Healthcare Services Correlations

HCSG Stock

USD 10.36 0.06 0.58%

The current 90-days correlation between Healthcare Services and Pennant Group is 0.3 (i.e., Weak diversification). The correlation of Healthcare Services 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.

Healthcare Services Correlation With Market

Modest diversification

The correlation between Healthcare Services Group and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Services Group 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 Healthcare Services Group. 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 Healthcare Stock

0.9	KBR	KBR Inc	Pair Corr
0.81	MATW	Matthews International	Pair Corr
0.72	CLVT	CLARIVATE PLC	Pair Corr
0.7	J	Jacobs Solutions	Pair Corr
0.84	BV	BrightView Holdings	Pair Corr
0.84	BW	Babcock Wilcox Enter	Pair Corr
0.76	CW	Curtiss Wright	Pair Corr
0.68	IR	Ingersoll Rand	Pair Corr
0.7	KE	Kimball Electronics	Pair Corr
0.75	OP	Oceanpal	Pair Corr
0.74	TE	T1 Energy Symbol Change	Pair Corr

Moving against Healthcare Stock

0.82	EH	Ehang Holdings	Pair Corr
0.73	DE	Deere Company	Pair Corr
0.67	BZ	Kanzhun Ltd ADR	Pair Corr
0.33	AZ	A2Z Smart Technologies	Pair Corr
0.88	WM	Waste Management	Pair Corr
0.82	LZ	LegalZoom	Pair Corr
0.77	SB	Safe Bulkers	Pair Corr
0.76	GE	GE Aerospace	Pair Corr
0.74	DMYY	dMY Squared Technology	Pair Corr
0.69	PC	Premium Catering	Pair Corr
0.69	VACH	Voyager Acquisition Corp	Pair Corr
0.63	MG	Mistras Group	Pair Corr

Related Correlations Analysis

	PNTG	SGRY	ENSG	EHC	EHAB	INNV	NHC	ACHC	SEM
PNTG		-0.31	0.68	-0.24	-0.44	0.58	0.68	0.83	0.74	PNTG
SGRY	-0.31		-0.17	0.83	0.71	-0.61	-0.41	-0.18	-0.04	SGRY
ENSG	0.68	-0.17		-0.03	-0.18	0.49	0.37	0.57	0.7	ENSG
EHC	-0.24	0.83	-0.03		0.72	-0.62	-0.39	-0.24	-0.04	EHC
EHAB	-0.44	0.71	-0.18	0.72		-0.62	-0.53	-0.51	-0.4	EHAB
INNV	0.58	-0.61	0.49	-0.62	-0.62		0.75	0.46	0.48	INNV
NHC	0.68	-0.41	0.37	-0.39	-0.53	0.75		0.42	0.5	NHC
ACHC	0.83	-0.18	0.57	-0.24	-0.51	0.46	0.42		0.8	ACHC
SEM	0.74	-0.04	0.7	-0.04	-0.4	0.48	0.5	0.8		SEM
	PNTG	SGRY	ENSG	EHC	EHAB	INNV	NHC	ACHC	SEM

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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

ACHC	+ 0.83	PNTG
EHC	+ 0.83	SGRY
SEM	+ 0.8	ACHC
NHC	+ 0.75	INNV
SEM	+ 0.74	PNTG
EHAB	+ 0.72	EHC

High negative correlations

INNV	- 0.62	EHAB
INNV	- 0.62	EHC
INNV	- 0.61	SGRY
NHC	- 0.53	EHAB
ACHC	- 0.51	EHAB
EHAB	- 0.44	PNTG

Risk-Adjusted Indicators

There is a big difference between Healthcare Stock performing well and Healthcare Services 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 Healthcare Services' 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
PNTG	2.04	(0.22)	0.00	(0.36)	0.00	0.00	3.67	(3.99)	15.62
SGRY	1.72	0.25	0.14	0.34	1.65	(2.44)	3.39	(2.61)	23.37
ENSG	1.33	(0.11)	0.00	(0.14)	0.00	0.00	2.40	(2.56)	11.10
EHC	1.11	0.06	0.04	0.08	1.38	(1.15)	2.15	(2.36)	6.49
EHAB	1.64	0.11	0.04	0.13	2.36	(1.59)	3.81	(3.65)	10.46
INNV	2.54	(0.41)	0.00	(0.64)	0.00	0.00	5.44	(6.07)	27.64
NHC	1.32	(0.43)	0.00	(0.63)	0.00	0.00	2.19	(3.51)	7.80
ACHC	2.05	(0.41)	0.00	4.65	0.00	0.00	4.10	(3.00)	34.24
SEM	1.69	(0.21)	0.00	(4.84)	0.00	0.00	3.41	(3.79)	11.55

Healthcare Services Corporate Management

Jason Esq	Chief VP	Profile
CPA CPA	Exec Officer	Profile
Patrick Esq	Executive Officer	Profile
Jason Bundick	Chief Compliance Officer, General Counsel, Secretary	Profile
Andrew Brophy	Controller VP	Profile
Matthew MBA	Chief Officer	Profile

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