Anika Therapeutics Correlations

ANIK Stock

USD 15.42 0.20 1.28%

The current 90-days correlation between Anika Therapeutics and Axogen Inc is 0.17 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Anika Therapeutics moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Anika Therapeutics moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Anika Therapeutics Correlation With Market

Very weak diversification

The correlation between Anika Therapeutics and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Anika Therapeutics 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 Anika Therapeutics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

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

Moving together with Anika Stock

0.83	WMT	Walmart	Pair Corr
0.68	CSCO	Cisco Systems	Pair Corr
0.72	JPM	JPMorgan Chase	Pair Corr
0.67	DD	Dupont De Nemours	Pair Corr
0.68	IBM	International Business	Pair Corr

Moving against Anika Stock

0.72

MRK

Merck Company

Pair Corr

Related Correlations Analysis

	AXGN	OFIX	SRDX	FNA	AORT	SGHT	AVNS	KIDS	NPCE	CVRX
AXGN		0.2	-0.47	0.62	-0.02	-0.69	-0.2	0.45	0.52	0.35	AXGN
OFIX	0.2		0.38	0.06	0.85	0.0	0.78	0.15	0.73	0.77	OFIX
SRDX	-0.47	0.38		-0.81	0.65	0.78	0.54	-0.37	0.14	0.37	SRDX
FNA	0.62	0.06	-0.81		-0.33	-0.86	-0.2	0.29	0.34	-0.1	FNA
AORT	-0.02	0.85	0.65	-0.33		0.3	0.77	0.1	0.57	0.82	AORT
SGHT	-0.69	0.0	0.78	-0.86	0.3		0.32	-0.44	-0.27	0.01	SGHT
AVNS	-0.2	0.78	0.54	-0.2	0.77	0.32		-0.22	0.41	0.52	AVNS
KIDS	0.45	0.15	-0.37	0.29	0.1	-0.44	-0.22		0.24	0.49	KIDS
NPCE	0.52	0.73	0.14	0.34	0.57	-0.27	0.41	0.24		0.71	NPCE
CVRX	0.35	0.77	0.37	-0.1	0.82	0.01	0.52	0.49	0.71		CVRX
	AXGN	OFIX	SRDX	FNA	AORT	SGHT	AVNS	KIDS	NPCE	CVRX

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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

AORT	+ 0.85	OFIX
CVRX	+ 0.82	AORT
AVNS	+ 0.78	OFIX
SGHT	+ 0.78	SRDX
CVRX	+ 0.77	OFIX
AVNS	+ 0.77	AORT

High negative correlations

SGHT	- 0.86	FNA
FNA	- 0.81	SRDX
SGHT	- 0.69	AXGN
SRDX	- 0.47	AXGN
KIDS	- 0.44	SGHT
KIDS	- 0.37	SRDX

Risk-Adjusted Indicators

There is a big difference between Anika Stock performing well and Anika Therapeutics 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 Anika Therapeutics' 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
AXGN	2.65	0.46	0.18	0.50	2.43	(3.63)	5.97	(3.56)	21.80
OFIX	1.23	(0.06)	0.00	(0.14)	0.00	0.00	2.18	(2.74)	6.60
SRDX	1.50	(0.36)	0.00	(0.67)	0.00	0.00	2.15	(5.79)	10.84
FNA	1.17	0.36	0.25	1.16	1.04	(1.57)	3.78	(3.09)	8.63
AORT	1.35	(0.21)	0.00	(0.40)	0.00	0.00	2.99	(2.60)	13.14
SGHT	3.31	(0.16)	0.00	(0.23)	0.00	0.00	7.19	(6.05)	24.66
AVNS	1.37	(0.24)	0.00	(0.35)	0.00	0.00	2.61	(2.83)	13.49
KIDS	1.90	0.27	0.13	0.23	1.95	(2.11)	3.54	(3.09)	15.28
NPCE	3.17	0.29	0.07	0.14	3.79	(3.37)	5.89	(6.82)	17.98
CVRX	3.11	0.12	0.02	0.02	3.81	(3.34)	5.58	(6.75)	14.59

Anika Therapeutics Corporate Management

Ian McLeod	VP Officer	Profile
James Chase	Senior Marketing	Profile
Bart Bracy	VP Americas	Profile
Lisa Funiciello	Vice Resources	Profile
Mark Namaroff	Executive Communications	Profile
Michael CPA	Executive Officer	Profile
Charles III	VP Counsel	Profile

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