InnovAge Holding Correlations

INNV Stock

USD 2.99 0.13 4.17%

The current 90-days correlation between InnovAge Holding Corp and Enhabit is 0.36 (i.e., Weak diversification). The correlation of InnovAge Holding 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.

InnovAge Holding Correlation With Market

Modest diversification

The correlation between InnovAge Holding Corp and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding InnovAge Holding Corp 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 InnovAge Holding Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with InnovAge Stock

0.64	XAIR	Beyond Air	Pair Corr
0.82	HAE	Haemonetics	Pair Corr
0.83	HOLX	Hologic	Pair Corr
0.72	PAVMZ	PAVmed Series Z	Pair Corr
0.66	SSKN	STRATA Skin Sciences Earnings Call Today	Pair Corr
0.62	TELA	Tela Bio	Pair Corr
0.72	CDIOW	Cardio Diagnostics	Pair Corr
0.78	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.81	VRDN	Viridian Therapeutics	Pair Corr
0.64	ELVN	Enliven Therapeutics Downward Rally	Pair Corr
0.83	WINT	Windtree Therapeutics	Pair Corr

Moving against InnovAge Stock

0.8	LUCD	Lucid Diagnostics	Pair Corr
0.74	ACONW	Aclarion	Pair Corr
0.71	PEN	Penumbra	Pair Corr
0.67	INMD	InMode	Pair Corr
0.62	LUNG	Pulmonx Corp	Pair Corr
0.55	HIMS	Hims Hers Health Aggressive Push	Pair Corr
0.47	RVP	Retractable Technologies Earnings Call This Week	Pair Corr
0.84	NURO	NeuroMetrix	Pair Corr
0.51	TMDX	TransMedics Group	Pair Corr
0.46	MNDR	Mobile health Network	Pair Corr
0.44	PAVM	PAVmed Inc	Pair Corr
0.37	DCTH	Delcath Systems	Pair Corr
0.78	AZN	AstraZeneca PLC ADR	Pair Corr
0.78	NVS	Novartis AG ADR	Pair Corr
0.74	SNY	Sanofi ADR	Pair Corr
0.72	GSK	GlaxoSmithKline PLC ADR	Pair Corr
0.71	PLX	Protalix Biotherapeutics	Pair Corr
0.71	GILD	Gilead Sciences Potential Growth	Pair Corr

Related Correlations Analysis

	ENSG	SEM	EHC	EHAB	PNTG	NHC	MODV	CCEL
ENSG		0.77	-0.01	-0.15	0.7	0.42	0.25	0.29	ENSG
SEM	0.77		0.02	-0.37	0.79	0.47	0.37	0.65	SEM
EHC	-0.01	0.02		0.71	-0.22	-0.34	-0.59	0.19	EHC
EHAB	-0.15	-0.37	0.71		-0.4	-0.45	-0.68	-0.34	EHAB
PNTG	0.7	0.79	-0.22	-0.4		0.71	0.62	0.57	PNTG
NHC	0.42	0.47	-0.34	-0.45	0.71		0.86	0.45	NHC
MODV	0.25	0.37	-0.59	-0.68	0.62	0.86		0.38	MODV
CCEL	0.29	0.65	0.19	-0.34	0.57	0.45	0.38		CCEL
	ENSG	SEM	EHC	EHAB	PNTG	NHC	MODV	CCEL

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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

MODV	+ 0.86	NHC
PNTG	+ 0.79	SEM
SEM	+ 0.77	ENSG
EHAB	+ 0.71	EHC
NHC	+ 0.71	PNTG
PNTG	+ 0.7	ENSG

High negative correlations

MODV	- 0.68	EHAB
MODV	- 0.59	EHC
NHC	- 0.45	EHAB
PNTG	- 0.4	EHAB
EHAB	- 0.37	SEM
CCEL	- 0.34	EHAB

Risk-Adjusted Indicators

There is a big difference between InnovAge Stock performing well and InnovAge Holding 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 InnovAge Holding'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
ENSG	1.35	(0.10)	0.00	(0.17)	0.00	0.00	2.40	(2.56)	11.10
SEM	1.69	(0.16)	0.00	(0.16)	0.00	0.00	3.41	(3.79)	11.55
EHC	1.11	0.06	0.05	0.05	1.38	(1.15)	2.15	(2.36)	6.49
EHAB	1.67	0.12	0.05	0.09	2.42	(1.59)	3.81	(3.65)	10.46
PNTG	2.02	(0.25)	0.00	(0.47)	0.00	0.00	3.67	(3.99)	15.62
NHC	1.32	(0.40)	0.00	(0.69)	0.00	0.00	2.19	(3.51)	7.80
MODV	7.16	(2.48)	0.00	(1.47)	0.00	0.00	13.42	(16.45)	60.89
CCEL	2.68	(0.19)	0.00	(0.22)	0.00	0.00	5.40	(4.60)	23.13

InnovAge Holding Corporate Management

Maria Lozzano	Chief Officer	Profile
Robin Doerr	Chief Officer	Profile
JD Kennedy	Independent Director	Profile
Cara Babachicos	Chief Officer	Profile
RN MHA	Independent Director	Profile

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