IRIDEX Correlations

IRIX Stock

USD 1.07 0.06 5.31%

The correlation of IRIDEX 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.

IRIDEX Correlation With Market

Weak diversification

The correlation between IRIDEX and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IRIDEX 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 IRIDEX. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

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

Moving together with IRIDEX Stock

0.77	OM	Outset Medical	Pair Corr
0.62	VERO	Venus Concept	Pair Corr
0.76	VREX	Varex Imaging Corp	Pair Corr
0.69	VVOS	Vivos Therapeutics	Pair Corr
0.82	EKSO	Ekso Bionics Holdings	Pair Corr
0.89	ELAB	Elevai Labs, Common	Pair Corr
0.61	ELMD	Electromed	Pair Corr
0.89	EMBC	Embecta Corp	Pair Corr
0.87	ENOV	Enovis Corp	Pair Corr
0.9	WORX	Scworx Corp	Pair Corr
0.78	FIGS	Figs Inc	Pair Corr
0.81	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.85	XAIR	Beyond Air	Pair Corr
0.81	AWH	Aspira Womens Health	Pair Corr

Moving against IRIDEX Stock

0.73	FEMY	Femasys	Pair Corr
0.7	CI	Cigna Corp	Pair Corr
0.53	LH	Laboratory	Pair Corr
0.5	DOCS	Doximity	Pair Corr
0.42	EHAB	Enhabit	Pair Corr
0.37	EDAP	EDAP TMS SA	Pair Corr
0.33	MD	Mednax Inc	Pair Corr
0.8	BAX	Baxter International	Pair Corr
0.78	CHE	Chemed Corp	Pair Corr
0.78	CVS	CVS Health Corp	Pair Corr
0.78	DGX	Quest Diagnostics	Pair Corr
0.73	ABT	Abbott Laboratories	Pair Corr
0.67	BKD	Brookdale Senior Living	Pair Corr
0.67	COR	Cencora	Pair Corr
0.66	AGL	agilon health	Pair Corr
0.55	ALC	Alcon AG	Pair Corr
0.49	CAH	Cardinal Health	Pair Corr

Related Correlations Analysis

	AZYO	AIMD	SRDX	LNSR	AMEUF	AIMDW	ARMM	CLLKF	BBLGW	NVNO
AZYO		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AZYO
AIMD	0.0		-0.03	-0.03	0.0	0.3	0.0	-0.13	0.07	0.69	AIMD
SRDX	0.0	-0.03		-0.92	0.0	-0.67	0.0	-0.69	-0.29	-0.04	SRDX
LNSR	0.0	-0.03	-0.92		0.0	0.67	0.0	0.62	0.29	-0.05	LNSR
AMEUF	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	AMEUF
AIMDW	0.0	0.3	-0.67	0.67	0.0		0.0	0.55	0.15	0.3	AIMDW
ARMM	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	ARMM
CLLKF	0.0	-0.13	-0.69	0.62	0.0	0.55	0.0		0.44	0.24	CLLKF
BBLGW	0.0	0.07	-0.29	0.29	0.0	0.15	0.0	0.44		0.32	BBLGW
NVNO	0.0	0.69	-0.04	-0.05	0.0	0.3	0.0	0.24	0.32		NVNO
	AZYO	AIMD	SRDX	LNSR	AMEUF	AIMDW	ARMM	CLLKF	BBLGW	NVNO

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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

NVNO	+ 0.69	AIMD
AIMDW	+ 0.67	LNSR
CLLKF	+ 0.62	LNSR
CLLKF	+ 0.55	AIMDW
BBLGW	+ 0.44	CLLKF
NVNO	+ 0.32	BBLGW

High negative correlations

LNSR	- 0.92	SRDX
CLLKF	- 0.69	SRDX
AIMDW	- 0.67	SRDX
BBLGW	- 0.29	SRDX
CLLKF	- 0.13	AIMD
NVNO	- 0.05	LNSR

Risk-Adjusted Indicators

There is a big difference between IRIDEX Stock performing well and IRIDEX 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 IRIDEX'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
AZYO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AIMD	6.00	0.68	0.11	(2.61)	6.15	(8.64)	17.74	(9.46)	74.23
SRDX	1.43	(0.45)	0.00	(0.99)	0.00	0.00	1.73	(5.79)	10.84
LNSR	4.33	1.39	0.26	0.61	3.95	(4.79)	12.34	(6.64)	32.31
AMEUF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AIMDW	26.21	8.06	0.29	(13.89)	18.45	(48.43)	72.73	(42.86)	232.19
ARMM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CLLKF	1.61	0.38	0.07	1.41	1.95	(6.26)	7.32	(4.44)	22.01
BBLGW	13.83	3.88	0.12	2.54	18.23	(21.79)	31.80	(27.16)	237.60
NVNO	3.09	0.14	0.03	(0.01)	3.75	(3.78)	8.51	(6.90)	28.92

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