Elanco Animal Correlations

ELAN Stock

USD 10.67 0.00 0.00%

The current 90-days correlation between Elanco Animal Health and Viatris is 0.21 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Elanco Animal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Elanco Animal Health moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Elanco Animal Correlation With Market

Weak diversification

The correlation between Elanco Animal Health and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elanco Animal Health 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 Elanco Animal Health. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Elanco Stock

0.7	CDIOW	Cardio Diagnostics	Pair Corr
0.64	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.66	ELEV	Elevation Oncology	Pair Corr
0.62	ELVN	Enliven Therapeutics	Pair Corr
0.9	GPCR	Structure Therapeutics	Pair Corr
0.73	ZURA	Zura Bio Limited	Pair Corr
0.7	ZVSA	ZyVersa Therapeutics	Pair Corr
0.76	IMMX	Immix Biopharma	Pair Corr
0.7	IMRX	Immuneering Corp	Pair Corr
0.77	MLTX	MoonLake Immunotherapeuti	Pair Corr
0.7	PMVP	Pmv Pharmaceuticals	Pair Corr
0.89	PYXS	Pyxis Oncology	Pair Corr
0.83	SCLX	Scilex Holding	Pair Corr
0.81	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.65	ATNF	180 Life Sciences	Pair Corr
0.72	SONN	Sonnet Biotherapeutics	Pair Corr

Moving against Elanco Stock

0.87	OCX	OncoCyte Corp	Pair Corr
0.84	GILD	Gilead Sciences	Pair Corr
0.81	AZN	AstraZeneca PLC ADR	Pair Corr
0.78	GOSS	Gossamer Bio	Pair Corr
0.76	SNY	Sanofi ADR	Pair Corr
0.56	LLY	Eli Lilly	Pair Corr
0.45	BMY	Bristol Myers Squibb Aggressive Push	Pair Corr
0.81	AMGN	Amgen Inc	Pair Corr
0.69	NVCT	Nuvectis Pharma	Pair Corr
0.65	DRMAW	Dermata Therapeutics	Pair Corr

Related Correlations Analysis

	VTRS	CTLT	LNTH	HLN	PAHC	PBH	COLL	PCRX	SIGA	INVVY
VTRS		0.0	-0.43	-0.68	-0.37	-0.61	0.22	-0.53	0.63	0.0	VTRS
CTLT	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	CTLT
LNTH	-0.43	0.0		0.27	-0.29	-0.04	0.02	-0.24	-0.2	0.0	LNTH
HLN	-0.68	0.0	0.27		0.45	0.76	-0.67	0.25	-0.79	0.0	HLN
PAHC	-0.37	0.0	-0.29	0.45		0.73	-0.2	0.61	-0.24	0.0	PAHC
PBH	-0.61	0.0	-0.04	0.76	0.73		-0.46	0.51	-0.62	0.0	PBH
COLL	0.22	0.0	0.02	-0.67	-0.2	-0.46		0.14	0.63	0.0	COLL
PCRX	-0.53	0.0	-0.24	0.25	0.61	0.51	0.14		-0.25	0.0	PCRX
SIGA	0.63	0.0	-0.2	-0.79	-0.24	-0.62	0.63	-0.25		0.0	SIGA
INVVY	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		INVVY
	VTRS	CTLT	LNTH	HLN	PAHC	PBH	COLL	PCRX	SIGA	INVVY

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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

PBH	+ 0.76	HLN
PBH	+ 0.73	PAHC
SIGA	+ 0.63	VTRS
SIGA	+ 0.63	COLL
PCRX	+ 0.61	PAHC
PCRX	+ 0.51	PBH

High negative correlations

SIGA	- 0.79	HLN
HLN	- 0.68	VTRS
COLL	- 0.67	HLN
SIGA	- 0.62	PBH
PBH	- 0.61	VTRS
PCRX	- 0.53	VTRS

Risk-Adjusted Indicators

There is a big difference between Elanco Stock performing well and Elanco Animal 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 Elanco Animal'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
VTRS	1.39	(0.44)	0.00	(3.01)	0.00	0.00	1.91	(2.81)	18.40
CTLT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LNTH	2.21	0.14	0.07	0.29	2.70	(2.33)	3.49	(4.29)	21.39
HLN	0.96	0.10	0.09	0.27	1.34	(1.04)	2.02	(2.02)	6.90
PAHC	2.13	0.09	0.02	0.00	2.89	(2.27)	3.84	(5.81)	17.81
PBH	1.32	0.09	0.08	0.08	1.42	(1.56)	2.22	(2.43)	17.56
COLL	1.74	0.04	0.04	0.06	1.93	(1.88)	3.47	(3.02)	18.67
PCRX	2.06	0.35	0.15	0.95	2.28	(2.21)	4.65	(4.11)	16.33
SIGA	1.85	(0.08)	0.00	(0.18)	0.00	0.00	4.39	(3.69)	15.98
INVVY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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