HealthEquity Correlations

HQY Stock

USD 105.61 1.84 1.71%

The current 90-days correlation between HealthEquity and Ollies Bargain Outlet is 0.13 (i.e., Average diversification). The correlation of HealthEquity 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. If the correlation is 0, the equities are not correlated; they are entirely random.

HealthEquity Correlation With Market

Modest diversification

The correlation between HealthEquity and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HealthEquity 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 HealthEquity. 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.

For more information on how to buy HealthEquity Stock please use our How to Invest in HealthEquity guide.

Moving together with HealthEquity Stock

0.81	GH	Guardant Health Buyout Trend	Pair Corr
0.77	ALC	Alcon AG	Pair Corr
0.8	CVS	CVS Health Corp	Pair Corr
0.63	IDXX	IDEXX Laboratories	Pair Corr
0.76	MMSI	Merit Medical Systems	Pair Corr
0.63	NVST	Envista Holdings Corp	Pair Corr
0.83	OPCH	Option Care Health	Pair Corr
0.83	ALHC	Alignment Healthcare LLC	Pair Corr
0.7	AMED	Amedisys	Pair Corr
0.8	SGRY	Surgery Partners	Pair Corr
0.9	ATRC	AtriCure	Pair Corr

Moving against HealthEquity Stock

0.73	HAE	Haemonetics	Pair Corr
0.59	DHR	Danaher	Pair Corr
0.57	EMBC	Embecta Corp	Pair Corr
0.48	NHC	National HealthCare	Pair Corr
0.34	TFX	Teleflex Incorporated	Pair Corr
0.53	INNV	InnovAge Holding Corp	Pair Corr
0.49	ADUS	Addus HomeCare	Pair Corr
0.37	WST	West Pharmaceutical	Pair Corr

Related Correlations Analysis

	OLLI	APPF	LOPE	NEWR	GMED
OLLI		0.24	-0.05	0.0	0.18	OLLI
APPF	0.24		-0.69	0.0	0.17	APPF
LOPE	-0.05	-0.69		0.0	0.2	LOPE
NEWR	0.0	0.0	0.0		0.0	NEWR
GMED	0.18	0.17	0.2	0.0		GMED
	OLLI	APPF	LOPE	NEWR	GMED

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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

APPF	+ 0.24	OLLI
GMED	+ 0.2	LOPE
GMED	+ 0.18	OLLI
GMED	+ 0.17	APPF
NEWR	+ 0.0	OLLI
NEWR	+ 0.0	APPF

High negative correlations

LOPE	- 0.69	APPF
LOPE	- 0.05	OLLI
GMED	- 0.0	NEWR
NEWR	- 0.0	LOPE
NEWR	- 0.0	APPF
NEWR	- 0.0	OLLI

Risk-Adjusted Indicators

There is a big difference between HealthEquity Stock performing well and HealthEquity 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 HealthEquity'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
OLLI	2.15	0.18	0.07	(1.18)	2.44	(2.27)	6.31	(3.64)	19.26
APPF	1.58	(0.09)	0.00	(0.08)	0.00	0.00	2.48	(3.87)	11.33
LOPE	0.93	0.16	0.12	0.28	1.13	(0.95)	2.24	(1.78)	6.04
NEWR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GMED	0.91	(0.06)	0.00	(0.12)	0.00	0.00	1.77	(2.00)	8.53

HealthEquity Corporate Management

Delano JD	General VP	Profile
Cheryl King	Executive Officer	Profile
Tia Padia	Executive Officer	Profile
Richard Putnam	IR Contact Officer	Profile

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