Danaher Correlations

DHR Stock  USD 212.60  1.86  0.88%   
The current 90-days correlation between Danaher and Thermo Fisher Scientific is 0.52 (i.e., Very weak diversification). The correlation of Danaher 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.

Danaher Correlation With Market

Modest diversification

The correlation between Danaher and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Danaher and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Danaher. 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 Danaher Stock, please use our How to Invest in Danaher guide.

Moving together with Danaher Stock

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Moving against Danaher Stock

  0.82DOCS DoximityPairCorr
  0.74FEMY FemasysPairCorr
  0.71EDAP EDAP TMS SAPairCorr
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  0.6ALC Alcon AGPairCorr
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  0.52AGL agilon healthPairCorr
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  0.49FORA Forian IncPairCorr
  0.48BAX Baxter InternationalPairCorr
  0.48COR CencoraPairCorr

Related Correlations Analysis

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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   
TMOWAT
RVTYTMO
RVTYWAT
TMOA
MTDWAT
MTDTMO
  
High negative correlations   
GHCRL
CRLMTD
CRLIDXX
GHILMN
CRLWAT
CRLTMO

Risk-Adjusted Indicators

There is a big difference between Danaher Stock performing well and Danaher 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 Danaher'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.