Novocure Correlations

NVCR Stock

USD 19.36 0.23 1.17%

The current 90-days correlation between Novocure and Inspire Medical Systems is 0.29 (i.e., Modest diversification). The correlation of Novocure 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.

Novocure Correlation With Market

Significant diversification

The correlation between Novocure and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novocure 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 Novocure. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

To learn how to invest in Novocure Stock, please use our How to Invest in Novocure guide.

Moving together with Novocure Stock

0.84	OM	Outset Medical	Pair Corr
0.84	VREX	Varex Imaging Corp	Pair Corr
0.74	VVOS	Vivos Therapeutics Earnings Call This Week	Pair Corr
0.73	EKSO	Ekso Bionics Holdings	Pair Corr
0.83	ELAB	Elevai Labs, Common Upward Rally	Pair Corr
0.92	EMBC	Embecta Corp	Pair Corr
0.62	ENOV	Enovis Corp	Pair Corr
0.69	EUDA	EUDA Health Holdings	Pair Corr
0.8	WORX	Scworx Corp	Pair Corr
0.78	FIGS	Figs Inc	Pair Corr
0.79	FLGT	Fulgent Genetics	Pair Corr
0.84	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.77	XAIR	Beyond Air	Pair Corr
0.97	AWH	Aspira Womens Health Earnings Call This Week	Pair Corr

Moving against Novocure Stock

0.83	LH	Laboratory	Pair Corr
0.76	CI	Cigna Corp	Pair Corr
0.76	FEMY	Femasys	Pair Corr
0.73	DOCS	Doximity	Pair Corr
0.65	GH	Guardant Health	Pair Corr
0.6	EDAP	EDAP TMS SA	Pair Corr
0.53	EHAB	Enhabit	Pair Corr
0.46	MD	Mednax Inc	Pair Corr
0.38	VEEV	Veeva Systems Class	Pair Corr
0.92	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.91	ABT	Abbott Laboratories	Pair Corr
0.9	DGX	Quest Diagnostics	Pair Corr
0.85	AGL	agilon health	Pair Corr
0.84	COR	Cencora	Pair Corr
0.82	CAH	Cardinal Health	Pair Corr
0.81	CHE	Chemed Corp	Pair Corr
0.79	BAX	Baxter International	Pair Corr
0.78	BSX	Boston Scientific Corp	Pair Corr
0.77	ALC	Alcon AG	Pair Corr

Related Correlations Analysis

	GMED	PODD	INSP	NARI	TMDX	INMD	ITGR	CNMD	LIVN
GMED		0.66	0.45	-0.46	-0.19	-0.54	0.88	0.67	0.75	GMED
PODD	0.66		0.29	0.09	0.34	0.04	0.65	0.2	0.63	PODD
INSP	0.45	0.29		-0.43	0.25	-0.29	0.39	0.54	0.49	INSP
NARI	-0.46	0.09	-0.43		0.59	0.72	-0.51	-0.79	-0.62	NARI
TMDX	-0.19	0.34	0.25	0.59		0.54	-0.16	-0.34	-0.11	TMDX
INMD	-0.54	0.04	-0.29	0.72	0.54		-0.39	-0.59	-0.4	INMD
ITGR	0.88	0.65	0.39	-0.51	-0.16	-0.39		0.75	0.89	ITGR
CNMD	0.67	0.2	0.54	-0.79	-0.34	-0.59	0.75		0.79	CNMD
LIVN	0.75	0.63	0.49	-0.62	-0.11	-0.4	0.89	0.79		LIVN
	GMED	PODD	INSP	NARI	TMDX	INMD	ITGR	CNMD	LIVN

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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

LIVN	+ 0.89	ITGR
ITGR	+ 0.88	GMED
LIVN	+ 0.79	CNMD
LIVN	+ 0.75	GMED
CNMD	+ 0.75	ITGR
INMD	+ 0.72	NARI

High negative correlations

CNMD	- 0.79	NARI
LIVN	- 0.62	NARI
CNMD	- 0.59	INMD
INMD	- 0.54	GMED
ITGR	- 0.51	NARI
NARI	- 0.46	GMED

Risk-Adjusted Indicators

There is a big difference between Novocure Stock performing well and Novocure 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 Novocure'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
GMED	1.15	(0.13)	0.00	(0.24)	0.00	0.00	2.10	(3.18)	8.53
PODD	1.43	0.05	0.00	(0.02)	0.00	0.00	3.65	(3.03)	9.83
INSP	2.26	(0.09)	0.00	(0.23)	0.00	0.00	5.02	(5.62)	18.61
NARI	2.19	0.81	0.50	1.70	1.00	(2.80)	4.52	(3.20)	30.79
TMDX	3.37	0.13	0.03	0.02	3.72	(3.88)	7.19	(6.92)	18.92
INMD	1.43	0.01	0.00	(0.07)	0.00	0.00	2.63	(3.46)	9.62
ITGR	1.11	(0.14)	0.00	(0.24)	0.00	0.00	1.68	(2.80)	8.30
CNMD	1.64	(0.20)	0.00	(0.33)	0.00	0.00	3.52	(3.53)	13.79
LIVN	1.65	(0.20)	0.00	(0.41)	0.00	0.00	2.90	(3.78)	20.10

Novocure Corporate Management

Piet MD	Head VP	Profile
Barak BenArye	General Counsel	Profile
William Burke	Chief Officer	Profile
Frank Leonard	Executive Oncology	Profile
Christoph Brackmann	Chief Officer	Profile
Uri MD	Chief Officer	Profile

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