX
EXAS	-0.16	0.54	-0.03	-0.33		0.08	0.28	0.42	EXAS
NTRA	0.53	-0.13	0.53	0.42	0.08		0.66	0.49	NTRA
CDNA	0.04	-0.02	0.25	0.35	0.28	0.66		0.33	CDNA
TWST	0.58	0.12	0.65	0.22	0.42	0.49	0.33		TWST
	TMO	DHR	WAT	IDXX	EXAS	NTRA	CDNA	TWST

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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

WAT	+ 0.9	TMO
CDNA	+ 0.66	NTRA
TWST	+ 0.65	WAT
TWST	+ 0.58	TMO
EXAS	+ 0.54	DHR
NTRA	+ 0.53	TMO

High negative correlations

IDXX	- 0.69	DHR
EXAS	- 0.33	IDXX
EXAS	- 0.16	TMO
NTRA	- 0.13	DHR
EXAS	- 0.03	WAT
CDNA	- 0.02	DHR

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
TMO	1.06	0.11	0.08	0.28	1.20	(1.12)	1.86	(2.22)	10.03
DHR	1.06	(0.13)	0.00	(0.35)	0.00	0.00	2.05	(2.24)	12.24
WAT	1.30	0.11	0.06	0.17	1.55	(1.50)	3.00	(2.56)	10.90
IDXX	1.28	0.15	0.09	0.39	1.47	(1.40)	2.72	(2.63)	14.45
EXAS	2.03	0.05	0.02	0.14	2.18	(2.63)	5.86	(2.69)	16.36
NTRA	1.85	0.04	0.02	0.06	2.33	(2.03)	4.36	(3.26)	13.39
CDNA	2.80	0.00	0.00	0.01	4.18	(2.52)	5.63	(5.34)	19.59
TWST	2.75	0.02	0.01	0.02	3.54	(2.87)	6.08	(6.04)	18.27

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