Align Technology Correlations

ALGN Stock

USD 229.66 1.73 0.76%

The current 90-days correlation between Align Technology and Insulet is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Align Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Align Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Align Technology Correlation With Market

Significant diversification

The correlation between Align Technology and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Align Technology 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 Align Technology. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

To learn how to invest in Align Stock, please use our How to Invest in Align Technology guide.

Moving together with Align Stock

0.61	CNC	Centene Corp Sell-off Trend	Pair Corr
0.66	NEOG	Neogen Sell-off Trend	Pair Corr

Moving against Align Stock

0.72	VMD	Viemed Healthcare	Pair Corr
0.55	WGS	GeneDx Holdings Corp	Pair Corr
0.45	MBOT	Microbot Medical	Pair Corr
0.42	LNSR	LENSAR Inc	Pair Corr
0.37	FEMY	Femasys	Pair Corr
0.32	VREX	Varex Imaging Corp	Pair Corr
0.67	DRUG	Bright Minds Biosciences	Pair Corr
0.48	ESPR	Esperion Therapeutics	Pair Corr
0.37	IINNW	Inspira Technologies Oxy	Pair Corr
0.36	BLCO	Bausch Lomb Corp	Pair Corr
0.34	NYXH	Nyxoah	Pair Corr

Related Correlations Analysis

	PODD	TNDM	ABT	SYK	SWAV	EW	DXCM	BSX	MDT	TMDX
PODD		-0.71	0.53	0.81	-0.3	0.08	0.54	0.84	-0.44	-0.75	PODD
TNDM	-0.71		-0.61	-0.65	0.02	-0.34	-0.68	-0.79	0.2	0.92	TNDM
ABT	0.53	-0.61		0.62	0.0	0.47	0.5	0.66	-0.01	-0.59	ABT
SYK	0.81	-0.65	0.62		-0.4	0.34	0.71	0.71	-0.53	-0.69	SYK
SWAV	-0.3	0.02	0.0	-0.4		0.01	-0.14	-0.17	0.63	0.15	SWAV
EW	0.08	-0.34	0.47	0.34	0.01		0.67	0.36	-0.12	-0.18	EW
DXCM	0.54	-0.68	0.5	0.71	-0.14	0.67		0.6	-0.4	-0.57	DXCM
BSX	0.84	-0.79	0.66	0.71	-0.17	0.36	0.6		-0.34	-0.75	BSX
MDT	-0.44	0.2	-0.01	-0.53	0.63	-0.12	-0.4	-0.34		0.3	MDT
TMDX	-0.75	0.92	-0.59	-0.69	0.15	-0.18	-0.57	-0.75	0.3		TMDX
	PODD	TNDM	ABT	SYK	SWAV	EW	DXCM	BSX	MDT	TMDX

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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

TMDX	+ 0.92	TNDM
BSX	+ 0.84	PODD
SYK	+ 0.81	PODD
DXCM	+ 0.71	SYK
BSX	+ 0.71	SYK
DXCM	+ 0.67	EW

High negative correlations

BSX	- 0.79	TNDM
TMDX	- 0.75	BSX
TMDX	- 0.75	PODD
TNDM	- 0.71	PODD
TMDX	- 0.69	SYK
DXCM	- 0.68	TNDM

Risk-Adjusted Indicators

There is a big difference between Align Stock performing well and Align Technology 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 Align Technology'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
PODD	1.21	0.48	0.35	2.61	0.57	(1.48)	3.26	(1.68)	12.33
TNDM	2.41	(0.68)	0.00	(0.42)	0.00	0.00	4.24	(4.60)	12.63
ABT	0.80	0.05	(0.04)	0.27	0.86	(0.89)	1.40	(1.29)	5.90
SYK	0.83	0.07	0.00	0.28	0.87	(0.93)	1.77	(1.73)	4.70
SWAV	1.68	0.00	(0.03)	0.12	2.04	(1.98)	3.76	(3.16)	16.22
EW	1.17	0.03	(0.04)	0.24	1.46	(1.17)	2.42	(1.73)	8.56
DXCM	1.54	0.10	0.01	0.53	1.54	(1.83)	4.17	(2.44)	8.17
BSX	0.74	0.14	0.09	0.46	0.64	(0.84)	1.58	(1.19)	5.62
MDT	0.77	(0.08)	0.00	(0.09)	0.00	0.00	1.73	(1.80)	5.69
TMDX	3.20	(1.15)	0.00	(0.48)	0.00	0.00	5.99	(7.44)	39.98

Align Technology Corporate Executives

Elected by the shareholders, the Align Technology's board of directors comprises two types of representatives: Align Technology inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Align. The board's role is to monitor Align Technology's management team and ensure that shareholders' interests are well served. Align Technology's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Align Technology's outside directors are responsible for providing unbiased perspectives on the board's policies.

John Morici

CFO Finance

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