CONMED Correlations

CNMD Stock

USD 74.04 0.88 1.20%

The current 90-days correlation between CONMED and NuVasive is -0.14 (i.e., Good diversification). The correlation of CONMED 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.

CONMED Correlation With Market

Weak diversification

The correlation between CONMED and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CONMED 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 CONMED. 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.

For information on how to trade CONMED Stock refer to our How to Trade CONMED Stock guide.

Moving together with CONMED Stock

0.64	GH	Guardant Health	Pair Corr
0.8	ENOV	Enovis Corp	Pair Corr
0.62	FNA	Paragon 28	Pair Corr
0.63	MMSI	Merit Medical Systems	Pair Corr

Moving against CONMED Stock

0.51	DRIO	DarioHealth Corp	Pair Corr
0.47	CVS	CVS Health Corp Sell-off Trend	Pair Corr
0.43	MDT	Medtronic PLC	Pair Corr
0.6	EQ	Equillium	Pair Corr
0.36	BWAY	Brainsway	Pair Corr

Related Correlations Analysis

	NUVA	KIDS	LUNG	SIBN	GMED	OFIX	ATEC	LIVN	ITGR	IRTC
NUVA		0.4	0.02	0.22	0.34	0.53	0.45	-0.57	0.2	0.4	NUVA
KIDS	0.4		0.5	0.75	-0.43	-0.07	-0.21	-0.72	-0.41	-0.05	KIDS
LUNG	0.02	0.5		0.64	-0.46	-0.22	-0.29	-0.3	-0.25	0.0	LUNG
SIBN	0.22	0.75	0.64		-0.33	0.06	-0.07	-0.58	-0.19	0.1	SIBN
GMED	0.34	-0.43	-0.46	-0.33		0.87	0.91	0.24	0.87	0.68	GMED
OFIX	0.53	-0.07	-0.22	0.06	0.87		0.92	-0.14	0.78	0.75	OFIX
ATEC	0.45	-0.21	-0.29	-0.07	0.91	0.92		-0.04	0.8	0.7	ATEC
LIVN	-0.57	-0.72	-0.3	-0.58	0.24	-0.14	-0.04		0.29	-0.04	LIVN
ITGR	0.2	-0.41	-0.25	-0.19	0.87	0.78	0.8	0.29		0.5	ITGR
IRTC	0.4	-0.05	0.0	0.1	0.68	0.75	0.7	-0.04	0.5		IRTC
	NUVA	KIDS	LUNG	SIBN	GMED	OFIX	ATEC	LIVN	ITGR	IRTC

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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

ATEC	+ 0.92	OFIX
ATEC	+ 0.91	GMED
OFIX	+ 0.87	GMED
ITGR	+ 0.87	GMED
ITGR	+ 0.8	ATEC
ITGR	+ 0.78	OFIX

High negative correlations

LIVN	- 0.72	KIDS
LIVN	- 0.58	SIBN
LIVN	- 0.57	NUVA
GMED	- 0.46	LUNG
GMED	- 0.43	KIDS
ITGR	- 0.41	KIDS

Risk-Adjusted Indicators

There is a big difference between CONMED Stock performing well and CONMED 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 CONMED'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
NUVA	1.23	(0.03)	0.00	(2.18)	0.00	0.00	3.31	(2.75)	7.19
KIDS	2.50	(0.41)	0.00	(0.21)	0.00	0.00	4.85	(5.08)	16.62
LUNG	3.18	(0.38)	0.00	(0.07)	0.00	0.00	8.44	(6.89)	20.44
SIBN	2.83	(0.42)	0.00	(0.11)	0.00	0.00	5.99	(4.54)	26.24
GMED	1.01	0.13	0.14	0.25	0.77	(1.13)	1.82	(1.59)	11.18
OFIX	1.86	0.03	0.04	0.15	2.06	(2.07)	3.90	(3.85)	12.11
ATEC	3.62	0.95	0.21	82.59	3.29	(4.49)	8.49	(5.73)	45.41
LIVN	1.22	0.01	0.00	0.13	1.49	(1.16)	3.53	(2.55)	8.68
ITGR	1.28	(0.01)	0.01	0.12	1.44	(1.35)	2.47	(2.16)	7.64
IRTC	3.13	0.28	0.10	0.35	2.77	(3.63)	7.97	(4.46)	26.19

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