AstraZeneca PLC Correlations

AZN Stock

USD 74.93 1.59 2.08%

The current 90-days correlation between AstraZeneca PLC ADR and Novartis AG ADR is 0.45 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AstraZeneca PLC moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AstraZeneca PLC ADR moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AstraZeneca PLC Correlation With Market

Average diversification

The correlation between AstraZeneca PLC ADR and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AstraZeneca PLC ADR 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 AstraZeneca PLC ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with AstraZeneca Stock

0.81	LLY	Eli Lilly	Pair Corr
0.77	OCX	OncoCyte Corp	Pair Corr
0.94	SNY	Sanofi ADR	Pair Corr
0.95	GILD	Gilead Sciences	Pair Corr
0.85	GOSS	Gossamer Bio	Pair Corr
0.83	DRMAW	Dermata Therapeutics	Pair Corr
0.77	NVCT	Nuvectis Pharma	Pair Corr
0.97	AMGN	Amgen Inc	Pair Corr

Moving against AstraZeneca Stock

0.9	ZURA	Zura Bio Limited	Pair Corr
0.89	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.86	IMMX	Immix Biopharma	Pair Corr
0.85	MLTX	MoonLake Immunotherapeuti	Pair Corr
0.8	GPCR	Structure Therapeutics	Pair Corr
0.77	CDIOW	Cardio Diagnostics	Pair Corr
0.77	IMRX	Immuneering Corp	Pair Corr
0.74	ELVN	Enliven Therapeutics	Pair Corr
0.64	ELEV	Elevation Oncology	Pair Corr
0.61	MRK	Merck Company	Pair Corr
0.57	ZVSA	ZyVersa Therapeutics	Pair Corr
0.44	OCEAW	Ocean Biomedical	Pair Corr
0.41	INBX	Inhibrx Symbol Change	Pair Corr
0.91	PYXS	Pyxis Oncology	Pair Corr
0.9	SCLX	Scilex Holding	Pair Corr
0.89	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.89	CGEM	Cullinan Oncology LLC	Pair Corr
0.8	CNSP	Cns Pharmaceuticals	Pair Corr
0.78	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.77	ATNF	180 Life Sciences	Pair Corr
0.74	PMVP	Pmv Pharmaceuticals	Pair Corr
0.72	CDIO	Cardio Diagnostics	Pair Corr
0.7	CMND	Clearmind Medicine Common	Pair Corr
0.63	AVTE	Aerovate Therapeutics	Pair Corr
0.62	CELC	Celcuity LLC Earnings Call This Week	Pair Corr
0.59	PHIO	Phio Pharmaceuticals Corp	Pair Corr
0.55	BIIB	Biogen Inc	Pair Corr
0.52	SONN	Sonnet Biotherapeutics	Pair Corr
0.35	RAIN	Rain Enhancement Tec	Pair Corr

Related Correlations Analysis

	NVS	GSK	RHHBY	BMY	SNY	MRK	GILD	JNJ	ABBV	LLY
NVS		0.97	0.72	0.65	0.95	-0.53	0.9	0.94	0.95	0.71	NVS
GSK	0.97		0.74	0.68	0.93	-0.47	0.93	0.95	0.96	0.69	GSK
RHHBY	0.72	0.74		0.42	0.66	-0.4	0.7	0.73	0.68	0.53	RHHBY
BMY	0.65	0.68	0.42		0.71	0.08	0.57	0.61	0.58	0.29	BMY
SNY	0.95	0.93	0.66	0.71		-0.51	0.88	0.92	0.9	0.66	SNY
MRK	-0.53	-0.47	-0.4	0.08	-0.51		-0.53	-0.56	-0.53	-0.71	MRK
GILD	0.9	0.93	0.7	0.57	0.88	-0.53		0.97	0.95	0.77	GILD
JNJ	0.94	0.95	0.73	0.61	0.92	-0.56	0.97		0.96	0.8	JNJ
ABBV	0.95	0.96	0.68	0.58	0.9	-0.53	0.95	0.96		0.76	ABBV
LLY	0.71	0.69	0.53	0.29	0.66	-0.71	0.77	0.8	0.76		LLY
	NVS	GSK	RHHBY	BMY	SNY	MRK	GILD	JNJ	ABBV	LLY

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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

GSK	+ 0.97	NVS
JNJ	+ 0.97	GILD
ABBV	+ 0.96	GSK
ABBV	+ 0.96	JNJ
SNY	+ 0.95	NVS
ABBV	+ 0.95	NVS

High negative correlations

LLY	- 0.71	MRK
JNJ	- 0.56	MRK
ABBV	- 0.53	MRK
GILD	- 0.53	MRK
MRK	- 0.53	NVS
MRK	- 0.51	SNY

Risk-Adjusted Indicators

There is a big difference between AstraZeneca Stock performing well and AstraZeneca PLC 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 AstraZeneca PLC'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
NVS	0.97	0.27	0.25	0.92	1.00	(1.13)	2.39	(2.12)	7.69
GSK	1.21	0.26	0.23	0.78	1.20	(1.39)	2.24	(2.03)	11.70
RHHBY	0.99	0.37	0.36	7.95	0.73	(1.13)	2.63	(1.61)	5.52
BMY	1.17	0.16	0.11	15.36	1.73	(1.06)	3.18	(2.80)	7.43
SNY	1.17	0.29	0.27	(1.53)	0.99	(1.43)	2.77	(1.79)	10.59
MRK	1.17	(0.11)	0.00	1.52	0.00	0.00	2.07	(1.80)	11.58
GILD	1.13	0.26	0.23	1.03	1.12	(1.22)	2.28	(2.23)	9.93
JNJ	0.87	0.18	0.21	3.16	0.90	(0.91)	1.79	(1.81)	5.95
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

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