Outset Medical Correlations

OM Stock

USD 0.82 0.06 6.82%

The current 90-days correlation between Outset Medical and Si Bone is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Outset Medical moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Outset Medical moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Outset Medical Correlation With Market

Average diversification

The correlation between Outset 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 Outset 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 Outset 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 population.

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

Moving together with Outset Stock

0.63	EXAS	EXACT Sciences	Pair Corr
0.67	INZY	Inozyme Pharma	Pair Corr

Moving against Outset Stock

0.57	ELV	Elevance Health	Pair Corr
0.54	MMSI	Merit Medical Systems Earnings Call Today	Pair Corr
0.41	ANGO	AngioDynamics	Pair Corr
0.4	BAX	Baxter International	Pair Corr
0.39	ICUI	ICU Medical	Pair Corr
0.31	CNC	Centene Corp	Pair Corr
0.45	OPT	Opthea	Pair Corr
0.43	TMO	Thermo Fisher Scientific	Pair Corr
0.42	WAT	Waters	Pair Corr
0.37	GANX	Gain Therapeutics	Pair Corr
0.35	LTRN	Lantern Pharma	Pair Corr
0.33	CUE	Cue Biopharma	Pair Corr

Related Correlations Analysis

	SWAV	NARI	CLPT	INSP	NVRO	SIBN	SGHT	KIDS	OFIX
SWAV		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	SWAV
NARI	0.0		0.75	-0.37	0.73	0.94	-0.93	0.31	0.05	NARI
CLPT	0.0	0.75		0.01	0.52	0.79	-0.78	-0.09	-0.22	CLPT
INSP	0.0	-0.37	0.01		-0.28	-0.21	0.22	-0.18	-0.14	INSP
NVRO	0.0	0.73	0.52	-0.28		0.74	-0.7	0.24	0.42	NVRO
SIBN	0.0	0.94	0.79	-0.21	0.74		-0.91	0.21	0.01	SIBN
SGHT	0.0	-0.93	-0.78	0.22	-0.7	-0.91		-0.2	0.15	SGHT
KIDS	0.0	0.31	-0.09	-0.18	0.24	0.21	-0.2		0.51	KIDS
OFIX	0.0	0.05	-0.22	-0.14	0.42	0.01	0.15	0.51		OFIX
	SWAV	NARI	CLPT	INSP	NVRO	SIBN	SGHT	KIDS	OFIX

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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

SIBN	+ 0.94	NARI
SIBN	+ 0.79	CLPT
CLPT	+ 0.75	NARI
SIBN	+ 0.74	NVRO
NVRO	+ 0.73	NARI
NVRO	+ 0.52	CLPT

High negative correlations

SGHT	- 0.93	NARI
SGHT	- 0.91	SIBN
SGHT	- 0.78	CLPT
SGHT	- 0.7	NVRO
INSP	- 0.37	NARI
NVRO	- 0.28	INSP

Risk-Adjusted Indicators

There is a big difference between Outset Stock performing well and Outset 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 Outset 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
SWAV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NARI	2.19	0.76	0.44	0.93	1.00	(2.80)	4.52	(3.20)	30.79
CLPT	3.40	0.76	0.25	0.62	2.77	(4.49)	8.38	(4.76)	27.24
INSP	2.04	(0.07)	0.00	(0.60)	0.00	0.00	5.02	(5.33)	18.61
NVRO	3.18	0.46	0.12	(0.90)	3.17	(4.50)	6.13	(7.17)	30.68
SIBN	2.43	0.51	0.22	(1.49)	2.04	(3.09)	5.29	(3.76)	22.82
SGHT	2.44	(0.61)	0.00	1.11	0.00	0.00	6.25	(5.72)	15.53
KIDS	2.03	0.03	0.01	0.03	2.76	(1.97)	3.80	(4.82)	14.60
OFIX	1.14	(0.07)	0.00	(0.10)	0.00	0.00	2.41	(2.43)	6.07

Outset Medical Corporate Management

Laura Romike	Senior Sales	Profile
Jennifer Sipple	Senior Experience	Profile
Stacey Porter	Chief Officer	Profile
Mark MS	Chief Officer	Profile
Steven Williamson	Chief Officer	Profile
Marc Nash	Senior RD	Profile

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