Aldeyra Correlations

ALDX Stock

USD 6.67 0.36 5.71%

The current 90-days correlation between Aldeyra and Eton Pharmaceuticals is 0.02 (i.e., Significant diversification). The correlation of Aldeyra 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.

Aldeyra Correlation With Market

Good diversification

The correlation between Aldeyra and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aldeyra 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 Aldeyra. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

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

Moving together with Aldeyra Stock

0.7	EQ	Equillium	Pair Corr
0.89	VALN	Valneva SE ADR	Pair Corr
0.71	VIGL	Vigil Neuroscience	Pair Corr
0.69	DVAX	Dynavax Technologies	Pair Corr
0.78	VRNA	Verona Pharma PLC	Pair Corr
0.76	VRTX	Vertex Pharmaceuticals	Pair Corr
0.66	VTVT	vTv Therapeutics Trending	Pair Corr

Moving against Aldeyra Stock

0.79	ME	23Andme Holding	Pair Corr
0.75	VINC	Vincerx Pharma	Pair Corr
0.73	VERA	Vera Therapeutics	Pair Corr
0.68	DRTS	Alpha Tau Medical	Pair Corr
0.68	SABSW	SAB Biotherapeutics	Pair Corr
0.67	VCEL	Vericel Corp Ord	Pair Corr
0.65	VCYT	Veracyte	Pair Corr
0.65	VKTX	Viking Therapeutics	Pair Corr
0.64	VANI	Vivani Medical Earnings Call This Week	Pair Corr
0.57	CDIOW	Cardio Diagnostics	Pair Corr
0.56	A	Agilent Technologies	Pair Corr
0.54	DNLI	Denali Therapeutics	Pair Corr
0.44	DSGN	Design Therapeutics	Pair Corr
0.43	DRRX	Durect Earnings Call This Week	Pair Corr
0.79	VYGR	Voyager Therapeutics	Pair Corr
0.78	ELAN	Elanco Animal Health	Pair Corr
0.74	VTYX	Ventyx Biosciences	Pair Corr
0.71	VRPX	Virpax Pharmaceuticals	Pair Corr
0.7	VRDN	Viridian Therapeutics Downward Rally	Pair Corr
0.7	VTRS	Viatris	Pair Corr
0.55	DYAI	Dyadic International Earnings Call This Week	Pair Corr
0.54	VRAX	Virax Biolabs Group	Pair Corr
0.5	VYNE	Vyne Therapeutics	Pair Corr
0.49	ELEV	Elevation Oncology	Pair Corr
0.42	VXRT	Vaxart Inc	Pair Corr

Related Correlations Analysis

	TARS	LIAN	TVTX	ETON	VRDN	TERN	GPCR	BPMC	ETNB	XFOR
TARS		0.0	-0.12	-0.07	0.83	0.64	0.64	0.11	0.13	0.81	TARS
LIAN	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	LIAN
TVTX	-0.12	0.0		0.74	-0.34	-0.53	-0.3	0.34	0.81	-0.32	TVTX
ETON	-0.07	0.0	0.74		-0.21	-0.61	-0.19	0.64	0.63	-0.31	ETON
VRDN	0.83	0.0	-0.34	-0.21		0.78	0.82	0.3	-0.19	0.84	VRDN
TERN	0.64	0.0	-0.53	-0.61	0.78		0.82	-0.08	-0.31	0.79	TERN
GPCR	0.64	0.0	-0.3	-0.19	0.82	0.82		0.38	-0.17	0.75	GPCR
BPMC	0.11	0.0	0.34	0.64	0.3	-0.08	0.38		0.13	0.07	BPMC
ETNB	0.13	0.0	0.81	0.63	-0.19	-0.31	-0.17	0.13		-0.11	ETNB
XFOR	0.81	0.0	-0.32	-0.31	0.84	0.79	0.75	0.07	-0.11		XFOR
	TARS	LIAN	TVTX	ETON	VRDN	TERN	GPCR	BPMC	ETNB	XFOR

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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

XFOR	+ 0.84	VRDN
VRDN	+ 0.83	TARS
GPCR	+ 0.82	VRDN
GPCR	+ 0.82	TERN
XFOR	+ 0.81	TARS
ETNB	+ 0.81	TVTX

High negative correlations

TERN	- 0.61	ETON
TERN	- 0.53	TVTX
VRDN	- 0.34	TVTX
XFOR	- 0.32	TVTX
ETNB	- 0.31	TERN
XFOR	- 0.31	ETON

Risk-Adjusted Indicators

There is a big difference between Aldeyra Stock performing well and Aldeyra 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 Aldeyra'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
TARS	2.47	(0.02)	0.00	(0.15)	0.00	0.00	5.03	(5.72)	14.81
LIAN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TVTX	2.85	0.38	0.10	0.13	2.97	(3.71)	6.29	(4.79)	20.04
ETON	3.47	0.50	0.12	0.54	4.21	(3.71)	7.74	(6.17)	25.22
VRDN	2.90	(0.16)	0.00	(0.29)	0.00	0.00	4.61	(5.22)	29.75
TERN	3.07	(0.92)	0.00	(1.26)	0.00	0.00	5.03	(6.98)	20.46
GPCR	3.60	(0.44)	0.00	(0.35)	0.00	0.00	5.95	(10.88)	25.66
BPMC	2.11	0.10	0.04	0.01	2.64	(2.41)	5.39	(4.23)	26.30
ETNB	3.80	0.43	0.08	0.15	4.10	(4.75)	10.74	(8.41)	35.21
XFOR	7.27	(0.22)	0.00	(1.60)	0.00	0.00	13.85	(14.29)	68.45

Aldeyra Corporate Management

David Burke	Head Relations	Profile
Michael Alfieri	Principal Officer	Profile
Kelly Mizer	Vice Operations	Profile
Laura Nichols	Operations Manager	Profile

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