Evolent Health Correlations

EVH Stock

USD 9.96 0.13 1.29%

The correlation of Evolent Health 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.

Evolent Health Correlation With Market

Significant diversification

The correlation between Evolent Health and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Evolent 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 Evolent 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 real.

For more detail on how to invest in Evolent Stock please use our How to Invest in Evolent Health guide.

Moving together with Evolent Stock

0.63	MDAI	Spectral AI	Pair Corr
0.79	MODD	Modular Medical	Pair Corr
0.64	ADUS	Addus HomeCare	Pair Corr
0.73	APYX	Apyx Medical	Pair Corr
0.81	SGHT	Sight Sciences	Pair Corr
0.75	SRDX	SurModics	Pair Corr
0.66	CNMD	CONMED	Pair Corr
0.85	ERAS	Erasca Inc	Pair Corr

Moving against Evolent Stock

0.74	FNA	Paragon 28	Pair Corr
0.65	LUCD	Lucid Diagnostics Buyout Trend	Pair Corr
0.63	INMD	InMode	Pair Corr
0.51	MASI	Masimo	Pair Corr
0.46	LUNG	Pulmonx Corp	Pair Corr
0.44	GDRX	Goodrx Holdings	Pair Corr
0.34	KIDS	Orthopediatrics Corp	Pair Corr
0.83	NVRO	Nevro Corp	Pair Corr
0.82	OPCH	Option Care Health	Pair Corr
0.54	NYXH	Nyxoah	Pair Corr
0.49	TMCI	Treace Medical Concepts	Pair Corr
0.35	AMWL	American Well Corp	Pair Corr
0.55	CCLDO	CareCloud Potential Growth	Pair Corr
0.33	OPT	Opthea	Pair Corr

Related Correlations Analysis

	AGTI	CMAX	CERT	RCM	DH	NRC	SLP	PRVA	FORA
AGTI		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AGTI
CMAX	0.0		-0.33	0.0	0.07	0.39	-0.13	-0.49	-0.28	CMAX
CERT	0.0	-0.33		0.0	0.69	0.13	0.92	0.53	0.7	CERT
RCM	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	RCM
DH	0.0	0.07	0.69	0.0		0.6	0.83	-0.07	0.59	DH
NRC	0.0	0.39	0.13	0.0	0.6		0.41	-0.62	0.18	NRC
SLP	0.0	-0.13	0.92	0.0	0.83	0.41		0.27	0.71	SLP
PRVA	0.0	-0.49	0.53	0.0	-0.07	-0.62	0.27		0.45	PRVA
FORA	0.0	-0.28	0.7	0.0	0.59	0.18	0.71	0.45		FORA
	AGTI	CMAX	CERT	RCM	DH	NRC	SLP	PRVA	FORA

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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

SLP	+ 0.92	CERT
SLP	+ 0.83	DH
FORA	+ 0.71	SLP
FORA	+ 0.7	CERT
DH	+ 0.69	CERT
NRC	+ 0.6	DH

High negative correlations

PRVA	- 0.62	NRC
PRVA	- 0.49	CMAX
CERT	- 0.33	CMAX
FORA	- 0.28	CMAX
SLP	- 0.13	CMAX
PRVA	- 0.07	DH

Risk-Adjusted Indicators

There is a big difference between Evolent Stock performing well and Evolent Health 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 Evolent Health'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
AGTI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CMAX	14.49	(1.99)	0.00	1.12	0.00	0.00	23.75	(56.52)	242.98
CERT	2.09	0.07	0.00	(0.04)	0.00	0.00	4.70	(3.92)	16.63
RCM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DH	3.16	(0.55)	0.00	(0.92)	0.00	0.00	8.37	(5.82)	46.28
NRC	2.00	(0.16)	0.00	(0.21)	0.00	0.00	3.81	(3.35)	16.14
SLP	1.94	(0.15)	0.00	(0.19)	0.00	0.00	4.04	(4.93)	17.12
PRVA	1.52	0.26	0.12	0.18	1.98	(1.54)	3.10	(2.95)	12.06
FORA	3.17	0.18	0.05	0.24	4.28	(3.75)	6.06	(6.16)	48.14

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