Bio Rad Correlations

BIO Stock

USD 273.00 3.19 1.16%

The current 90-days correlation between Bio Rad Laboratories and DexCom Inc is 0.09 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bio Rad moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bio Rad Laboratories moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bio Rad Correlation With Market

Average diversification

The correlation between Bio Rad Laboratories and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bio Rad Laboratories 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 Bio Rad Laboratories. 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.

Moving together with Bio Stock

0.78

ILMN

Illumina

Pair Corr

Moving against Bio Stock

0.5	VALE	Vale SA ADR	Pair Corr
0.5	DD	Dupont De Nemours	Pair Corr
0.48	VZ	Verizon Communications Aggressive Push	Pair Corr
0.38	MPW	Medical Properties Trust	Pair Corr
0.36	CRSP	Crispr Therapeutics	Pair Corr
0.84	KO	Coca Cola Aggressive Push	Pair Corr
0.71	MCD	McDonalds	Pair Corr
0.67	T	ATT Inc Aggressive Push	Pair Corr
0.6	INTC	Intel	Pair Corr
0.51	IBM	International Business	Pair Corr

Related Correlations Analysis

	TNDM	DXCM	INSP	SWAV	PEN	CNMD	BRKR	ZBH	GKOS	NARI
TNDM		0.3	0.17	0.0	0.05	-0.09	0.4	-0.15	0.59	0.27	TNDM
DXCM	0.3		-0.17	0.0	0.86	-0.56	-0.44	-0.19	0.23	0.9	DXCM
INSP	0.17	-0.17		0.0	-0.22	0.33	0.38	0.06	0.04	-0.35	INSP
SWAV	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	SWAV
PEN	0.05	0.86	-0.22	0.0		-0.65	-0.52	-0.18	0.09	0.84	PEN
CNMD	-0.09	-0.56	0.33	0.0	-0.65		0.61	0.67	0.04	-0.59	CNMD
BRKR	0.4	-0.44	0.38	0.0	-0.52	0.61		0.33	0.27	-0.52	BRKR
ZBH	-0.15	-0.19	0.06	0.0	-0.18	0.67	0.33		-0.01	-0.2	ZBH
GKOS	0.59	0.23	0.04	0.0	0.09	0.04	0.27	-0.01		0.28	GKOS
NARI	0.27	0.9	-0.35	0.0	0.84	-0.59	-0.52	-0.2	0.28		NARI
	TNDM	DXCM	INSP	SWAV	PEN	CNMD	BRKR	ZBH	GKOS	NARI

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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

NARI	+ 0.9	DXCM
PEN	+ 0.86	DXCM
NARI	+ 0.84	PEN
ZBH	+ 0.67	CNMD
BRKR	+ 0.61	CNMD
GKOS	+ 0.59	TNDM

High negative correlations

CNMD	- 0.65	PEN
NARI	- 0.59	CNMD
CNMD	- 0.56	DXCM
NARI	- 0.52	BRKR
BRKR	- 0.52	PEN
BRKR	- 0.44	DXCM

Risk-Adjusted Indicators

There is a big difference between Bio Stock performing well and Bio Rad 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 Bio Rad'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
TNDM	2.29	0.32	0.12	0.47	2.51	(2.47)	6.14	(4.81)	14.52
DXCM	1.54	0.29	0.17	0.59	1.46	(1.70)	5.52	(2.79)	10.13
INSP	2.23	0.21	0.07	0.35	3.09	(2.51)	5.15	(5.11)	18.97
SWAV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PEN	1.57	0.34	0.21	0.48	1.29	(1.92)	3.63	(2.66)	15.80
CNMD	1.67	(0.21)	0.00	(0.22)	0.00	0.00	3.50	(3.54)	13.79
BRKR	2.12	0.10	0.04	0.27	2.63	(2.17)	5.22	(3.97)	18.62
ZBH	0.95	(0.08)	0.00	(0.52)	0.00	0.00	1.67	(1.71)	8.09
GKOS	1.92	(0.22)	0.00	(0.27)	0.00	0.00	4.66	(3.00)	24.99
NARI	2.19	0.77	0.45	0.94	1.00	(2.80)	4.52	(3.20)	30.79

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