Mettler Toledo Correlations

MTD Stock

USD 1,191 4.07 0.34%

The current 90-days correlation between Mettler Toledo Inter and IDEXX Laboratories is 0.26 (i.e., Modest diversification). The correlation of Mettler Toledo 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.

Mettler Toledo Correlation With Market

Very weak diversification

The correlation between Mettler Toledo International and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mettler Toledo International 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 Mettler Toledo International. 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 Mettler Stock

0.79	A	Agilent Technologies Earnings Call This Week	Pair Corr
0.62	DMAC	DiaMedica Therapeutics	Pair Corr
0.66	DNLI	Denali Therapeutics	Pair Corr
0.79	VERV	Verve Therapeutics	Pair Corr
0.64	VIGL	Vigil Neuroscience	Pair Corr

Moving against Mettler Stock

0.34	DSGN	Design Therapeutics	Pair Corr
0.58	VNDA	Vanda Pharmaceuticals	Pair Corr
0.4	ENTO	Entero Therapeutics, Earnings Call Today	Pair Corr
0.39	ELUT	Elutia Inc	Pair Corr

Related Correlations Analysis

	IDXX	CRL	A	RVTY	WAT	DHR	TMO	ICLR	SYNH	LH
IDXX		-0.57	0.29	0.27	0.36	-0.46	0.33	-0.24	0.0	0.66	IDXX
CRL	-0.57		-0.09	-0.19	-0.3	0.48	-0.22	0.71	0.0	-0.67	CRL
A	0.29	-0.09		0.81	0.81	0.6	0.9	0.52	0.0	0.16	A
RVTY	0.27	-0.19	0.81		0.87	0.49	0.9	0.22	0.0	0.32	RVTY
WAT	0.36	-0.3	0.81	0.87		0.37	0.92	0.11	0.0	0.44	WAT
DHR	-0.46	0.48	0.6	0.49	0.37		0.47	0.73	0.0	-0.39	DHR
TMO	0.33	-0.22	0.9	0.9	0.92	0.47		0.29	0.0	0.36	TMO
ICLR	-0.24	0.71	0.52	0.22	0.11	0.73	0.29		0.0	-0.46	ICLR
SYNH	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	SYNH
LH	0.66	-0.67	0.16	0.32	0.44	-0.39	0.36	-0.46	0.0		LH
	IDXX	CRL	A	RVTY	WAT	DHR	TMO	ICLR	SYNH	LH

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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

TMO	+ 0.92	WAT
TMO	+ 0.9	A
TMO	+ 0.9	RVTY
WAT	+ 0.87	RVTY
RVTY	+ 0.81	A
WAT	+ 0.81	A

High negative correlations

LH	- 0.67	CRL
CRL	- 0.57	IDXX
LH	- 0.46	ICLR
DHR	- 0.46	IDXX
LH	- 0.39	DHR
WAT	- 0.3	CRL

Risk-Adjusted Indicators

There is a big difference between Mettler Stock performing well and Mettler Toledo 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 Mettler Toledo'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
IDXX	1.25	0.04	0.02	0.08	1.61	(1.22)	2.22	(3.31)	14.80
CRL	1.70	(0.20)	0.00	(0.37)	0.00	0.00	3.86	(4.66)	11.78
A	1.13	(0.15)	0.00	(0.15)	0.00	0.00	2.92	(2.59)	9.03
RVTY	1.45	(0.09)	0.00	0.17	0.00	0.00	2.93	(3.38)	12.24
WAT	1.36	0.04	0.02	0.04	1.72	(1.45)	2.95	(2.83)	10.90
DHR	1.12	(0.14)	0.00	2.66	0.00	0.00	2.19	(2.24)	12.14
TMO	1.06	0.00	0.00	(0.01)	1.29	(1.13)	2.40	(2.22)	10.04
ICLR	1.42	(0.19)	0.00	(0.41)	0.00	0.00	3.28	(2.94)	11.42
SYNH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LH	0.82	0.05	0.05	0.08	0.97	(0.87)	1.65	(1.63)	5.79

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