Globus Medical Correlations

GMED Stock

USD 73.91 0.57 0.78%

The current 90-days correlation between Globus Medical and CONMED is -0.03 (i.e., Good diversification). The correlation of Globus Medical 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.

Globus Medical Correlation With Market

Significant diversification

The correlation between Globus Medical and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Globus Medical 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 Globus Medical. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

For information on how to trade Globus Stock refer to our How to Trade Globus Stock guide.

Moving together with Globus Stock

0.76	VOR	Vor Biopharma	Pair Corr
0.66	LNDNF	Lundin Energy AB	Pair Corr
0.68	CAT	Caterpillar	Pair Corr
0.84	AXP	American Express	Pair Corr
0.63	JPM	JPMorgan Chase Sell-off Trend	Pair Corr

Moving against Globus Stock

0.69	JNJ	Johnson Johnson	Pair Corr
0.68	VZ	Verizon Communications	Pair Corr
0.65	MCD	McDonalds	Pair Corr
0.59	BKLRF	Berkeley Energy	Pair Corr
0.58	CMRX	Chimerix Sell-off Trend	Pair Corr
0.49	T	ATT Inc Earnings Call This Week	Pair Corr
0.35	INTC	Intel	Pair Corr

Related Correlations Analysis

	OFIX	CNMD	ATEC	LIVN	ITGR	IRTC	HSKA	NUVA	GKOS	BRKR
OFIX		0.56	0.53	0.79	0.87	0.46	0.0	0.0	0.73	0.42	OFIX
CNMD	0.56		-0.07	0.8	0.78	-0.35	0.0	0.0	0.79	0.87	CNMD
ATEC	0.53	-0.07		0.14	0.29	0.79	0.0	0.0	0.16	-0.09	ATEC
LIVN	0.79	0.8	0.14		0.9	-0.02	0.0	0.0	0.89	0.77	LIVN
ITGR	0.87	0.78	0.29	0.9		0.12	0.0	0.0	0.93	0.73	ITGR
IRTC	0.46	-0.35	0.79	-0.02	0.12		0.0	0.0	-0.04	-0.38	IRTC
HSKA	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HSKA
NUVA	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	NUVA
GKOS	0.73	0.79	0.16	0.89	0.93	-0.04	0.0	0.0		0.84	GKOS
BRKR	0.42	0.87	-0.09	0.77	0.73	-0.38	0.0	0.0	0.84		BRKR
	OFIX	CNMD	ATEC	LIVN	ITGR	IRTC	HSKA	NUVA	GKOS	BRKR

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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

GKOS	+ 0.93	ITGR
ITGR	+ 0.9	LIVN
GKOS	+ 0.89	LIVN
ITGR	+ 0.87	OFIX
BRKR	+ 0.87	CNMD
BRKR	+ 0.84	GKOS

High negative correlations

BRKR	- 0.38	IRTC
IRTC	- 0.35	CNMD
BRKR	- 0.09	ATEC
ATEC	- 0.07	CNMD
GKOS	- 0.04	IRTC
IRTC	- 0.02	LIVN

Risk-Adjusted Indicators

There is a big difference between Globus Stock performing well and Globus Medical 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 Globus Medical'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
OFIX	1.21	(0.04)	0.00	(0.12)	0.00	0.00	2.18	(2.74)	6.60
CNMD	1.66	(0.23)	0.00	(0.38)	0.00	0.00	3.52	(3.53)	13.79
ATEC	2.75	0.21	0.06	0.11	3.22	(2.98)	5.93	(5.59)	17.14
LIVN	1.65	(0.31)	0.00	(0.52)	0.00	0.00	2.87	(3.78)	20.10
ITGR	1.14	(0.20)	0.00	(0.29)	0.00	0.00	1.68	(3.63)	8.30
IRTC	2.08	0.31	0.13	0.64	2.47	(2.09)	4.67	(3.94)	11.85
HSKA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NUVA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	2.32	(0.32)	0.00	(0.26)	0.00	0.00	4.97	(7.22)	24.99
BRKR	1.95	(0.38)	0.00	(2.07)	0.00	0.00	3.10	(4.73)	13.63

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