Patterson Companies Correlations

PDCO Stock

USD 31.16 0.03 0.1%

The current 90-days correlation between Patterson Companies and Owens Minor is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Patterson Companies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Patterson Companies moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Patterson Companies Correlation With Market

Weak diversification

The correlation between Patterson Companies and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Patterson Companies 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 Patterson Companies. 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 Patterson Stock, please use our How to Invest in Patterson Companies guide.

Moving together with Patterson Stock

0.69	PEN	Penumbra	Pair Corr
0.84	INMD	InMode	Pair Corr
0.8	ACONW	Aclarion	Pair Corr
0.85	LUCD	Lucid Diagnostics	Pair Corr
0.64	LUNG	Pulmonx Corp	Pair Corr
0.63	MNDR	Mobile health Network	Pair Corr
0.82	NURO	NeuroMetrix	Pair Corr
0.92	AZN	AstraZeneca PLC ADR	Pair Corr

Moving against Patterson Stock

0.86	HOLX	Hologic	Pair Corr
0.74	HAE	Haemonetics	Pair Corr
0.72	XAIR	Beyond Air	Pair Corr
0.68	INFU	InfuSystems Holdings	Pair Corr
0.68	LIVN	LivaNova PLC	Pair Corr
0.6	ICUI	ICU Medical	Pair Corr
0.59	INSP	Inspire Medical Systems	Pair Corr
0.58	ELMD	Electromed	Pair Corr
0.85	VINC	Vincerx Pharma Earnings Call This Week	Pair Corr
0.8	SSKN	STRATA Skin Sciences Earnings Call This Week	Pair Corr
0.76	TELA	Tela Bio	Pair Corr
0.74	CDIOW	Cardio Diagnostics	Pair Corr
0.58	PAVMZ	PAVmed Series Z	Pair Corr
0.45	CVRX	CVRx Inc	Pair Corr
0.35	CLPT	Clearpoint Neuro	Pair Corr
0.31	OFIX	Orthofix Medical	Pair Corr
0.85	WINT	Windtree Therapeutics	Pair Corr
0.78	VRDN	Viridian Therapeutics	Pair Corr
0.7	ELVN	Enliven Therapeutics	Pair Corr
0.66	ELEV	Elevation Oncology	Pair Corr
0.52	MRK	Merck Company	Pair Corr
0.45	OCEAW	Ocean Biomedical	Pair Corr

Related Correlations Analysis

	OMI	ABC	CAH	MCK	HSIC	EDAP
OMI		0.0	-0.4	-0.51	-0.27	-0.74	OMI
ABC	0.0		0.0	0.0	0.0	0.0	ABC
CAH	-0.4	0.0		0.71	0.35	0.31	CAH
MCK	-0.51	0.0	0.71		-0.05	0.23	MCK
HSIC	-0.27	0.0	0.35	-0.05		0.47	HSIC
EDAP	-0.74	0.0	0.31	0.23	0.47		EDAP
	OMI	ABC	CAH	MCK	HSIC	EDAP

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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

MCK	+ 0.71	CAH
EDAP	+ 0.47	HSIC
HSIC	+ 0.35	CAH
EDAP	+ 0.31	CAH
EDAP	+ 0.23	MCK
ABC	+ 0.0	OMI

High negative correlations

EDAP	- 0.74	OMI
MCK	- 0.51	OMI
CAH	- 0.4	OMI
HSIC	- 0.27	OMI
HSIC	- 0.05	MCK
EDAP	- 0.0	ABC

Risk-Adjusted Indicators

There is a big difference between Patterson Stock performing well and Patterson Companies 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 Patterson Companies' 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
OMI	3.41	(0.25)	0.00	(0.17)	0.00	0.00	4.90	(5.66)	44.49
ABC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CAH	0.79	0.21	0.20	0.29	1.01	(0.82)	1.82	(2.03)	6.21
MCK	0.96	0.24	0.25	0.49	0.90	(1.06)	2.19	(1.63)	5.44
HSIC	1.34	(0.10)	0.00	(0.23)	0.00	0.00	2.23	(3.35)	9.27
EDAP	2.80	0.05	0.03	(0.42)	3.94	(3.05)	6.80	(4.55)	24.04

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