Laboratory Correlations

LH Stock

USD 252.87 1.44 0.57%

The current 90-days correlation between Laboratory and Quest Diagnostics Incorporated is 0.71 (i.e., Poor diversification). The correlation of Laboratory 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.

Laboratory Correlation With Market

Weak diversification

The correlation between Laboratory of and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Laboratory of and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Laboratory of. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Laboratory Stock

0.84	GH	Guardant Health	Pair Corr
0.87	ALC	Alcon AG	Pair Corr
0.68	BAX	Baxter International	Pair Corr
0.8	CVS	CVS Health Corp	Pair Corr
0.7	ELV	Elevance Health	Pair Corr
0.62	IDXX	IDEXX Laboratories	Pair Corr
0.81	MMSI	Merit Medical Systems Earnings Call Tomorrow	Pair Corr
0.76	NVST	Envista Holdings Corp	Pair Corr
0.84	OPCH	Option Care Health	Pair Corr
0.87	ALHC	Alignment Healthcare LLC	Pair Corr
0.65	AMED	Amedisys	Pair Corr
0.77	SGRY	Surgery Partners	Pair Corr
0.93	ATRC	AtriCure	Pair Corr

Moving against Laboratory Stock

0.61	HAE	Haemonetics	Pair Corr
0.5	EMBC	Embecta Corp	Pair Corr
0.44	NHC	National HealthCare	Pair Corr
0.4	DHR	Danaher	Pair Corr
0.4	INNV	InnovAge Holding Corp	Pair Corr
0.39	ADUS	Addus HomeCare	Pair Corr
0.36	WST	West Pharmaceutical	Pair Corr

Related Correlations Analysis

	DGX	WAT	UHS	HUM	HOLX
DGX		0.07	0.27	0.15	-0.31	DGX
WAT	0.07		0.09	0.56	-0.26	WAT
UHS	0.27	0.09		0.74	0.7	UHS
HUM	0.15	0.56	0.74		0.45	HUM
HOLX	-0.31	-0.26	0.7	0.45		HOLX
	DGX	WAT	UHS	HUM	HOLX

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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

HUM	+ 0.74	UHS
HOLX	+ 0.7	UHS
HUM	+ 0.56	WAT
HOLX	+ 0.45	HUM
UHS	+ 0.27	DGX
HUM	+ 0.15	DGX

High negative correlations

HOLX	- 0.31	DGX
HOLX	- 0.26	WAT

Risk-Adjusted Indicators

There is a big difference between Laboratory Stock performing well and Laboratory 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 Laboratory'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
DGX	0.90	0.13	0.12	0.40	0.92	(0.98)	2.26	(1.73)	7.16
WAT	1.31	0.09	0.06	0.14	1.54	(1.53)	3.00	(2.56)	10.90
UHS	1.16	(0.15)	0.00	(0.22)	0.00	0.00	2.45	(2.50)	7.35
HUM	1.84	(0.08)	0.00	(0.05)	0.00	0.00	3.89	(3.77)	16.03
HOLX	1.00	(0.28)	0.00	(0.83)	0.00	0.00	1.70	(1.94)	12.53

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