MeiraGTx Holdings Correlations

MGTX Stock

USD 7.69 0.13 1.72%

The current 90-days correlation between MeiraGTx Holdings PLC and AnaptysBio is 0.11 (i.e., Average diversification). The correlation of MeiraGTx Holdings 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.

MeiraGTx Holdings Correlation With Market

Good diversification

The correlation between MeiraGTx Holdings PLC and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MeiraGTx Holdings 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 MeiraGTx Holdings 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 estimate.

Moving together with MeiraGTx Stock

0.74	LUCD	Lucid Diagnostics	Pair Corr
0.65	WM	Waste Management	Pair Corr
0.68	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.74	INTC	Intel Sell-off Trend	Pair Corr
0.72	T	ATT Inc Sell-off Trend	Pair Corr
0.64	XOM	Exxon Mobil Corp Earnings Call Next Week	Pair Corr

Moving against MeiraGTx Stock

0.73	SCLX	Scilex Holding	Pair Corr
0.64	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.59	CDIOW	Cardio Diagnostics	Pair Corr
0.49	CMND	Clearmind Medicine Common	Pair Corr
0.48	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.45	OCEAW	Ocean Biomedical	Pair Corr
0.45	CDIO	Cardio Diagnostics	Pair Corr
0.44	ELVN	Enliven Therapeutics	Pair Corr
0.63	MSFT	Microsoft Aggressive Push	Pair Corr
0.59	CAT	Caterpillar	Pair Corr
0.56	HD	Home Depot	Pair Corr
0.52	DIS	Walt Disney	Pair Corr
0.46	MRK	Merck Company	Pair Corr

Related Correlations Analysis

	IDYA	ANAB	KROS	FIXX	QURE	RCKT	RYTM	SLDB	CNTB
IDYA		-0.44	0.68	0.0	0.83	0.94	0.68	-0.58	0.82	IDYA
ANAB	-0.44		-0.51	0.0	-0.4	-0.37	-0.1	0.33	-0.51	ANAB
KROS	0.68	-0.51		0.0	0.7	0.69	0.14	-0.04	0.57	KROS
FIXX	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	FIXX
QURE	0.83	-0.4	0.7	0.0		0.8	0.6	-0.51	0.74	QURE
RCKT	0.94	-0.37	0.69	0.0	0.8		0.69	-0.42	0.85	RCKT
RYTM	0.68	-0.1	0.14	0.0	0.6	0.69		-0.59	0.56	RYTM
SLDB	-0.58	0.33	-0.04	0.0	-0.51	-0.42	-0.59		-0.55	SLDB
CNTB	0.82	-0.51	0.57	0.0	0.74	0.85	0.56	-0.55		CNTB
	IDYA	ANAB	KROS	FIXX	QURE	RCKT	RYTM	SLDB	CNTB

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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

RCKT	+ 0.94	IDYA
CNTB	+ 0.85	RCKT
QURE	+ 0.83	IDYA
CNTB	+ 0.82	IDYA
RCKT	+ 0.8	QURE
CNTB	+ 0.74	QURE

High negative correlations

SLDB	- 0.59	RYTM
SLDB	- 0.58	IDYA
CNTB	- 0.55	SLDB
SLDB	- 0.51	QURE
CNTB	- 0.51	ANAB
KROS	- 0.51	ANAB

Risk-Adjusted Indicators

There is a big difference between MeiraGTx Stock performing well and MeiraGTx Holdings 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 MeiraGTx Holdings' 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
IDYA	2.30	(0.42)	0.00	(1.17)	0.00	0.00	4.11	(4.64)	12.18
ANAB	4.32	0.41	0.08	0.23	4.43	(5.41)	9.84	(7.48)	43.41
KROS	2.63	(0.73)	0.00	9.16	0.00	0.00	4.41	(6.00)	19.64
FIXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
QURE	3.96	0.09	0.00	(0.02)	0.00	0.00	7.02	(9.75)	30.10
RCKT	2.70	(0.41)	0.00	(0.41)	0.00	0.00	4.92	(6.06)	12.71
RYTM	1.98	(0.02)	0.00	(0.10)	0.00	0.00	4.49	(4.39)	13.95
SLDB	5.05	0.27	0.04	0.07	4.96	(6.81)	11.61	(8.68)	41.64
CNTB	3.51	(0.29)	0.00	(0.33)	0.00	0.00	7.59	(7.07)	29.84

MeiraGTx Holdings Corporate Management

Robert MD	Chief Officer	Profile
Tim Randall	Senior Controls	Profile
Christine Sheehy	Senior Integration	Profile
David Rubinstein	Senior Development	Profile
Richard BA	COO CFO	Profile
Joel Brooks	VP Fin	Profile

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