Stryker Correlations

SYK Stock

USD 373.49 3.96 1.07%

The current 90-days correlation between Stryker and Boston Scientific Corp is 0.61 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Stryker moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Stryker moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Stryker Correlation With Market

Very weak diversification

The correlation between Stryker and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Stryker 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 Stryker. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

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

Moving together with Stryker Stock

0.79	GH	Guardant Health	Pair Corr
0.82	LH	Laboratory	Pair Corr
0.78	DXCM	DexCom Inc	Pair Corr
0.65	ABT	Abbott Laboratories	Pair Corr
0.63	AGL	agilon health	Pair Corr
0.79	ALC	Alcon AG	Pair Corr

Moving against Stryker Stock

0.56	ESTA	Establishment Labs	Pair Corr
0.48	DRIO	DarioHealth Corp	Pair Corr
0.42	EUDA	EUDA Health Holdings	Pair Corr
0.41	OM	Outset Medical	Pair Corr
0.39	EMBC	Embecta Corp	Pair Corr
0.31	VTAK	Catheter Precision	Pair Corr
0.58	AWH	Aspira Womens Health	Pair Corr
0.56	FLGT	Fulgent Genetics	Pair Corr

Related Correlations Analysis

	BSX	ABT	MDT	DXCM	EW	ZBH	ZIMV	STE	SNN
BSX		0.8	0.82	0.74	-0.19	-0.21	-0.15	0.68	0.3	BSX
ABT	0.8		0.9	0.41	-0.26	-0.13	-0.5	0.89	0.73	ABT
MDT	0.82	0.9		0.35	-0.51	0.07	-0.4	0.9	0.67	MDT
DXCM	0.74	0.41	0.35		0.13	-0.1	0.38	0.23	-0.14	DXCM
EW	-0.19	-0.26	-0.51	0.13		-0.44	0.2	-0.43	-0.39	EW
ZBH	-0.21	-0.13	0.07	-0.1	-0.44		0.37	0.04	0.07	ZBH
ZIMV	-0.15	-0.5	-0.4	0.38	0.2	0.37		-0.5	-0.63	ZIMV
STE	0.68	0.89	0.9	0.23	-0.43	0.04	-0.5		0.74	STE
SNN	0.3	0.73	0.67	-0.14	-0.39	0.07	-0.63	0.74		SNN
	BSX	ABT	MDT	DXCM	EW	ZBH	ZIMV	STE	SNN

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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

MDT	+ 0.9	ABT
STE	+ 0.9	MDT
STE	+ 0.89	ABT
MDT	+ 0.82	BSX
ABT	+ 0.8	BSX
DXCM	+ 0.74	BSX

High negative correlations

SNN	- 0.63	ZIMV
EW	- 0.51	MDT
STE	- 0.5	ZIMV
ZIMV	- 0.5	ABT
ZBH	- 0.44	EW
STE	- 0.43	EW

Risk-Adjusted Indicators

There is a big difference between Stryker Stock performing well and Stryker 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 Stryker'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
BSX	0.99	0.20	0.13	0.15	1.54	(0.96)	1.88	(2.65)	9.35
ABT	1.03	0.20	0.17	0.33	1.25	(1.02)	2.53	(1.91)	8.04
MDT	1.01	0.22	0.15	0.37	1.50	(1.00)	2.48	(1.65)	11.49
DXCM	1.75	0.00	0.00	(0.11)	0.00	0.00	3.27	(3.22)	15.07
EW	1.11	0.00	0.00	(0.11)	0.00	0.00	2.94	(1.97)	9.48
ZBH	1.12	0.04	0.09	0.28	1.48	(1.16)	2.46	(2.26)	8.09
ZIMV	1.42	(0.14)	0.00	(0.32)	0.00	0.00	2.70	(3.68)	9.63
STE	0.92	0.11	0.17	0.18	0.92	(1.03)	2.12	(1.58)	5.46
SNN	1.15	0.23	0.20	0.43	1.28	(1.27)	2.38	(2.30)	10.31

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