Eli Lilly Correlations

Stocks . USA . 
Stock . Eli Lilly and
LLY Stock  USD 842.57  5.56  0.66%   
The current 90-days correlation between Eli Lilly and Johnson Johnson is 0.2 (i.e., Modest diversification). The correlation of Eli Lilly 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.

Eli Lilly Correlation With Market

Modest diversification

The correlation between Eli Lilly and and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eli Lilly and 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 Eli Lilly and. 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.

Moving together with Eli Stock

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  0.79FNA Paragon 28PairCorr
  0.79INMD InModePairCorr

Moving against Eli Stock

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  0.65CGC Canopy Growth CorpPairCorr
  0.63ITOS Iteos TherapeuticsPairCorr
  0.62MREO Mereo BioPharma GroupPairCorr
  0.62ASMB Assembly Biosciences Earnings Call This WeekPairCorr
  0.61LFCR Lifecore BiomedicalPairCorr
  0.55INBX Inhibrx Symbol ChangePairCorr
  0.54IPA Immunoprecise AntibodiesPairCorr
  0.47DSGN Design TherapeuticsPairCorr
  0.46MOLN Molecular PartnersPairCorr
  0.43AKTX Akari Therapeutics PLCPairCorr
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  0.68MODD Modular MedicalPairCorr
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  0.49GKOS Glaukos CorpPairCorr
  0.46LIVN LivaNova PLCPairCorr
  0.43APYX Apyx MedicalPairCorr
  0.42ITGR Integer Holdings CorpPairCorr
  0.41MDAI Spectral AIPairCorr
  0.36ELMD ElectromedPairCorr

Related Correlations Analysis

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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   
GILD
+ 0.98
JNJ
AMGN
+ 0.97
JNJ
ABBV
+ 0.96
JNJ
GILD
+ 0.96
ABBV
AMGN
+ 0.94
ABBV
GILD
+ 0.94
AMGN
  
High negative correlations   
AMGN
- 0.6
MRK
MRK
- 0.58
JNJ
MRK
- 0.56
ABBV
GILD
- 0.54
MRK

Risk-Adjusted Indicators

There is a big difference between Eli Stock performing well and Eli Lilly 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 Eli Lilly'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.

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