Orthofix Medical Correlations

OFIX Stock

USD 16.63 0.27 1.60%

The current 90-days correlation between Orthofix Medical and CONMED is 0.39 (i.e., Weak diversification). The correlation of Orthofix 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Orthofix Medical Correlation With Market

Very weak diversification

The correlation between Orthofix Medical and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Orthofix Medical and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Orthofix 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 gross domestic product.

For more information on how to buy Orthofix Stock please use our How to Invest in Orthofix Medical guide.

Moving together with Orthofix Stock

0.63	VOR	Vor Biopharma	Pair Corr
0.64	LNDNF	Lundin Energy AB	Pair Corr
0.64	CAT	Caterpillar	Pair Corr
0.67	BA	Boeing	Pair Corr
0.87	AXP	American Express Sell-off Trend	Pair Corr
0.65	HPQ	HP Inc	Pair Corr
0.79	JPM	JPMorgan Chase	Pair Corr
0.63	DIS	Walt Disney	Pair Corr
0.76	WMT	Walmart Aggressive Push	Pair Corr

Moving against Orthofix Stock

0.57	CMRX	Chimerix	Pair Corr
0.46	VZ	Verizon Communications	Pair Corr
0.43	INBX	Inhibrx Symbol Change	Pair Corr
0.34	MCD	McDonalds	Pair Corr
0.34	JNJ	Johnson Johnson	Pair Corr
0.32	BKLRF	Berkeley Energy	Pair Corr

Related Correlations Analysis

	GMED	CNMD	ATEC	LIVN	NUVA	GKOS	HSKA	BRKR	LUNG	IRMD
GMED		0.6	0.6	0.67	0.0	0.78	0.0	0.62	-0.47	0.9	GMED
CNMD	0.6		-0.04	0.8	0.0	0.81	0.0	0.88	-0.83	0.51	CNMD
ATEC	0.6	-0.04		0.18	0.0	0.17	0.0	-0.06	0.08	0.6	ATEC
LIVN	0.67	0.8	0.18		0.0	0.91	0.0	0.78	-0.63	0.65	LIVN
NUVA	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	NUVA
GKOS	0.78	0.81	0.17	0.91	0.0		0.0	0.86	-0.67	0.71	GKOS
HSKA	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HSKA
BRKR	0.62	0.88	-0.06	0.78	0.0	0.86	0.0		-0.66	0.49	BRKR
LUNG	-0.47	-0.83	0.08	-0.63	0.0	-0.67	0.0	-0.66		-0.43	LUNG
IRMD	0.9	0.51	0.6	0.65	0.0	0.71	0.0	0.49	-0.43		IRMD
	GMED	CNMD	ATEC	LIVN	NUVA	GKOS	HSKA	BRKR	LUNG	IRMD

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

GKOS	+ 0.91	LIVN
IRMD	+ 0.9	GMED
BRKR	+ 0.88	CNMD
BRKR	+ 0.86	GKOS
GKOS	+ 0.81	CNMD
LIVN	+ 0.8	CNMD

High negative correlations

LUNG	- 0.83	CNMD
LUNG	- 0.67	GKOS
LUNG	- 0.66	BRKR
LUNG	- 0.63	LIVN
LUNG	- 0.47	GMED
IRMD	- 0.43	LUNG

Risk-Adjusted Indicators

There is a big difference between Orthofix Stock performing well and Orthofix 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 Orthofix 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
GMED	1.21	(0.13)	0.00	(0.20)	0.00	0.00	2.10	(3.18)	8.53
CNMD	1.67	(0.22)	0.00	(0.35)	0.00	0.00	3.52	(3.53)	13.79
ATEC	2.78	0.18	0.05	0.09	3.26	(2.98)	5.93	(5.59)	17.14
LIVN	1.67	(0.33)	0.00	(0.55)	0.00	0.00	2.87	(3.78)	20.10
NUVA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	2.34	(0.28)	0.00	(0.24)	0.00	0.00	4.97	(7.22)	24.99
HSKA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRKR	1.94	(0.36)	0.00	(2.00)	0.00	0.00	3.10	(4.73)	13.63
LUNG	3.29	0.47	0.15	(2.08)	3.16	(3.75)	6.59	(5.54)	41.39
IRMD	1.30	0.00	0.00	(0.07)	0.00	0.00	2.36	(2.65)	11.55

Orthofix Medical Corporate Management

BA Chemistry	Chief Officer	Profile
Julie Dewey	Chief Officer	Profile
Andres Cedron	Chief Secretary	Profile
Stephanie Walsh	Chief Officer	Profile
Ehab Esmail	Regulatory Quality	Profile
Lucas Vitale	Chief Officer	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC