Novartis Correlations

NVS Stock

USD 112.13 1.08 0.95%

The current 90-days correlation between Novartis AG ADR and AstraZeneca PLC ADR is -0.09 (i.e., Good diversification). The correlation of Novartis 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.

Novartis Correlation With Market

Good diversification

The correlation between Novartis AG ADR and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novartis AG ADR 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 Novartis AG ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Novartis Stock

0.88	CMRX	Chimerix	Pair Corr
0.88	CPIX	Cumberland Pharmaceuticals Downward Rally	Pair Corr
0.85	FNA	Paragon 28	Pair Corr
0.76	INMD	InMode	Pair Corr

Moving against Novartis Stock

0.93	TLRY	Tilray Inc	Pair Corr
0.92	ANNX	Annexon Earnings Call This Week	Pair Corr
0.91	ASMB	Assembly Biosciences Earnings Call This Week	Pair Corr
0.9	CGC	Canopy Growth Corp	Pair Corr
0.9	BLUE	Bluebird bio Earnings Call This Week	Pair Corr
0.89	CLDX	Celldex Therapeutics	Pair Corr
0.88	ISPC	iSpecimen	Pair Corr
0.83	EYEN	Eyenovia	Pair Corr
0.81	MREO	Mereo BioPharma Group	Pair Corr
0.79	MOLN	Molecular Partners	Pair Corr
0.71	ITOS	Iteos Therapeutics	Pair Corr
0.71	SNDL	SNDL Inc	Pair Corr
0.6	A	Agilent Technologies	Pair Corr
0.57	MRK	Merck Company	Pair Corr
0.54	DSGN	Design Therapeutics	Pair Corr
0.5	LFCR	Lifecore Biomedical	Pair Corr
0.47	IPA	Immunoprecise Antibodies	Pair Corr
0.44	INBX	Inhibrx Symbol Change	Pair Corr
0.35	VOR	Vor Biopharma	Pair Corr
0.87	APYX	Apyx Medical	Pair Corr
0.86	MODD	Modular Medical	Pair Corr
0.8	GKOS	Glaukos Corp	Pair Corr
0.76	CRNX	Crinetics Pharmaceuticals	Pair Corr
0.74	LIVN	LivaNova PLC	Pair Corr
0.67	ITGR	Integer Holdings Corp	Pair Corr
0.66	MDAI	Spectral AI	Pair Corr
0.61	OTRK	Ontrak Inc	Pair Corr
0.6	CRVS	Corvus Pharmaceuticals	Pair Corr
0.54	ELMD	Electromed	Pair Corr
0.41	INGN	Inogen Inc	Pair Corr
0.33	CRON	Cronos Group	Pair Corr

Related Correlations Analysis

	AZN	GSK	RHHBY	BMY	SNY	MRK	BAYRY	GILD	JNJ	ABBV
AZN		0.93	0.97	0.54	0.93	-0.62	0.0	0.94	0.97	0.94	AZN
GSK	0.93		0.91	0.66	0.92	-0.47	0.0	0.94	0.92	0.96	GSK
RHHBY	0.97	0.91		0.6	0.96	-0.61	0.0	0.9	0.94	0.91	RHHBY
BMY	0.54	0.66	0.6		0.7	0.01	0.0	0.58	0.56	0.57	BMY
SNY	0.93	0.92	0.96	0.7		-0.53	0.0	0.89	0.9	0.89	SNY
MRK	-0.62	-0.47	-0.61	0.01	-0.53		0.0	-0.5	-0.57	-0.54	MRK
BAYRY	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	BAYRY
GILD	0.94	0.94	0.9	0.58	0.89	-0.5	0.0		0.97	0.96	GILD
JNJ	0.97	0.92	0.94	0.56	0.9	-0.57	0.0	0.97		0.94	JNJ
ABBV	0.94	0.96	0.91	0.57	0.89	-0.54	0.0	0.96	0.94		ABBV
	AZN	GSK	RHHBY	BMY	SNY	MRK	BAYRY	GILD	JNJ	ABBV

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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

RHHBY	+ 0.97	AZN
JNJ	+ 0.97	AZN
JNJ	+ 0.97	GILD
ABBV	+ 0.96	GSK
SNY	+ 0.96	RHHBY
ABBV	+ 0.96	GILD

High negative correlations

MRK	- 0.62	AZN
MRK	- 0.61	RHHBY
JNJ	- 0.57	MRK
ABBV	- 0.54	MRK
MRK	- 0.53	SNY
GILD	- 0.5	MRK

Risk-Adjusted Indicators

There is a big difference between Novartis Stock performing well and Novartis 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 Novartis' 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
AZN	0.95	0.23	0.24	1.37	0.99	(1.04)	2.00	(1.91)	5.20
GSK	1.22	0.22	0.22	(3.30)	1.21	(1.39)	2.24	(2.03)	11.70
RHHBY	1.02	0.32	0.28	0.95	0.93	(1.10)	2.63	(1.92)	5.52
BMY	1.19	0.11	0.09	(4.59)	1.76	(1.07)	3.18	(2.80)	7.43
SNY	1.17	0.30	0.28	(3.02)	0.99	(1.43)	2.77	(1.82)	10.59
MRK	1.15	(0.08)	0.00	1.02	0.00	0.00	2.07	(1.80)	11.58
BAYRY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GILD	1.10	0.25	0.24	(2.28)	1.06	(1.20)	2.28	(2.23)	9.83
JNJ	0.87	0.18	0.21	3.17	0.90	(0.90)	1.79	(1.81)	5.95
ABBV	1.05	0.29	0.38	(1.27)	0.69	(1.26)	2.37	(1.47)	6.46

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