Coherent Correlations

COHR Stock

USD 65.38 1.61 2.40%

The current 90-days correlation between Coherent and MKS Instruments is 0.63 (i.e., Poor diversification). The correlation of Coherent 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.

Coherent Correlation With Market

Weak diversification

The correlation between Coherent and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Coherent 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 Coherent. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

To learn how to invest in Coherent Stock, please use our How to Invest in Coherent guide.

Moving together with Coherent Stock

0.85	ELSE	Electro Sensors	Pair Corr
0.69	BMI	Badger Meter	Pair Corr
0.64	VNT	Vontier Corp	Pair Corr
0.84	NOVT	Novanta	Pair Corr
0.7	ODYS	Odysightai Common Stock	Pair Corr
0.67	ASTC	Astrotech Corp	Pair Corr
0.73	SOBR	Sobr Safe	Pair Corr
0.75	SOTK	Sono Tek Corp	Pair Corr
0.65	SVRE	SaverOne 2014	Pair Corr
0.63	TRMB	Trimble Sell-off Trend	Pair Corr
0.73	CGNX	Cognex	Pair Corr
0.77	BL	Blackline	Pair Corr

Moving against Coherent Stock

0.67	ESE	ESCO Technologies	Pair Corr
0.57	ITRN	Ituran Location	Pair Corr
0.65	MQ	Marqeta Buyout Trend	Pair Corr
0.57	JG	Aurora Mobile Tech Boost	Pair Corr

Related Correlations Analysis

	MKSI	IPGP	CGNX	IIVI	LITE
MKSI		0.48	0.84	0.0	0.87	MKSI
IPGP	0.48		0.56	0.0	0.57	IPGP
CGNX	0.84	0.56		0.0	0.82	CGNX
IIVI	0.0	0.0	0.0		0.0	IIVI
LITE	0.87	0.57	0.82	0.0		LITE
	MKSI	IPGP	CGNX	IIVI	LITE

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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

LITE	+ 0.87	MKSI
CGNX	+ 0.84	MKSI
LITE	+ 0.82	CGNX
LITE	+ 0.57	IPGP
CGNX	+ 0.56	IPGP
IPGP	+ 0.48	MKSI

High negative correlations

LITE	- 0.0	IIVI
IIVI	- 0.0	CGNX
IIVI	- 0.0	IPGP
IIVI	- 0.0	MKSI

Risk-Adjusted Indicators

There is a big difference between Coherent Stock performing well and Coherent 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 Coherent'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
MKSI	2.23	(0.10)	(0.17)	4.18	(6.74)	13.45
IPGP	1.78	(0.15)	(0.25)	4.39	(4.31)	9.93
CGNX	1.69	(0.12)	(0.41)	3.26	(3.61)	17.31
IIVI	0.00	0.00	0.00	0.00	0.00	0.00
LITE	3.33	(0.29)	(20.18)	5.65	(7.31)	28.11

Coherent Corporate Management

Julie Eng	Chief Officer	Profile
Rob Beard	Chief Secretary	Profile
Beck Mason	Executive Telecommunications	Profile
Marie Martin	Chief Officer	Profile
Christopher Koeppen	Chief Officer	Profile
Sanjai Parthasarathi	Chief Officer	Profile

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