Omnicell Correlations

OMCL Stock

USD 32.93 0.29 0.87%

The current 90-days correlation between Omnicell and HealthStream is 0.15 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Omnicell moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Omnicell moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Omnicell Correlation With Market

Weak diversification

The correlation between Omnicell and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Omnicell 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 Omnicell. 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.

For more information on how to buy Omnicell Stock please use our How to buy in Omnicell Stock guide.

Moving together with Omnicell Stock

0.79	OM	Outset Medical	Pair Corr
0.8	VREX	Varex Imaging Corp	Pair Corr
0.66	VVOS	Vivos Therapeutics Earnings Call This Week	Pair Corr
0.75	EKSO	Ekso Bionics Holdings	Pair Corr
0.87	ELAB	Elevai Labs, Common Upward Rally	Pair Corr
0.87	EMBC	Embecta Corp	Pair Corr
0.84	ENOV	Enovis Corp	Pair Corr
0.73	ENSG	Ensign Group	Pair Corr
0.86	WORX	Scworx Corp	Pair Corr
0.78	FIGS	Figs Inc	Pair Corr
0.86	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.84	XAIR	Beyond Air	Pair Corr
0.81	AWH	Aspira Womens Health Earnings Call This Week	Pair Corr

Moving against Omnicell Stock

0.66	CI	Cigna Corp	Pair Corr
0.53	DOCS	Doximity	Pair Corr
0.46	LH	Laboratory	Pair Corr
0.37	EDAP	EDAP TMS SA	Pair Corr
0.34	EHAB	Enhabit	Pair Corr
0.31	GH	Guardant Health	Pair Corr
0.76	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.74	CHE	Chemed Corp	Pair Corr
0.73	FEMY	Femasys	Pair Corr
0.7	BAX	Baxter International	Pair Corr
0.68	AGL	agilon health	Pair Corr
0.66	ABT	Abbott Laboratories	Pair Corr
0.63	BKD	Brookdale Senior Living	Pair Corr
0.63	COR	Cencora	Pair Corr
0.56	CAH	Cardinal Health	Pair Corr
0.46	ALC	Alcon AG	Pair Corr
0.41	BSX	Boston Scientific Corp	Pair Corr

Related Correlations Analysis

	HSTM	NRC	NXGN	FORA	AGTI	MDRX	DH	EVH
HSTM		-0.07	0.0	0.65	0.0	0.0	0.45	-0.38	HSTM
NRC	-0.07		0.0	0.12	0.0	0.0	0.58	0.67	NRC
NXGN	0.0	0.0		0.0	0.0	0.0	0.0	0.0	NXGN
FORA	0.65	0.12	0.0		0.0	0.0	0.57	-0.19	FORA
AGTI	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AGTI
MDRX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MDRX
DH	0.45	0.58	0.0	0.57	0.0	0.0		0.3	DH
EVH	-0.38	0.67	0.0	-0.19	0.0	0.0	0.3		EVH
	HSTM	NRC	NXGN	FORA	AGTI	MDRX	DH	EVH

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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

EVH	+ 0.67	NRC
FORA	+ 0.65	HSTM
DH	+ 0.58	NRC
DH	+ 0.57	FORA
DH	+ 0.45	HSTM
EVH	+ 0.3	DH

High negative correlations

EVH	- 0.38	HSTM
EVH	- 0.19	FORA
NRC	- 0.07	HSTM
EVH	- 0.0	MDRX
DH	- 0.0	MDRX
EVH	- 0.0	AGTI

Risk-Adjusted Indicators

There is a big difference between Omnicell Stock performing well and Omnicell 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 Omnicell'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
HSTM	0.99	0.01	0.00	(0.08)	0.00	0.00	1.81	(2.54)	6.42
NRC	1.93	(0.25)	0.00	(0.31)	0.00	0.00	3.81	(3.35)	16.14
NXGN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FORA	3.11	0.17	0.05	0.26	4.33	(3.56)	6.06	(6.16)	48.14
AGTI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MDRX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DH	3.11	(0.62)	0.00	(1.02)	0.00	0.00	8.37	(5.82)	46.28
EVH	2.59	(0.07)	0.00	(0.30)	0.00	0.00	4.55	(8.15)	16.17

Omnicell Corporate Management

Joseph Spears	Principal Chief Accounting Officer	Profile
Kathleen Nemeth	Senior Relations	Profile
Vicki MacDevitt	Chief Staff	Profile
Sara Dalmasso	Senior International	Profile
Minoo Mortazavi	Senior Operations	Profile
Corey Manley	Executive Officer	Profile

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