Tekla Healthcare Correlations

HQH Stock

USD 16.51 0.33 1.96%

The current 90-days correlation between Tekla Healthcare Inv and Tekla Healthcare Opportunities is 0.68 (i.e., Poor diversification). The correlation of Tekla Healthcare 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.

Tekla Healthcare Correlation With Market

Very weak diversification

The correlation between Tekla Healthcare Investors and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tekla Healthcare Investors 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 Tekla Healthcare Investors. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Tekla Stock

0.84	V	Visa Class A	Pair Corr
0.82	MA	Mastercard	Pair Corr
0.62	WSBF	Waterstone Financial	Pair Corr
0.71	COF	Capital One Financial	Pair Corr
0.66	DFS	Discover Financial	Pair Corr
0.74	GDST	Goldenstone Acquisition	Pair Corr
0.77	OPFI	OppFi Inc	Pair Corr
0.76	SNFCA	Security National Earnings Call Tomorrow	Pair Corr
0.66	ALLY	Ally Financial Normal Trading	Pair Corr
0.88	BBDC	Barings BDC	Pair Corr
0.85	COOP	Mr Cooper Group	Pair Corr
0.76	C	Citigroup Aggressive Push	Pair Corr
0.7	AC	Associated Capital	Pair Corr
0.91	BK	Bank of New York	Pair Corr

Moving against Tekla Stock

0.5	ORGN	Origin Materials	Pair Corr
0.39	WD	Walker Dunlop	Pair Corr
0.51	DHIL	Diamond Hill Investment	Pair Corr
0.48	CODI	Compass Diversified	Pair Corr
0.44	BITF	Bitfarms Aggressive Push	Pair Corr
0.32	PYPL	PayPal Holdings Sell-off Trend	Pair Corr
0.54	EG	Everest Group	Pair Corr
0.44	LC	LendingClub Corp	Pair Corr

Related Correlations Analysis

	THQ	ETO	THW	LDP	HQL	RNP	XFLT	DFP	UTF	RMT
THQ		0.53	0.99	0.81	0.59	0.88	-0.4	0.88	0.85	-0.33	THQ
ETO	0.53		0.58	0.68	0.83	0.53	0.12	0.61	0.41	0.47	ETO
THW	0.99	0.58		0.84	0.62	0.87	-0.36	0.9	0.84	-0.28	THW
LDP	0.81	0.68	0.84		0.72	0.89	-0.11	0.89	0.67	-0.08	LDP
HQL	0.59	0.83	0.62	0.72		0.53	0.24	0.57	0.3	0.43	HQL
RNP	0.88	0.53	0.87	0.89	0.53		-0.43	0.9	0.83	-0.37	RNP
XFLT	-0.4	0.12	-0.36	-0.11	0.24	-0.43		-0.38	-0.57	0.76	XFLT
DFP	0.88	0.61	0.9	0.89	0.57	0.9	-0.38		0.88	-0.28	DFP
UTF	0.85	0.41	0.84	0.67	0.3	0.83	-0.57	0.88		-0.48	UTF
RMT	-0.33	0.47	-0.28	-0.08	0.43	-0.37	0.76	-0.28	-0.48		RMT
	THQ	ETO	THW	LDP	HQL	RNP	XFLT	DFP	UTF	RMT

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

THW	+ 0.99	THQ
DFP	+ 0.9	THW
DFP	+ 0.9	RNP
RNP	+ 0.89	LDP
DFP	+ 0.89	LDP
RNP	+ 0.88	THQ

High negative correlations

UTF	- 0.57	XFLT
RMT	- 0.48	UTF
XFLT	- 0.43	RNP
XFLT	- 0.4	THQ
DFP	- 0.38	XFLT
RMT	- 0.37	RNP

Risk-Adjusted Indicators

There is a big difference between Tekla Stock performing well and Tekla Healthcare 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 Tekla Healthcare'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
THQ	0.87	0.16	0.16	0.22	0.82	(1.01)	1.94	(1.42)	4.34
ETO	0.63	0.00	(0.01)	0.00	0.81	(0.66)	1.37	(1.32)	3.23
THW	0.64	0.11	0.13	0.24	0.65	(0.69)	1.41	(1.26)	3.83
LDP	0.45	0.00	0.00	0.00	0.63	(0.46)	0.87	(0.95)	2.66
HQL	0.93	(0.04)	0.00	(0.06)	0.00	0.00	2.07	(1.73)	5.35
RNP	0.72	0.03	0.03	0.06	1.05	(0.75)	1.45	(1.55)	4.54
XFLT	0.66	(0.09)	0.00	(0.51)	0.00	0.00	1.25	(1.59)	5.36
DFP	0.42	0.03	0.06	0.16	0.40	(0.50)	0.84	(0.89)	2.58
UTF	0.63	0.09	0.12	0.27	0.60	(0.75)	1.61	(1.18)	3.59
RMT	0.96	(0.16)	0.00	(0.17)	0.00	0.00	1.68	(2.71)	4.74

Tekla Healthcare Corporate Management

Christopher MBA	Senior Manager	Profile
Dr MS	Portfolio Manager	Profile
Lucinda Stebbins	Independent Trustee	Profile
Jeffrey Bailey	Independent Trustee	Profile
Rakesh Jain	Independent Trustee	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