Bristol Myers Correlations

BMY Stock

USD 61.07 0.65 1.08%

The current 90-days correlation between Bristol Myers Squibb and AbbVie Inc is 0.49 (i.e., Very weak diversification). The correlation of Bristol Myers 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.

Bristol Myers Correlation With Market

Significant diversification

The correlation between Bristol Myers Squibb and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb 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 Bristol Myers Squibb. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Bristol Stock

0.71	SNY	Sanofi ADR	Pair Corr
0.64	AMGN	Amgen Inc	Pair Corr

Moving against Bristol Stock

0.62	CDIOW	Cardio Diagnostics	Pair Corr
0.6	ELEV	Elevation Oncology	Pair Corr
0.57	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.57	IMMX	Immix Biopharma	Pair Corr
0.54	MLTX	MoonLake Immunotherapeuti	Pair Corr
0.53	ZURA	Zura Bio Limited	Pair Corr
0.52	ELVN	Enliven Therapeutics	Pair Corr
0.47	LYRA	Lyra Therapeutics	Pair Corr
0.46	OCEAW	Ocean Biomedical	Pair Corr
0.46	IMRX	Immuneering Corp	Pair Corr
0.43	ZVSA	ZyVersa Therapeutics	Pair Corr
0.35	GPCR	Structure Therapeutics	Pair Corr
0.68	CNSP	Cns Pharmaceuticals Earnings Call This Week	Pair Corr
0.63	PMVP	Pmv Pharmaceuticals	Pair Corr
0.62	CELC	Celcuity LLC Earnings Call Tomorrow	Pair Corr
0.61	CDIO	Cardio Diagnostics	Pair Corr
0.56	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.55	CMND	Clearmind Medicine Common	Pair Corr
0.51	CGEM	Cullinan Oncology LLC	Pair Corr
0.49	PYXS	Pyxis Oncology	Pair Corr
0.45	ATNF	180 Life Sciences	Pair Corr
0.44	SCLX	Scilex Holding	Pair Corr
0.43	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.42	PHIO	Phio Pharmaceuticals Corp Earnings Call This Week	Pair Corr

Related Correlations Analysis

	ABBV	MRK	GILD	JNJ	LLY	PFE	AMGN	BIIB
ABBV		-0.53	0.95	0.96	0.76	0.11	0.95	-0.45	ABBV
MRK	-0.53		-0.53	-0.56	-0.71	0.23	-0.58	0.73	MRK
GILD	0.95	-0.53		0.97	0.77	0.11	0.94	-0.47	GILD
JNJ	0.96	-0.56	0.97		0.8	0.17	0.98	-0.51	JNJ
LLY	0.76	-0.71	0.77	0.8		0.12	0.76	-0.45	LLY
PFE	0.11	0.23	0.11	0.17	0.12		0.14	0.3	PFE
AMGN	0.95	-0.58	0.94	0.98	0.76	0.14		-0.53	AMGN
BIIB	-0.45	0.73	-0.47	-0.51	-0.45	0.3	-0.53		BIIB
	ABBV	MRK	GILD	JNJ	LLY	PFE	AMGN	BIIB

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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

AMGN	+ 0.98	JNJ
JNJ	+ 0.97	GILD
JNJ	+ 0.96	ABBV
GILD	+ 0.95	ABBV
AMGN	+ 0.95	ABBV
AMGN	+ 0.94	GILD

High negative correlations

LLY	- 0.71	MRK
AMGN	- 0.58	MRK
JNJ	- 0.56	MRK
BIIB	- 0.53	AMGN
GILD	- 0.53	MRK
MRK	- 0.53	ABBV

Risk-Adjusted Indicators

There is a big difference between Bristol Stock performing well and Bristol Myers 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 Bristol Myers' 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
ABBV	1.06	0.31	0.38	3.95	0.70	(1.29)	2.37	(1.47)	6.46
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
LLY	1.49	0.14	0.08	0.18	2.11	(1.56)	2.45	(4.21)	10.31
PFE	1.02	0.07	0.11	0.46	1.13	(1.10)	2.20	(2.04)	7.11
AMGN	1.03	0.28	0.21	0.51	1.25	(1.06)	2.22	(2.59)	9.76
BIIB	1.26	(0.07)	0.00	(0.36)	0.00	0.00	2.50	(2.56)	8.44

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