Select Medical Correlations

SEM Stock

USD 18.65 0.10 0.53%

The current 90-days correlation between Select Medical Holdings and The Ensign Group is 0.54 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Select Medical moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Select Medical Holdings moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Select Medical Correlation With Market

Significant diversification

The correlation between Select Medical Holdings and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Select Medical Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Select Medical Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Select Stock

0.81	BAX	Baxter International	Pair Corr
0.65	HUM	Humana Inc	Pair Corr
0.69	RMD	ResMed Inc	Pair Corr
0.69	PAVM	PAVmed Inc	Pair Corr
0.81	AVNS	Avanos Medical Earnings Call Tomorrow	Pair Corr

Moving against Select Stock

0.4	LUNG	Pulmonx Corp Earnings Call This Week	Pair Corr
0.33	SSY	SunLink Health Systems	Pair Corr
0.43	AXGN	Axogen Inc	Pair Corr
0.39	ACB	Aurora Cannabis	Pair Corr
0.36	VRAX	Virax Biolabs Group	Pair Corr

Related Correlations Analysis

	ENSG	EHC	INNV	EHAB	PNTG	ACHC	ADUS	NHC	MD
ENSG		0.57	0.72	-0.05	0.85	-0.08	0.17	0.64	0.63	ENSG
EHC	0.57		0.44	0.38	0.64	-0.11	-0.56	0.54	0.78	EHC
INNV	0.72	0.44		-0.31	0.88	-0.45	-0.01	0.91	0.53	INNV
EHAB	-0.05	0.38	-0.31		-0.2	0.32	-0.29	-0.24	0.16	EHAB
PNTG	0.85	0.64	0.88	-0.2		-0.35	-0.06	0.87	0.73	PNTG
ACHC	-0.08	-0.11	-0.45	0.32	-0.35		0.12	-0.62	-0.27	ACHC
ADUS	0.17	-0.56	-0.01	-0.29	-0.06	0.12		-0.18	-0.19	ADUS
NHC	0.64	0.54	0.91	-0.24	0.87	-0.62	-0.18		0.59	NHC
MD	0.63	0.78	0.53	0.16	0.73	-0.27	-0.19	0.59		MD
	ENSG	EHC	INNV	EHAB	PNTG	ACHC	ADUS	NHC	MD

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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

NHC	+ 0.91	INNV
PNTG	+ 0.88	INNV
NHC	+ 0.87	PNTG
PNTG	+ 0.85	ENSG
MD	+ 0.78	EHC
MD	+ 0.73	PNTG

High negative correlations

NHC	- 0.62	ACHC
ADUS	- 0.56	EHC
ACHC	- 0.45	INNV
ACHC	- 0.35	PNTG
EHAB	- 0.31	INNV
ADUS	- 0.29	EHAB

Risk-Adjusted Indicators

There is a big difference between Select Stock performing well and Select 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 Select 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
ENSG	1.16	(0.19)	0.00	(1.78)	0.00	0.00	1.98	(2.29)	11.10
EHC	0.86	0.03	0.02	0.10	1.23	(0.86)	1.72	(1.93)	6.49
INNV	2.57	(0.50)	0.00	(0.57)	0.00	0.00	4.53	(7.11)	27.64
EHAB	1.67	0.32	0.13	0.69	1.80	(1.95)	3.81	(3.56)	17.94
PNTG	1.65	(0.32)	0.00	(0.51)	0.00	0.00	3.46	(3.68)	8.76
ACHC	1.65	0.18	0.10	0.32	1.58	(2.12)	4.60	(2.53)	13.77
ADUS	1.29	(0.09)	0.00	0.69	0.00	0.00	2.46	(3.04)	8.81
NHC	1.24	(0.30)	0.00	(28.59)	0.00	0.00	2.15	(3.24)	7.73
MD	1.48	(0.06)	0.00	1.30	0.00	0.00	2.63	(2.93)	9.98

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