Axonics Modulation Correlations

Summary

AXNXDelisted Stock

USD 70.98 0.48 0.68%

The current 90-days correlation between Axonics Modulation and Orthofix Medical is -0.1 (i.e., Good diversification). The correlation of Axonics Modulation 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.

Axonics Modulation Correlation With Market

Good diversification

The correlation between Axonics Modulation Technologie and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axonics Modulation Technologie and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving against Axonics Stock

0.77	ESMC	Escalon Medical Corp	Pair Corr
0.54	PHG	Koninklijke Philips	Pair Corr
0.45	DYNT	Dynatronics	Pair Corr
0.42	VERO	Venus Concept	Pair Corr
0.4	BBLGW	Bone Biologics Corp	Pair Corr
0.71	HSCS	Heart Test Laboratories	Pair Corr
0.5	INSP	Inspire Medical Systems	Pair Corr
0.45	XTNT	Xtant Medical Holdings	Pair Corr
0.4	HYPR	Hyperfine	Pair Corr
0.38	IINN	Inspira Technologies Oxy	Pair Corr
0.38	LFWD	ReWalk Robotics Symbol Change	Pair Corr
0.34	INBS	Intelligent Bio Solutions	Pair Corr

Related Correlations Analysis

	OFIX	NUVA	GKOS	HSKA	BRKR	ITGR	CNMD	LIVN	IRTC
OFIX		0.0	0.83	0.0	-0.69	0.81	0.54	-0.11	0.77	OFIX
NUVA	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	NUVA
GKOS	0.83	0.0		0.0	-0.76	0.84	0.21	0.24	0.64	GKOS
HSKA	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HSKA
BRKR	-0.69	0.0	-0.76	0.0		-0.54	0.05	-0.15	-0.5	BRKR
ITGR	0.81	0.0	0.84	0.0	-0.54		0.34	0.29	0.53	ITGR
CNMD	0.54	0.0	0.21	0.0	0.05	0.34		-0.47	0.55	CNMD
LIVN	-0.11	0.0	0.24	0.0	-0.15	0.29	-0.47		-0.05	LIVN
IRTC	0.77	0.0	0.64	0.0	-0.5	0.53	0.55	-0.05		IRTC
	OFIX	NUVA	GKOS	HSKA	BRKR	ITGR	CNMD	LIVN	IRTC

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

ITGR	+ 0.84	GKOS
GKOS	+ 0.83	OFIX
ITGR	+ 0.81	OFIX
IRTC	+ 0.77	OFIX
IRTC	+ 0.64	GKOS
IRTC	+ 0.55	CNMD

High negative correlations

BRKR	- 0.76	GKOS
BRKR	- 0.69	OFIX
ITGR	- 0.54	BRKR
IRTC	- 0.5	BRKR
LIVN	- 0.47	CNMD
LIVN	- 0.15	BRKR

Risk-Adjusted Indicators

There is a big difference between Axonics Stock performing well and Axonics Modulation 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 Axonics Modulation'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
OFIX	1.84	0.28	0.06	(1.53)	1.89	(2.17)	3.90	(3.17)	12.11
NUVA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	1.59	0.14	0.00	(2.02)	1.68	(1.78)	3.30	(2.86)	13.23
HSKA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRKR	1.98	(0.19)	0.00	(1.14)	0.00	0.00	4.73	(3.68)	12.99
ITGR	1.26	0.15	0.02	2.63	1.37	(1.38)	2.47	(2.02)	7.64
CNMD	1.83	0.12	(0.02)	(0.36)	2.37	(1.87)	4.46	(3.84)	10.92
LIVN	1.17	0.08	(0.02)	0.73	1.55	(1.11)	3.30	(2.55)	8.68
IRTC	3.05	0.53	0.11	(1.00)	2.71	(3.57)	7.97	(4.46)	26.19

View Axonics Modulation Related Equities

Orthofix Medical NuVasive Glaukos Corp Heska Bruker Integer Holdings Corp CONMED LivaNova PLC iRhythm Technologies Orthopediatrics Corp Pulmonx Corp Si Bone Neuropace Integra LifeSciences Holdings Monogram Orthopaedics Common

Risk & Return

Correlation

Axonics Modulation Corporate Management

JD Esq	General VP	Profile
Alfred Ford	Chief Commercial Officer	Profile
Danny Dearen	Chief Operating and Financial Officer	Profile
MD MAS	Chief Officer	Profile
Rinda Sama	Chief Officer	Profile
Aaron Pettit	General Officer	Profile

Still Interested in Axonics Modulation Technologies?

Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC