Edwards Lifesciences Correlations

EWL Stock

EUR 70.08 0.26 0.37%

The current 90-days correlation between Edwards Lifesciences and Medtronic PLC is -0.03 (i.e., Good 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.

Edwards Lifesciences Correlation With Market

Significant diversification

The correlation between Edwards Lifesciences and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Edwards Lifesciences and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Edwards Lifesciences could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Edwards Lifesciences when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Edwards Lifesciences - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Edwards Lifesciences to buy it.

Moving together with Edwards Stock

0.7	ABL	Abbott Laboratories	Pair Corr
0.71	ABL	Abbott Laboratories	Pair Corr
0.74	SYK	Stryker	Pair Corr
0.86	BSX	Boston Scientific	Pair Corr
0.68	ZIM	Zimmer Biomet Holdings	Pair Corr
0.76	GOV	Insulet	Pair Corr
0.7	TSFA	Taiwan Semiconductor	Pair Corr
0.94	APC	Apple Inc	Pair Corr
0.88	ENR	Siemens Energy AG	Pair Corr
0.82	OCBA	Oversea Chinese Banking	Pair Corr
0.7	108	Sumitomo Rubber Indu	Pair Corr
0.92	H0O	REVO INSURANCE SPA	Pair Corr
0.69	CSA	Accenture plc	Pair Corr
0.65	FTK	flatexDEGIRO AG	Pair Corr
0.85	OM6	OReilly Automotive	Pair Corr
0.74	BRYN	Berkshire Hathaway	Pair Corr
0.74	ADH2	Air Canada	Pair Corr
0.92	DC4	DexCom Inc	Pair Corr
0.75	1DH	Clarkson PLC	Pair Corr
0.69	3P7	Pandora A/S	Pair Corr
0.7	GKD	Grand Canyon Education	Pair Corr
0.7	FR70	FAST RETAIL ADR	Pair Corr
0.74	AF4	HANOVER INSURANCE	Pair Corr
0.72	KEY	KeyCorp	Pair Corr
0.78	QAN	Qantas Airways	Pair Corr

Moving against Edwards Stock

0.31

2M6

Medtronic PLC

Pair Corr

Related Correlations Analysis

	ABL	ABL	2M6	SYK	BSX	SHL	EWL	AFW	GOV
ABL		0.98	0.25	0.82	0.83	-0.06	0.7	-0.08	0.75	ABL
ABL	0.98		0.23	0.83	0.84	-0.06	0.71	-0.09	0.78	ABL
2M6	0.25	0.23		-0.06	-0.17	-0.35	-0.31	-0.58	-0.23	2M6
SYK	0.82	0.83	-0.06		0.9	0.0	0.74	0.29	0.91	SYK
BSX	0.83	0.84	-0.17	0.9		0.18	0.86	0.18	0.9	BSX
SHL	-0.06	-0.06	-0.35	0.0	0.18		0.27	0.37	0.17	SHL
EWL	0.7	0.71	-0.31	0.74	0.86	0.27		0.22	0.76	EWL
AFW	-0.08	-0.09	-0.58	0.29	0.18	0.37	0.22		0.38	AFW
GOV	0.75	0.78	-0.23	0.91	0.9	0.17	0.76	0.38		GOV
	ABL	ABL	2M6	SYK	BSX	SHL	EWL	AFW	GOV

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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

ABL	+ 0.98	ABL
GOV	+ 0.91	SYK
BSX	+ 0.9	SYK
GOV	+ 0.9	BSX
EWL	+ 0.86	BSX
BSX	+ 0.84	ABL

High negative correlations

AFW	- 0.58	2M6
SHL	- 0.35	2M6
EWL	- 0.31	2M6
GOV	- 0.23	2M6
BSX	- 0.17	2M6
AFW	- 0.09	ABL

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
ABL	0.92	0.08	0.06	1.59	0.95	(1.07)	2.33	(1.53)	7.61
ABL	0.84	0.11	0.10	(1.65)	0.78	(1.01)	1.95	(1.56)	6.59
2M6	0.73	(0.05)	0.00	(0.43)	0.00	0.00	1.45	(1.19)	5.58
SYK	1.08	0.06	0.03	0.12	1.39	(1.16)	2.33	(2.66)	7.96
BSX	1.25	0.19	0.09	1.47	1.60	(1.41)	2.56	(1.99)	8.67
SHL	1.08	0.11	0.09	0.20	1.03	(1.40)	2.97	(1.69)	8.89
EWL	1.23	0.23	0.14	4.20	1.22	(1.39)	3.08	(2.28)	8.45
AFW	1.46	(0.18)	0.00	(0.21)	0.00	0.00	3.35	(3.02)	9.80
GOV	1.14	0.22	0.20	0.96	0.85	(1.53)	2.56	(1.89)	13.57

Be your own money manager

Our tools can tell you how much better you can do entering a position in Edwards Lifesciences without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Edwards Lifesciences Corporate Management

Elected by the shareholders, the Edwards Lifesciences' board of directors comprises two types of representatives: Edwards Lifesciences inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Edwards. The board's role is to monitor Edwards Lifesciences' management team and ensure that shareholders' interests are well served. Edwards Lifesciences' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Edwards Lifesciences' outside directors are responsible for providing unbiased perspectives on the board's policies.

Scott Ullem	Co CFO	Profile
Larry Wood	Co Replacement	Profile
Mark Wilterding	VP Relations	Profile
Donald Bobo	Corp Devel	Profile
Todd Brinton	Co Officer	Profile
Arnold Pinkston	Corp Counsel	Profile
Dirksen Lehman	Co Affairs	Profile

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