Medtronic PLC Correlations

MDT Stock

USD 91.22 0.65 0.71%

The current 90-days correlation between Medtronic PLC and Abbott Laboratories is 0.5 (i.e., Very weak diversification). The correlation of Medtronic PLC 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.

Medtronic PLC Correlation With Market

Modest diversification

The correlation between Medtronic PLC and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Medtronic PLC 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 Medtronic PLC. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

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

Moving together with Medtronic Stock

0.66	CMRX	Chimerix Sell-off Trend	Pair Corr
0.91	NVRO	Nevro Corp	Pair Corr
0.79	T	ATT Inc Earnings Call This Week	Pair Corr
0.71	CSCO	Cisco Systems	Pair Corr
0.64	VZ	Verizon Communications	Pair Corr
0.73	IBM	International Business	Pair Corr
0.7	CVX	Chevron Corp	Pair Corr
0.81	JNJ	Johnson Johnson	Pair Corr

Moving against Medtronic Stock

0.89	EYEN	Eyenovia	Pair Corr
0.73	INBX	Inhibrx Symbol Change	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr
0.65	LNDNF	Lundin Energy AB	Pair Corr
0.53	HPQ	HP Inc	Pair Corr
0.39	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	EW	ABT	BSX	ZBH	SYK	DXCM	PODD	TNDM	ALGN
EW		-0.28	-0.22	-0.47	-0.22	0.17	0.26	0.42	0.29	EW
ABT	-0.28		0.79	-0.07	0.67	0.34	0.18	-0.58	-0.6	ABT
BSX	-0.22	0.79		-0.14	0.86	0.66	0.65	-0.16	-0.19	BSX
ZBH	-0.47	-0.07	-0.14		0.1	-0.22	-0.25	-0.12	0.02	ZBH
SYK	-0.22	0.67	0.86	0.1		0.75	0.69	0.0	0.09	SYK
DXCM	0.17	0.34	0.66	-0.22	0.75		0.86	0.48	0.42	DXCM
PODD	0.26	0.18	0.65	-0.25	0.69	0.86		0.53	0.51	PODD
TNDM	0.42	-0.58	-0.16	-0.12	0.0	0.48	0.53		0.88	TNDM
ALGN	0.29	-0.6	-0.19	0.02	0.09	0.42	0.51	0.88		ALGN
	EW	ABT	BSX	ZBH	SYK	DXCM	PODD	TNDM	ALGN

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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

ALGN	+ 0.88	TNDM
SYK	+ 0.86	BSX
PODD	+ 0.86	DXCM
BSX	+ 0.79	ABT
DXCM	+ 0.75	SYK
PODD	+ 0.69	SYK

High negative correlations

ALGN	- 0.6	ABT
TNDM	- 0.58	ABT
ZBH	- 0.47	EW
ABT	- 0.28	EW
PODD	- 0.25	ZBH
DXCM	- 0.22	ZBH

Risk-Adjusted Indicators

There is a big difference between Medtronic Stock performing well and Medtronic PLC 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 Medtronic PLC'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
EW	1.08	(0.02)	0.00	(0.13)	0.00	0.00	2.06	(1.97)	9.48
ABT	1.03	0.21	0.17	0.39	1.23	(1.02)	2.53	(1.91)	8.04
BSX	0.98	0.22	0.14	0.20	1.53	(0.97)	1.88	(2.65)	9.35
ZBH	1.11	0.10	0.10	0.74	1.45	(1.13)	2.46	(2.26)	8.09
SYK	0.99	0.05	0.07	0.02	1.19	(1.11)	2.25	(1.71)	6.96
DXCM	1.78	(0.03)	0.00	(0.10)	0.00	0.00	3.79	(3.22)	15.07
PODD	1.40	0.02	0.00	(0.05)	0.00	0.00	3.50	(3.03)	9.83
TNDM	2.79	(0.54)	0.00	(0.55)	0.00	0.00	4.92	(6.14)	43.18
ALGN	1.72	(0.43)	0.00	(0.38)	0.00	0.00	2.54	(3.85)	11.48

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