Smith Nephew Correlations

SNNUF Stock

USD 14.33 0.62 4.52%

The current 90-days correlation between Smith Nephew plc and Sonova Holding AG is 0.08 (i.e., Significant diversification). The correlation of Smith Nephew 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.

Smith Nephew Correlation With Market

Good diversification

The correlation between Smith Nephew plc and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smith Nephew plc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Smith Nephew could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Smith Nephew when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Smith Nephew - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Smith Nephew plc to buy it.

Moving together with Smith Pink Sheet

0.79	TOUR	Tuniu Corp	Pair Corr
0.72	CDUAF	Canadian Utilities	Pair Corr
0.63	CDR-PB	Cedar Realty Trust	Pair Corr
0.73	TCTZF	Tencent Holdings	Pair Corr
0.7	CCI	Crown Castle	Pair Corr
0.63	RBKB	Rhinebeck Bancorp	Pair Corr
0.77	CBYDF	Corby Spirit	Pair Corr
0.82	LKQ	LKQ Corporation	Pair Corr

Moving against Smith Pink Sheet

0.58	PPERY	Bank Mandiri Persero	Pair Corr
0.54	TLK	Telkom Indonesia Tbk	Pair Corr
0.52	PPERF	Bank Mandiri Persero	Pair Corr
0.51	PBCRY	Bank Central Asia	Pair Corr
0.51	BKRKY	Bank Rakyat	Pair Corr
0.48	PBCRF	PT Bank Central	Pair Corr
0.47	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.45	SEVCD	Sono Group NV Trending	Pair Corr
0.33	DXCM	DexCom Inc	Pair Corr
0.39	037833DN7	APPLE INC	Pair Corr

Related Correlations Analysis

	SONVY	MDT	CNMD	NUVA	GKOS	ITGR	KIDS	LIVN	FNA	TLIS
SONVY		-0.09	0.7	0.0	0.83	0.88	0.12	0.78	-0.16	0.0	SONVY
MDT	-0.09		-0.57	0.0	-0.5	-0.3	0.5	-0.45	0.9	0.0	MDT
CNMD	0.7	-0.57		0.0	0.79	0.78	-0.14	0.8	-0.62	0.0	CNMD
NUVA	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NUVA
GKOS	0.83	-0.5	0.79	0.0		0.93	-0.01	0.89	-0.47	0.0	GKOS
ITGR	0.88	-0.3	0.78	0.0	0.93		0.1	0.9	-0.31	0.0	ITGR
KIDS	0.12	0.5	-0.14	0.0	-0.01	0.1		-0.12	0.31	0.0	KIDS
LIVN	0.78	-0.45	0.8	0.0	0.89	0.9	-0.12		-0.44	0.0	LIVN
FNA	-0.16	0.9	-0.62	0.0	-0.47	-0.31	0.31	-0.44		0.0	FNA
TLIS	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		TLIS
	SONVY	MDT	CNMD	NUVA	GKOS	ITGR	KIDS	LIVN	FNA	TLIS

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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

ITGR	+ 0.93	GKOS
FNA	+ 0.9	MDT
LIVN	+ 0.9	ITGR
LIVN	+ 0.89	GKOS
ITGR	+ 0.88	SONVY
GKOS	+ 0.83	SONVY

High negative correlations

FNA	- 0.62	CNMD
CNMD	- 0.57	MDT
GKOS	- 0.5	MDT
FNA	- 0.47	GKOS
LIVN	- 0.45	MDT
FNA	- 0.44	LIVN

Risk-Adjusted Indicators

There is a big difference between Smith Pink Sheet performing well and Smith Nephew 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 Smith Nephew'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
SONVY	0.96	(0.08)	0.00	(0.32)	0.00	0.00	2.24	(1.77)	8.84
MDT	1.03	0.19	0.13	0.38	1.62	(0.99)	2.48	(1.65)	11.49
CNMD	1.66	(0.23)	0.00	(0.38)	0.00	0.00	3.52	(3.53)	13.79
NUVA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	2.32	(0.32)	0.00	(0.26)	0.00	0.00	4.97	(7.22)	24.99
ITGR	1.14	(0.20)	0.00	(0.29)	0.00	0.00	1.68	(3.63)	8.30
KIDS	1.87	0.33	0.15	0.28	1.93	(2.08)	3.54	(3.09)	15.28
LIVN	1.65	(0.31)	0.00	(0.52)	0.00	0.00	2.87	(3.78)	20.10
FNA	1.19	0.40	0.27	1.28	1.03	(1.58)	3.78	(3.09)	8.63
TLIS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Smith Nephew without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Smith Nephew Corporate Management

Alison Parkes	Chief Officer	Profile
Paul Connolly	Pres Operations	Profile
Deepak Nath	CEO Director	Profile
Joe Metzger	VP Communications	Profile
Andrew Swift	VP Relations	Profile
AnneFrancoise Nesmes	CFO Director	Profile
Helen Barraclough	Company Counsel	Profile

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