ICON PLC Correlations

ICLR Stock

USD 186.03 0.26 0.14%

The current 90-days correlation between ICON PLC and Mettler Toledo International is 0.33 (i.e., Weak diversification). The correlation of ICON PLC 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.

ICON PLC Correlation With Market

Modest diversification

The correlation between ICON PLC and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ICON PLC 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 ICON PLC. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

To learn how to invest in ICON Stock, please use our How to Invest in ICON PLC guide.

Moving together with ICON Stock

0.87	ME	23Andme Holding	Pair Corr
0.78	VANI	Vivani Medical Earnings Call This Week	Pair Corr
0.64	VCYT	Veracyte	Pair Corr
0.78	VERA	Vera Therapeutics	Pair Corr
0.62	CDIOW	Cardio Diagnostics	Pair Corr
0.63	DSGN	Design Therapeutics	Pair Corr
0.85	VINC	Vincerx Pharma	Pair Corr
0.84	VKTX	Viking Therapeutics	Pair Corr
0.65	DYAI	Dyadic International Earnings Call This Week	Pair Corr
0.65	VRAX	Virax Biolabs Group	Pair Corr
0.71	VRDN	Viridian Therapeutics Downward Rally	Pair Corr
0.81	VRPX	Virpax Pharmaceuticals	Pair Corr
0.88	VTRS	Viatris	Pair Corr
0.87	VTYX	Ventyx Biosciences	Pair Corr

Moving against ICON Stock

0.77	VALN	Valneva SE ADR	Pair Corr
0.61	DVAX	Dynavax Technologies	Pair Corr
0.58	VIGL	Vigil Neuroscience	Pair Corr
0.53	DMAC	DiaMedica Therapeutics	Pair Corr
0.41	EQ	Equillium	Pair Corr
0.31	VERV	Verve Therapeutics	Pair Corr
0.83	VRNA	Verona Pharma PLC	Pair Corr
0.71	VRTX	Vertex Pharmaceuticals	Pair Corr
0.66	EDSA	Edesa Biotech	Pair Corr
0.53	SRZNW	Surrozen Warrant	Pair Corr
0.52	VSTM	Verastem	Pair Corr
0.47	VTVT	vTv Therapeutics Trending	Pair Corr
0.43	CDTTW	Conduit Pharmaceuticals	Pair Corr

Related Correlations Analysis

	MTD	CRL	SYNH	LH	IQV	NEOG	MEDP	QGEN	TWST	WAT
MTD		-0.53	0.0	0.61	0.54	-0.13	0.55	0.04	0.54	0.86	MTD
CRL	-0.53		0.0	-0.75	0.2	0.76	0.17	0.56	0.07	-0.35	CRL
SYNH	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SYNH
LH	0.61	-0.75	0.0		-0.2	-0.68	-0.06	-0.61	-0.16	0.41	LH
IQV	0.54	0.2	0.0	-0.2		0.66	0.86	0.7	0.85	0.61	IQV
NEOG	-0.13	0.76	0.0	-0.68	0.66		0.51	0.89	0.53	0.07	NEOG
MEDP	0.55	0.17	0.0	-0.06	0.86	0.51		0.51	0.73	0.49	MEDP
QGEN	0.04	0.56	0.0	-0.61	0.7	0.89	0.51		0.67	0.31	QGEN
TWST	0.54	0.07	0.0	-0.16	0.85	0.53	0.73	0.67		0.57	TWST
WAT	0.86	-0.35	0.0	0.41	0.61	0.07	0.49	0.31	0.57		WAT
	MTD	CRL	SYNH	LH	IQV	NEOG	MEDP	QGEN	TWST	WAT

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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

QGEN	+ 0.89	NEOG
WAT	+ 0.86	MTD
MEDP	+ 0.86	IQV
TWST	+ 0.85	IQV
NEOG	+ 0.76	CRL
TWST	+ 0.73	MEDP

High negative correlations

LH	- 0.75	CRL
NEOG	- 0.68	LH
QGEN	- 0.61	LH
CRL	- 0.53	MTD
WAT	- 0.35	CRL
IQV	- 0.2	LH

Risk-Adjusted Indicators

There is a big difference between ICON Stock performing well and ICON 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 ICON 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
MTD	1.19	0.02	0.00	(0.07)	0.00	0.00	2.34	(2.81)	8.60
CRL	1.63	(0.15)	0.00	(0.34)	0.00	0.00	3.86	(3.26)	11.72
SYNH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LH	0.85	0.07	0.10	0.06	1.10	(0.87)	1.65	(2.00)	5.79
IQV	1.23	(0.09)	0.00	(0.21)	0.00	0.00	2.70	(2.81)	7.16
NEOG	2.08	(0.44)	0.00	(0.87)	0.00	0.00	3.92	(5.06)	12.07
MEDP	1.46	(0.05)	0.00	(0.16)	0.00	0.00	2.24	(3.94)	10.53
QGEN	1.18	(0.13)	0.00	(0.52)	0.00	0.00	2.95	(3.00)	7.05
TWST	3.07	(0.07)	0.00	(0.13)	0.00	0.00	6.39	(6.90)	18.27
WAT	1.33	0.03	0.00	(0.06)	0.00	0.00	2.95	(2.93)	10.90

ICON PLC Corporate Management

Barry Balfe	Chief Officer	Profile
Nigel ACA	Chief Officer	Profile
Dr MBA	CEO Director	Profile
Jonathan Curtain	Senior Finance	Profile
Niamh Murphy	Director Communications	Profile

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