Charles River Correlations

CRL Stock

USD 159.46 1.89 1.17%

The current 90-days correlation between Charles River Labora and ICON PLC is 0.54 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Charles River moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Charles River Laboratories moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Charles River Correlation With Market

Modest diversification

The correlation between Charles River Laboratories and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Charles River 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 Charles River 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 metropolitan statistical area.

Moving together with Charles Stock

0.73	DSGN	Design Therapeutics	Pair Corr
0.75	VINC	Vincerx Pharma Earnings Call Tomorrow	Pair Corr
0.79	VKTX	Viking Therapeutics	Pair Corr

Moving against Charles Stock

0.67	VALN	Valneva SE ADR	Pair Corr
0.67	VERV	Verve Therapeutics	Pair Corr
0.57	DMAC	DiaMedica Therapeutics	Pair Corr
0.46	EQ	Equillium	Pair Corr
0.4	DTIL	Precision BioSciences	Pair Corr
0.76	VIGL	Vigil Neuroscience	Pair Corr
0.73	VRNA	Verona Pharma PLC	Pair Corr
0.56	SRZNW	Surrozen Warrant	Pair Corr
0.55	VTVT	vTv Therapeutics	Pair Corr
0.54	VRTX	Vertex Pharmaceuticals	Pair Corr
0.32	VSTM	Verastem	Pair Corr
0.79	ELTX	Elicio Therapeutics Earnings Call Tomorrow	Pair Corr
0.78	EOLS	Evolus Inc	Pair Corr

Related Correlations Analysis

	ICLR	MTD	SYNH	LH	WAT	IDXX	IQV	RVTY	CDNA
ICLR		0.01	0.0	-0.5	0.08	-0.27	0.65	0.3	0.45	ICLR
MTD	0.01		0.0	0.63	0.88	0.64	0.64	0.8	0.56	MTD
SYNH	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	SYNH
LH	-0.5	0.63	0.0		0.43	0.66	-0.07	0.33	0.12	LH
WAT	0.08	0.88	0.0	0.43		0.35	0.67	0.9	0.45	WAT
IDXX	-0.27	0.64	0.0	0.66	0.35		0.22	0.2	0.46	IDXX
IQV	0.65	0.64	0.0	-0.07	0.67	0.22		0.69	0.75	IQV
RVTY	0.3	0.8	0.0	0.33	0.9	0.2	0.69		0.49	RVTY
CDNA	0.45	0.56	0.0	0.12	0.45	0.46	0.75	0.49		CDNA
	ICLR	MTD	SYNH	LH	WAT	IDXX	IQV	RVTY	CDNA

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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

RVTY	+ 0.9	WAT
WAT	+ 0.88	MTD
RVTY	+ 0.8	MTD
CDNA	+ 0.75	IQV
RVTY	+ 0.69	IQV
IQV	+ 0.67	WAT

High negative correlations

LH	- 0.5	ICLR
IDXX	- 0.27	ICLR
IQV	- 0.07	LH
CDNA	- 0.0	SYNH
RVTY	- 0.0	SYNH
IQV	- 0.0	SYNH

Risk-Adjusted Indicators

There is a big difference between Charles Stock performing well and Charles River 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 Charles River'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
ICLR	1.43	(0.18)	0.00	(0.38)	0.00	0.00	3.28	(2.94)	11.42
MTD	1.23	(0.06)	0.00	(0.08)	0.00	0.00	2.34	(2.81)	8.60
SYNH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LH	0.84	0.02	0.02	0.04	1.04	(0.87)	1.65	(1.64)	5.79
WAT	1.41	(0.02)	0.00	(0.02)	0.00	0.00	2.95	(2.93)	10.90
IDXX	1.31	(0.02)	0.00	(0.06)	0.00	0.00	2.22	(3.31)	14.80
IQV	1.30	(0.12)	0.00	(0.15)	0.00	0.00	2.70	(2.81)	7.16
RVTY	1.45	(0.09)	0.00	(0.10)	0.00	0.00	2.93	(3.38)	12.24
CDNA	3.02	(0.16)	0.00	(0.07)	0.00	0.00	5.88	(7.44)	19.59

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