Modular Medical Correlations

MODD Stock

USD 1.14 0.09 8.57%

The current 90-days correlation between Modular Medical and Nexalin Technology is 0.29 (i.e., Modest diversification). The correlation of Modular Medical 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.

Modular Medical Correlation With Market

Average diversification

The correlation between Modular Medical and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Modular Medical 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 Modular Medical. 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 information on how to trade Modular Stock refer to our How to Trade Modular Stock guide.

Moving together with Modular Stock

0.75	EYEN	Eyenovia	Pair Corr
0.74	LNDNF	Lundin Energy AB	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.67	HPQ	HP Inc	Pair Corr
0.8	AA	Alcoa Corp	Pair Corr

Moving against Modular Stock

0.91	JNJ	Johnson Johnson	Pair Corr
0.84	T	ATT Inc Earnings Call This Week	Pair Corr
0.81	CMRX	Chimerix	Pair Corr
0.79	NVRO	Nevro Corp	Pair Corr
0.78	VZ	Verizon Communications	Pair Corr
0.67	CSCO	Cisco Systems	Pair Corr
0.65	MCD	McDonalds	Pair Corr
0.63	IBM	International Business	Pair Corr
0.6	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.5	INTC	Intel	Pair Corr
0.47	BKLRF	Berkeley Energy	Pair Corr
0.46	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Related Correlations Analysis

	NPCE	NXL	SSKN	NMRD	IRIX	NVNO	PETV	TLIS	TNON
NPCE		0.2	-0.09	0.0	0.27	0.69	0.0	0.0	0.0	NPCE
NXL	0.2		0.45	0.0	0.63	0.16	0.0	0.0	0.52	NXL
SSKN	-0.09	0.45		0.0	0.72	-0.04	0.0	0.0	0.8	SSKN
NMRD	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	NMRD
IRIX	0.27	0.63	0.72	0.0		0.23	0.0	0.0	0.86	IRIX
NVNO	0.69	0.16	-0.04	0.0	0.23		0.0	0.0	0.03	NVNO
PETV	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	PETV
TLIS	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	TLIS
TNON	0.0	0.52	0.8	0.0	0.86	0.03	0.0	0.0		TNON
	NPCE	NXL	SSKN	NMRD	IRIX	NVNO	PETV	TLIS	TNON

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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

TNON	+ 0.86	IRIX
TNON	+ 0.8	SSKN
IRIX	+ 0.72	SSKN
NVNO	+ 0.69	NPCE
IRIX	+ 0.63	NXL
TNON	+ 0.52	NXL

High negative correlations

SSKN	- 0.09	NPCE
NVNO	- 0.04	SSKN
TNON	- 0.0	TLIS
TNON	- 0.0	PETV
TLIS	- 0.0	PETV
TLIS	- 0.0	NVNO

Risk-Adjusted Indicators

There is a big difference between Modular Stock performing well and Modular Medical 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 Modular Medical'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
NPCE	3.14	0.26	0.06	0.12	3.80	(3.31)	5.89	(6.82)	17.98
NXL	5.65	(0.34)	0.00	(0.19)	0.00	0.00	10.77	(13.03)	29.64
SSKN	2.27	(0.16)	0.00	(0.52)	0.00	0.00	5.15	(5.40)	17.04
NMRD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IRIX	3.36	(0.94)	0.00	(0.82)	0.00	0.00	6.51	(7.30)	37.29
NVNO	3.08	0.22	0.05	0.09	3.85	(3.52)	8.51	(6.90)	28.92
PETV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TLIS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TNON	3.94	(0.77)	0.00	2.95	0.00	0.00	8.40	(6.31)	47.29

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