GlaxoSmithKline PLC Correlations

GSK Stock

USD 39.24 0.17 0.43%

The current 90-days correlation between GlaxoSmithKline PLC ADR and Novartis AG ADR is -0.29 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as GlaxoSmithKline PLC moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if GlaxoSmithKline PLC ADR moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

GlaxoSmithKline PLC Correlation With Market

Good diversification

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

Moving together with GlaxoSmithKline Stock

0.93	AZN	AstraZeneca PLC ADR	Pair Corr
0.64	BMY	Bristol Myers Squibb Sell-off Trend	Pair Corr
0.68	LLY	Eli Lilly	Pair Corr
0.88	OCX	OncoCyte Corp	Pair Corr
0.91	SNY	Sanofi ADR	Pair Corr
0.9	GILD	Gilead Sciences Sell-off Trend	Pair Corr
0.79	GOSS	Gossamer Bio	Pair Corr
0.68	DRMAW	Dermata Therapeutics	Pair Corr
0.78	NVCT	Nuvectis Pharma	Pair Corr
0.93	AMGN	Amgen Inc	Pair Corr

Moving against GlaxoSmithKline Stock

0.8	GPCR	Structure Therapeutics	Pair Corr
0.79	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.79	ZURA	Zura Bio Limited	Pair Corr
0.79	IMMX	Immix Biopharma	Pair Corr
0.78	CDIOW	Cardio Diagnostics	Pair Corr
0.78	MLTX	MoonLake Immunotherapeuti	Pair Corr
0.77	ZVSA	ZyVersa Therapeutics	Pair Corr
0.76	IMRX	Immuneering Corp	Pair Corr
0.75	ELEV	Elevation Oncology	Pair Corr
0.65	ELVN	Enliven Therapeutics	Pair Corr
0.53	OCEAW	Ocean Biomedical	Pair Corr
0.49	KRON	Kronos Bio	Pair Corr
0.46	MRK	Merck Company	Pair Corr
0.32	LYRA	Lyra Therapeutics	Pair Corr
0.89	PYXS	Pyxis Oncology	Pair Corr
0.88	ASMB	Assembly Biosciences Earnings Call Tomorrow	Pair Corr
0.86	SCLX	Scilex Holding	Pair Corr
0.81	CGEM	Cullinan Oncology LLC	Pair Corr
0.8	CNSP	Cns Pharmaceuticals Earnings Call This Week	Pair Corr
0.77	CMND	Clearmind Medicine Common	Pair Corr
0.75	PMVP	Pmv Pharmaceuticals	Pair Corr
0.7	ATNF	180 Life Sciences	Pair Corr
0.64	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.63	CDIO	Cardio Diagnostics	Pair Corr
0.61	PHIO	Phio Pharmaceuticals Corp Earnings Call This Week	Pair Corr
0.6	SONN	Sonnet Biotherapeutics	Pair Corr
0.6	CELC	Celcuity LLC Earnings Call Today	Pair Corr
0.48	RAIN	Rain Enhancement Tec	Pair Corr
0.48	AVTE	Aerovate Therapeutics	Pair Corr
0.39	BIIB	Biogen Inc	Pair Corr

Related Correlations Analysis

	NVS	AZN	RHHBY	BMY	AMGN	MRK	ABBV	GILD	JNJ	SNY
NVS		0.95	0.97	0.66	0.97	-0.52	0.95	0.89	0.94	0.94	NVS
AZN	0.95		0.97	0.56	0.97	-0.61	0.95	0.95	0.97	0.94	AZN
RHHBY	0.97	0.97		0.62	0.97	-0.59	0.92	0.9	0.95	0.96	RHHBY
BMY	0.66	0.56	0.62		0.65	0.09	0.58	0.57	0.62	0.7	BMY
AMGN	0.97	0.97	0.97	0.65		-0.57	0.95	0.93	0.98	0.95	AMGN
MRK	-0.52	-0.61	-0.59	0.09	-0.57		-0.52	-0.52	-0.55	-0.49	MRK
ABBV	0.95	0.95	0.92	0.58	0.95	-0.52		0.95	0.96	0.9	ABBV
GILD	0.89	0.95	0.9	0.57	0.93	-0.52	0.95		0.97	0.88	GILD
JNJ	0.94	0.97	0.95	0.62	0.98	-0.55	0.96	0.97		0.92	JNJ
SNY	0.94	0.94	0.96	0.7	0.95	-0.49	0.9	0.88	0.92		SNY
	NVS	AZN	RHHBY	BMY	AMGN	MRK	ABBV	GILD	JNJ	SNY

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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

JNJ	+ 0.98	AMGN
RHHBY	+ 0.97	NVS
AMGN	+ 0.97	NVS
RHHBY	+ 0.97	AZN
AMGN	+ 0.97	AZN
JNJ	+ 0.97	AZN

High negative correlations

MRK	- 0.61	AZN
MRK	- 0.59	RHHBY
MRK	- 0.57	AMGN
JNJ	- 0.55	MRK
GILD	- 0.52	MRK
ABBV	- 0.52	MRK

Risk-Adjusted Indicators

There is a big difference between GlaxoSmithKline Stock performing well and GlaxoSmithKline PLC 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 GlaxoSmithKline PLC'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
NVS	0.98	0.25	0.22	1.11	1.01	(1.13)	2.39	(2.12)	7.69
AZN	0.98	0.19	0.17	1.83	1.08	(1.04)	2.00	(1.95)	5.20
RHHBY	1.04	0.29	0.24	1.16	0.98	(1.11)	2.63	(1.92)	5.52
BMY	1.17	0.15	0.10	35.74	1.73	(1.08)	3.18	(2.80)	7.43
AMGN	1.02	0.28	0.20	0.62	1.21	(1.06)	2.22	(2.59)	9.76
MRK	1.16	(0.11)	0.00	1.03	0.00	0.00	2.07	(1.80)	11.58
ABBV	1.05	0.31	0.36	7.79	0.68	(1.29)	2.37	(1.47)	6.46
GILD	1.14	0.24	0.20	1.11	1.12	(1.25)	2.28	(2.23)	9.93
JNJ	0.85	0.20	0.22	10.12	0.80	(0.91)	1.79	(1.81)	5.95
SNY	1.17	0.29	0.26	(1.12)	0.98	(1.43)	2.77	(1.70)	10.59

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