Edwards Lifesciences Correlations

EW Stock

USD 71.35 0.72 1.00%

The current 90-days correlation between Edwards Lifesciences Corp and Zimmer Biomet Holdings is 0.36 (i.e., Weak diversification). The correlation of Edwards Lifesciences 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.

Edwards Lifesciences Correlation With Market

Average diversification

The correlation between Edwards Lifesciences Corp and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Edwards Lifesciences Corp 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 Edwards Lifesciences Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with Edwards Stock

0.69

DXCM

DexCom Inc Sell-off Trend

Pair Corr

Moving against Edwards Stock

0.43	DRIO	DarioHealth Corp	Pair Corr
0.35	VERO	Venus Concept	Pair Corr
0.33	EKSO	Ekso Bionics Holdings	Pair Corr
0.31	LIFWW	MSP Recovery	Pair Corr
0.59	DNLI	Denali Therapeutics	Pair Corr
0.53	ME	23Andme Holding Upward Rally	Pair Corr
0.41	A	Agilent Technologies Sell-off Trend	Pair Corr
0.39	TNDM	Tandem Diabetes Care	Pair Corr

Related Correlations Analysis

	MDT	ABT	BSX	ZBH	SYK	DXCM	PODD	TNDM	ALGN
MDT		-0.05	-0.38	-0.44	-0.55	-0.42	-0.5	0.23	-0.25	MDT
ABT	-0.05		0.66	0.11	0.63	0.54	0.53	-0.61	-0.42	ABT
BSX	-0.38	0.66		0.1	0.73	0.65	0.84	-0.79	-0.31	BSX
ZBH	-0.44	0.11	0.1		0.54	0.39	0.19	-0.19	0.04	ZBH
SYK	-0.55	0.63	0.73	0.54		0.74	0.84	-0.65	-0.14	SYK
DXCM	-0.42	0.54	0.65	0.39	0.74		0.61	-0.71	-0.29	DXCM
PODD	-0.5	0.53	0.84	0.19	0.84	0.61		-0.71	-0.09	PODD
TNDM	0.23	-0.61	-0.79	-0.19	-0.65	-0.71	-0.71		0.66	TNDM
ALGN	-0.25	-0.42	-0.31	0.04	-0.14	-0.29	-0.09	0.66		ALGN
	MDT	ABT	BSX	ZBH	SYK	DXCM	PODD	TNDM	ALGN

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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

PODD	+ 0.84	BSX
PODD	+ 0.84	SYK
DXCM	+ 0.74	SYK
SYK	+ 0.73	BSX
BSX	+ 0.66	ABT
ALGN	+ 0.66	TNDM

High negative correlations

TNDM	- 0.79	BSX
TNDM	- 0.71	PODD
TNDM	- 0.71	DXCM
TNDM	- 0.65	SYK
TNDM	- 0.61	ABT
SYK	- 0.55	MDT

Risk-Adjusted Indicators

There is a big difference between Edwards Stock performing well and Edwards Lifesciences 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 Edwards Lifesciences' 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
MDT	0.77	(0.07)	0.00	(0.06)	0.00	0.00	1.73	(1.80)	5.69
ABT	0.80	0.04	(0.05)	0.28	0.86	(0.89)	1.40	(1.29)	5.90
BSX	0.74	0.14	0.08	0.48	0.63	(0.84)	1.58	(1.19)	5.62
ZBH	1.03	(0.09)	0.00	(0.04)	0.00	0.00	1.66	(1.83)	9.43
SYK	0.83	0.09	0.02	0.35	0.86	(0.93)	1.77	(1.73)	4.70
DXCM	1.51	0.14	0.02	0.79	1.45	(1.83)	4.17	(2.43)	8.17
PODD	1.12	0.37	0.26	1.53	0.64	(1.35)	2.87	(1.68)	12.33
TNDM	2.40	(0.68)	0.00	(0.43)	0.00	0.00	4.24	(4.60)	12.63
ALGN	1.92	(0.16)	(0.04)	0.02	2.16	(2.15)	4.22	(3.31)	11.73

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