908 Devices Correlations

MASS Stock

USD 2.74 0.12 4.58%

The current 90-days correlation between 908 Devices and Nevro Corp is 0.43 (i.e., Very weak diversification). The correlation of 908 Devices 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.

908 Devices Correlation With Market

Very weak diversification

The correlation between 908 Devices and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 908 Devices 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 908 Devices. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

For more information on how to buy 908 Stock please use our How to Invest in 908 Devices guide.

Moving together with 908 Stock

0.68	VERO	Venus Concept	Pair Corr
0.8	EKSO	Ekso Bionics Holdings	Pair Corr
0.69	LIFWW	MSP Recovery	Pair Corr
0.66	KIDS	Orthopediatrics Corp	Pair Corr

Moving against 908 Stock

0.83	ELMD	Electromed	Pair Corr
0.75	OM	Outset Medical	Pair Corr
0.72	DXCM	DexCom Inc Sell-off Trend	Pair Corr
0.68	DOCS	Doximity	Pair Corr
0.68	VREX	Varex Imaging Corp	Pair Corr
0.63	GH	Guardant Health	Pair Corr
0.57	MD	Mednax Inc	Pair Corr
0.55	LH	Laboratory	Pair Corr
0.33	EW	Edwards Lifesciences Corp	Pair Corr
0.78	LNSR	LENSAR Inc	Pair Corr
0.75	SYK	Stryker	Pair Corr
0.75	PODD	Insulet	Pair Corr
0.74	BSX	Boston Scientific Corp Sell-off Trend	Pair Corr
0.68	NPCE	Neuropace	Pair Corr
0.64	WGS	GeneDx Holdings Corp	Pair Corr
0.62	FNA	Paragon 28	Pair Corr
0.61	MMSI	Merit Medical Systems	Pair Corr
0.51	OFIX	Orthofix Medical	Pair Corr
0.41	ABT	Abbott Laboratories Sell-off Trend	Pair Corr
0.34	ENOV	Enovis Corp	Pair Corr
0.73	TCMD	Tactile Systems Tech	Pair Corr
0.57	CVRX	CVRx Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.54	VANI	Vivani Medical	Pair Corr
0.41	CTKB	Cytek Biosciences	Pair Corr
0.37	AORT	Artivion	Pair Corr
0.36	BWAY	Brainsway	Pair Corr

Related Correlations Analysis

	NARI	CNMD	GKOS	NVRO	MDT	MGRM	BFLY	INMD	ABT
NARI		0.41	0.78	-0.28	-0.4	-0.46	0.75	0.79	0.6	NARI
CNMD	0.41		0.19	0.28	-0.43	0.2	0.3	0.33	0.03	CNMD
GKOS	0.78	0.19		-0.43	-0.5	-0.71	0.71	0.72	0.37	GKOS
NVRO	-0.28	0.28	-0.43		0.39	0.6	-0.62	-0.26	-0.36	NVRO
MDT	-0.4	-0.43	-0.5	0.39		0.37	-0.63	-0.25	-0.05	MDT
MGRM	-0.46	0.2	-0.71	0.6	0.37		-0.56	-0.39	-0.25	MGRM
BFLY	0.75	0.3	0.71	-0.62	-0.63	-0.56		0.74	0.57	BFLY
INMD	0.79	0.33	0.72	-0.26	-0.25	-0.39	0.74		0.59	INMD
ABT	0.6	0.03	0.37	-0.36	-0.05	-0.25	0.57	0.59		ABT
	NARI	CNMD	GKOS	NVRO	MDT	MGRM	BFLY	INMD	ABT

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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

INMD	+ 0.79	NARI
GKOS	+ 0.78	NARI
BFLY	+ 0.75	NARI
INMD	+ 0.74	BFLY
INMD	+ 0.72	GKOS
BFLY	+ 0.71	GKOS

High negative correlations

MGRM	- 0.71	GKOS
BFLY	- 0.63	MDT
BFLY	- 0.62	NVRO
BFLY	- 0.56	MGRM
MDT	- 0.5	GKOS
MGRM	- 0.46	NARI

Risk-Adjusted Indicators

There is a big difference between 908 Stock performing well and 908 Devices 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 908 Devices' 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
NARI	2.23	0.26	0.08	0.90	2.06	(2.76)	6.30	(3.84)	19.78
CNMD	1.90	(0.04)	(0.01)	0.09	2.35	(1.95)	4.56	(3.84)	10.92
GKOS	1.59	(0.10)	(0.01)	0.07	1.71	(1.75)	3.30	(2.86)	13.23
NVRO	3.79	(0.49)	0.00	(0.11)	0.00	0.00	8.28	(7.61)	25.58
MDT	0.77	(0.07)	0.00	(0.06)	0.00	0.00	1.73	(1.80)	5.69
MGRM	3.22	(0.41)	0.00	(0.32)	0.00	0.00	5.58	(7.46)	26.80
BFLY	5.32	2.01	0.45	7.24	3.49	(7.05)	14.04	(6.21)	35.79
INMD	2.12	0.10	0.08	0.18	2.71	(2.20)	4.56	(5.21)	17.38
ABT	0.80	0.04	(0.05)	0.28	0.86	(0.89)	1.40	(1.29)	5.90

908 Devices Corporate Management

Kevin Knopp	CEO, CoFounder	Profile
Joseph IV	CFO Treasurer	Profile
Steve Araiza	CoFounder	Profile
Scott Miller	Cofounder Engineering	Profile
JD Esq	Chief Secretary	Profile

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