Guardant Health Correlations

GH Stock

USD 40.35 2.09 4.92%

The current 90-days correlation between Guardant Health and Twist Bioscience Corp is 0.54 (i.e., Very weak diversification). The correlation of Guardant 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.

Guardant Health Correlation With Market

Weak diversification

The correlation between Guardant Health and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Guardant Health and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Guardant 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 rate.

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

Moving together with Guardant Stock

0.71	EHAB	Enhabit Earnings Call This Week	Pair Corr
0.8	ALC	Alcon AG	Pair Corr
0.64	IDXX	IDEXX Laboratories	Pair Corr
0.7	MMSI	Merit Medical Systems Earnings Call Today	Pair Corr
0.91	OPCH	Option Care Health	Pair Corr
0.63	ACHC	Acadia Healthcare	Pair Corr
0.91	ALHC	Alignment Healthcare LLC	Pair Corr
0.63	AMED	Amedisys	Pair Corr
0.67	ANGO	AngioDynamics	Pair Corr
0.63	SGRY	Surgery Partners	Pair Corr
0.86	ATRC	AtriCure	Pair Corr
0.7	A	Agilent Technologies Earnings Call Today	Pair Corr

Moving against Guardant Stock

0.77	HAE	Haemonetics	Pair Corr
0.65	NHC	National HealthCare	Pair Corr
0.46	TFX	Teleflex Incorporated	Pair Corr
0.42	DHR	Danaher	Pair Corr
0.61	INNV	InnovAge Holding Corp	Pair Corr
0.41	PNTG	Pennant Group Earnings Call Today	Pair Corr

Related Correlations Analysis

	ILMN	TWST	NTRA	CDNA	MYGN	CSTL	PSNL	A	TMO
ILMN		0.3	0.0	0.04	0.13	0.42	-0.23	0.14	-0.03	ILMN
TWST	0.3		0.49	0.33	0.21	0.15	0.22	0.73	0.58	TWST
NTRA	0.0	0.49		0.66	0.18	0.38	0.08	0.51	0.53	NTRA
CDNA	0.04	0.33	0.66		0.53	0.63	-0.28	0.19	0.04	CDNA
MYGN	0.13	0.21	0.18	0.53		0.56	-0.07	-0.1	-0.24	MYGN
CSTL	0.42	0.15	0.38	0.63	0.56		-0.43	-0.19	-0.28	CSTL
PSNL	-0.23	0.22	0.08	-0.28	-0.07	-0.43		0.28	0.38	PSNL
A	0.14	0.73	0.51	0.19	-0.1	-0.19	0.28		0.92	A
TMO	-0.03	0.58	0.53	0.04	-0.24	-0.28	0.38	0.92		TMO
	ILMN	TWST	NTRA	CDNA	MYGN	CSTL	PSNL	A	TMO

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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	+ 0.92	A
A	+ 0.73	TWST
CDNA	+ 0.66	NTRA
CSTL	+ 0.63	CDNA
TMO	+ 0.58	TWST
CSTL	+ 0.56	MYGN

High negative correlations

PSNL	- 0.43	CSTL
TMO	- 0.28	CSTL
PSNL	- 0.28	CDNA
TMO	- 0.24	MYGN
PSNL	- 0.23	ILMN
A	- 0.19	CSTL

Risk-Adjusted Indicators

There is a big difference between Guardant Stock performing well and Guardant 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 Guardant 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
ILMN	2.02	(0.52)	0.00	3.88	0.00	0.00	3.88	(5.47)	15.07
TWST	2.75	0.02	0.01	0.02	3.54	(2.87)	6.08	(6.04)	18.27
NTRA	1.85	0.04	0.02	0.06	2.33	(2.03)	4.36	(3.26)	13.39
CDNA	2.80	0.00	0.00	0.01	4.18	(2.52)	5.63	(5.34)	19.59
MYGN	2.52	(0.49)	0.00	0.68	0.00	0.00	4.14	(5.41)	17.26
CSTL	2.07	(0.12)	0.00	2.58	0.00	0.00	3.70	(4.14)	23.12
PSNL	5.44	0.51	0.10	0.15	5.21	(6.52)	9.82	(7.54)	60.83
A	1.09	0.08	0.07	0.13	1.03	(1.33)	2.81	(1.91)	6.12
TMO	1.06	0.11	0.08	0.28	1.20	(1.12)	1.86	(2.22)	10.03

Guardant Health Corporate Management

Jennifer Higgins	Senior Affairs	Profile
Stephen Murphy	Senior Marketing	Profile
John Saia	Chief Secretary	Profile
Christopher Freeman	Chief Officer	Profile
John JD	Chief Secretary	Profile
Zarak Khurshid	Vice Relations	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC