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

0.79	VVOS	Vivos Therapeutics	Pair Corr
0.73	EKSO	Ekso Bionics Holdings	Pair Corr
0.72	ELAB	Elevai Labs, Common	Pair Corr
0.79	EMBC	Embecta Corp	Pair Corr
0.65	ENOV	Enovis Corp	Pair Corr
0.84	WORX	Scworx Corp	Pair Corr
0.74	FIGS	Figs Inc	Pair Corr
0.65	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.73	AWH	Aspira Womens Health	Pair Corr

Moving against Danaher Stock

0.82	DOCS	Doximity	Pair Corr
0.74	FEMY	Femasys	Pair Corr
0.71	EDAP	EDAP TMS SA	Pair Corr
0.52	LH	Laboratory	Pair Corr
0.5	EHAB	Enhabit	Pair Corr
0.49	CI	Cigna Corp	Pair Corr
0.39	MD	Mednax Inc	Pair Corr
0.39	VEEV	Veeva Systems Class	Pair Corr
0.37	GH	Guardant Health	Pair Corr
0.84	DGX	Quest Diagnostics	Pair Corr
0.78	ABT	Abbott Laboratories	Pair Corr
0.71	CVS	CVS Health Corp	Pair Corr
0.6	ALC	Alcon AG	Pair Corr
0.54	BSX	Boston Scientific Corp	Pair Corr
0.52	AGL	agilon health	Pair Corr
0.52	CHE	Chemed Corp	Pair Corr
0.49	FORA	Forian Inc	Pair Corr
0.48	BAX	Baxter International	Pair Corr
0.48	COR	Cencora	Pair Corr

Related Correlations Analysis

	A	ILMN	IDXX	WAT	TMO	MTD	CRL	GH	RVTY
A		0.67	0.22	0.79	0.86	0.71	-0.07	0.34	0.81	A
ILMN	0.67		-0.32	0.25	0.36	0.03	0.61	-0.38	0.45	ILMN
IDXX	0.22	-0.32		0.32	0.25	0.61	-0.45	0.56	0.15	IDXX
WAT	0.79	0.25	0.32		0.91	0.86	-0.34	0.58	0.89	WAT
TMO	0.86	0.36	0.25	0.91		0.84	-0.33	0.58	0.91	TMO
MTD	0.71	0.03	0.61	0.86	0.84		-0.53	0.73	0.75	MTD
CRL	-0.07	0.61	-0.45	-0.34	-0.33	-0.53		-0.8	-0.1	CRL
GH	0.34	-0.38	0.56	0.58	0.58	0.73	-0.8		0.47	GH
RVTY	0.81	0.45	0.15	0.89	0.91	0.75	-0.1	0.47		RVTY
	A	ILMN	IDXX	WAT	TMO	MTD	CRL	GH	RVTY

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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

TMO	+ 0.91	WAT
RVTY	+ 0.91	TMO
RVTY	+ 0.89	WAT
TMO	+ 0.86	A
MTD	+ 0.86	WAT
MTD	+ 0.84	TMO

High negative correlations

GH	- 0.8	CRL
CRL	- 0.53	MTD
CRL	- 0.45	IDXX
GH	- 0.38	ILMN
CRL	- 0.34	WAT
CRL	- 0.33	TMO

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
A	1.16	(0.12)	0.00	(0.23)	0.00	0.00	2.92	(2.59)	9.03
ILMN	1.97	(0.64)	0.00	(0.88)	0.00	0.00	3.40	(5.47)	15.07
IDXX	1.36	(0.02)	0.00	(0.17)	0.00	0.00	2.41	(3.31)	14.80
WAT	1.35	0.06	0.00	(0.03)	0.00	0.00	2.95	(2.93)	10.90
TMO	1.12	0.05	0.00	(0.03)	0.00	0.00	2.40	(2.39)	10.04
MTD	1.21	0.06	0.00	(0.04)	0.00	0.00	2.34	(2.81)	8.60
CRL	1.68	(0.10)	0.00	(0.30)	0.00	0.00	3.93	(3.26)	11.72
GH	3.30	0.55	0.11	0.18	3.53	(3.63)	6.28	(5.93)	32.66
RVTY	1.43	0.04	0.00	(0.06)	0.00	0.00	3.29	(3.38)	12.24

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