IDEXX Laboratories Correlations

IDXX Stock

USD 420.99 0.37 0.09%

The current 90-days correlation between IDEXX Laboratories and Waters is 0.27 (i.e., Modest diversification). The correlation of IDEXX Laboratories 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.

IDEXX Laboratories Correlation With Market

Average diversification

The correlation between IDEXX Laboratories and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDEXX Laboratories 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 IDEXX Laboratories. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

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

Moving together with IDEXX Stock

0.73	HIMS	Hims Hers Health	Pair Corr
0.61	TMDX	TransMedics Group	Pair Corr
0.68	PLX	Protalix Biotherapeutics	Pair Corr

Moving against IDEXX Stock

0.48	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.31	SSKN	STRATA Skin Sciences Earnings Call This Week	Pair Corr
0.61	INBX	Inhibrx Symbol Change	Pair Corr
0.54	ADVM	Adverum Biotechnologies	Pair Corr
0.42	ZURA	Zura Bio Limited	Pair Corr
0.42	AVTE	Aerovate Therapeutics	Pair Corr
0.36	ATNF	180 Life Sciences	Pair Corr
0.33	MLTX	MoonLake Immunotherapeuti	Pair Corr
0.32	SCLX	Scilex Holding	Pair Corr

Related Correlations Analysis

	WAT	IQV	CRL	RVTY	MTD	A	TMO	ILMN	DHR	TWST
WAT		0.65	-0.37	0.9	0.87	0.79	0.92	0.32	0.27	0.59	WAT
IQV	0.65		0.12	0.67	0.61	0.88	0.73	0.77	0.56	0.84	IQV
CRL	-0.37	0.12		-0.14	-0.54	-0.14	-0.3	0.5	0.54	-0.03	CRL
RVTY	0.9	0.67	-0.14		0.79	0.82	0.93	0.51	0.47	0.62	RVTY
MTD	0.87	0.61	-0.54	0.79		0.76	0.85	0.17	0.02	0.58	MTD
A	0.79	0.88	-0.14	0.82	0.76		0.88	0.72	0.55	0.85	A
TMO	0.92	0.73	-0.3	0.93	0.85	0.88		0.49	0.38	0.72	TMO
ILMN	0.32	0.77	0.5	0.51	0.17	0.72	0.49		0.86	0.72	ILMN
DHR	0.27	0.56	0.54	0.47	0.02	0.55	0.38	0.86		0.49	DHR
TWST	0.59	0.84	-0.03	0.62	0.58	0.85	0.72	0.72	0.49		TWST
	WAT	IQV	CRL	RVTY	MTD	A	TMO	ILMN	DHR	TWST

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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

TMO	+ 0.93	RVTY
TMO	+ 0.92	WAT
RVTY	+ 0.9	WAT
A	+ 0.88	IQV
TMO	+ 0.88	A
MTD	+ 0.87	WAT

High negative correlations

MTD	- 0.54	CRL
CRL	- 0.37	WAT
TMO	- 0.3	CRL
A	- 0.14	CRL
RVTY	- 0.14	CRL
TWST	- 0.03	CRL

Risk-Adjusted Indicators

There is a big difference between IDEXX Stock performing well and IDEXX Laboratories 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 IDEXX Laboratories' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
WAT	1.37	0.00	(0.07)	2.95	(2.93)	10.90
IQV	1.27	(0.05)	(0.14)	2.70	(2.81)	7.16
CRL	1.68	(0.15)	(0.36)	3.86	(4.66)	11.78
RVTY	1.42	(0.05)	(0.14)	2.93	(3.38)	12.24
MTD	1.23	(0.04)	(0.12)	2.34	(2.81)	8.60
A	1.15	(0.15)	(0.23)	2.92	(2.59)	9.03
TMO	1.09	0.01	(0.04)	2.40	(2.39)	10.04
ILMN	1.94	(0.66)	(0.84)	3.38	(5.47)	15.07
DHR	1.11	(0.12)	(0.32)	2.19	(2.24)	12.14
TWST	3.08	0.03	(0.05)	6.39	(6.90)	18.27

IDEXX Laboratories Corporate Management

Jeffrey Carr	GM VP	Profile
Sharon JD	General VP	Profile
Nimrata PE	Executive Commercial	Profile
Julie Godon	Senior Officer	Profile
Emilia Bostater	Officer Architecture	Profile

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