Abbott Laboratories Correlations

ABT Stock

USD 126.34 0.44 0.35%

The current 90-days correlation between Abbott Laboratories and AbbVie Inc is 0.44 (i.e., Very weak diversification). The correlation of Abbott 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.

Abbott Laboratories Correlation With Market

Modest diversification

The correlation between Abbott Laboratories and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Abbott Laboratories 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 Abbott Laboratories. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

For more information on how to buy Abbott Stock please use our How to Invest in Abbott Laboratories guide.

Moving together with Abbott Stock

0.69	HIMS	Hims Hers Health	Pair Corr
0.8	LUCD	Lucid Diagnostics	Pair Corr
0.69	PLX	Protalix Biotherapeutics	Pair Corr
0.7	GOSS	Gossamer Bio	Pair Corr
0.61	NVCT	Nuvectis Pharma	Pair Corr

Moving against Abbott Stock

0.9	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.8	SSKN	STRATA Skin Sciences Earnings Call This Week	Pair Corr
0.72	HOLX	Hologic	Pair Corr
0.72	ELVN	Enliven Therapeutics	Pair Corr
0.6	CDIOW	Cardio Diagnostics	Pair Corr
0.6	GPCR	Structure Therapeutics	Pair Corr
0.47	ELEV	Elevation Oncology	Pair Corr
0.42	INFU	InfuSystems Holdings	Pair Corr
0.88	ZURA	Zura Bio Limited	Pair Corr
0.81	IMMX	Immix Biopharma	Pair Corr
0.79	SCLX	Scilex Holding	Pair Corr
0.78	MLTX	MoonLake Immunotherapeuti	Pair Corr
0.76	PYXS	Pyxis Oncology	Pair Corr
0.75	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.7	ATNF	180 Life Sciences	Pair Corr
0.68	IMRX	Immuneering Corp	Pair Corr
0.65	INBX	Inhibrx Symbol Change	Pair Corr
0.61	AVTE	Aerovate Therapeutics	Pair Corr
0.57	PMVP	Pmv Pharmaceuticals	Pair Corr
0.52	PHIO	Phio Pharmaceuticals Corp	Pair Corr
0.44	ADVM	Adverum Biotechnologies	Pair Corr

Related Correlations Analysis

	ABBV	LLY	BMY	JNJ	MDT
ABBV		0.76	0.58	0.96	0.71	ABBV
LLY	0.76		0.29	0.8	0.63	LLY
BMY	0.58	0.29		0.61	0.63	BMY
JNJ	0.96	0.8	0.61		0.81	JNJ
MDT	0.71	0.63	0.63	0.81		MDT
	ABBV	LLY	BMY	JNJ	MDT

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Risk-Adjusted Indicators

There is a big difference between Abbott Stock performing well and Abbott 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 Abbott 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
ABBV	1.06	0.31	0.38	3.95	0.70	(1.29)	2.37	(1.47)	6.46
LLY	1.49	0.14	0.08	0.18	2.11	(1.56)	2.45	(4.21)	10.31
BMY	1.17	0.16	0.11	15.36	1.73	(1.06)	3.18	(2.80)	7.43
JNJ	0.87	0.18	0.21	3.16	0.90	(0.91)	1.79	(1.81)	5.95
MDT	1.04	0.18	0.12	0.36	1.66	(0.99)	2.48	(1.65)	11.49

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