Tela Bio Correlations

TELA Stock

USD 2.35 0.08 3.29%

The current 90-days correlation between Tela Bio and Sight Sciences is 0.33 (i.e., Weak diversification). The correlation of Tela Bio 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.

Tela Bio Correlation With Market

Weak diversification

The correlation between Tela Bio 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 Tela Bio 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 Tela Bio. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

For information on how to trade Tela Stock refer to our How to Trade Tela Stock guide.

Moving together with Tela Stock

0.89	OM	Outset Medical	Pair Corr
0.75	VREX	Varex Imaging Corp	Pair Corr
0.75	EKSO	Ekso Bionics Holdings	Pair Corr
0.85	ELAB	Elevai Labs, Common Upward Rally	Pair Corr
0.82	EMBC	Embecta Corp	Pair Corr
0.73	ENOV	Enovis Corp	Pair Corr
0.83	WORX	Scworx Corp	Pair Corr
0.75	FIGS	Figs Inc	Pair Corr
0.62	FLGT	Fulgent Genetics	Pair Corr
0.75	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.79	XAIR	Beyond Air	Pair Corr
0.83	AWH	Aspira Womens Health Earnings Call This Week	Pair Corr

Moving against Tela Stock

0.68	CI	Cigna Corp	Pair Corr
0.59	LH	Laboratory	Pair Corr
0.57	FEMY	Femasys	Pair Corr
0.44	GH	Guardant Health	Pair Corr
0.44	EHAB	Enhabit	Pair Corr
0.43	DOCS	Doximity	Pair Corr
0.31	EDAP	EDAP TMS SA	Pair Corr
0.85	CHE	Chemed Corp	Pair Corr
0.79	BAX	Baxter International	Pair Corr
0.79	COR	Cencora	Pair Corr
0.75	AGL	agilon health	Pair Corr
0.75	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.71	ABT	Abbott Laboratories	Pair Corr
0.69	DGX	Quest Diagnostics	Pair Corr
0.64	CAH	Cardinal Health	Pair Corr
0.58	ALC	Alcon AG	Pair Corr
0.5	BKD	Brookdale Senior Living	Pair Corr

Related Correlations Analysis

	SGHT	TBIO	TCMD	CLPT	CVRX	NPCE	TMDX	DCTH	RXST	AXGN
SGHT		0.0	0.67	0.04	-0.03	-0.34	-0.31	-0.58	0.83	-0.75	SGHT
TBIO	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	TBIO
TCMD	0.67	0.0		0.61	0.6	0.22	-0.25	0.09	0.85	-0.41	TCMD
CLPT	0.04	0.0	0.61		0.67	0.73	0.21	0.73	0.42	0.18	CLPT
CVRX	-0.03	0.0	0.6	0.67		0.7	-0.19	0.63	0.2	0.36	CVRX
NPCE	-0.34	0.0	0.22	0.73	0.7		0.32	0.83	0.0	0.57	NPCE
TMDX	-0.31	0.0	-0.25	0.21	-0.19	0.32		0.34	-0.12	0.16	TMDX
DCTH	-0.58	0.0	0.09	0.73	0.63	0.83	0.34		-0.2	0.65	DCTH
RXST	0.83	0.0	0.85	0.42	0.2	0.0	-0.12	-0.2		-0.67	RXST
AXGN	-0.75	0.0	-0.41	0.18	0.36	0.57	0.16	0.65	-0.67		AXGN
	SGHT	TBIO	TCMD	CLPT	CVRX	NPCE	TMDX	DCTH	RXST	AXGN

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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

RXST	+ 0.85	TCMD
RXST	+ 0.83	SGHT
DCTH	+ 0.83	NPCE
NPCE	+ 0.73	CLPT
DCTH	+ 0.73	CLPT
NPCE	+ 0.7	CVRX

High negative correlations

AXGN	- 0.75	SGHT
AXGN	- 0.67	RXST
DCTH	- 0.58	SGHT
AXGN	- 0.41	TCMD
NPCE	- 0.34	SGHT
TMDX	- 0.31	SGHT

Risk-Adjusted Indicators

There is a big difference between Tela Stock performing well and Tela Bio 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 Tela Bio'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
SGHT	3.26	(0.36)	0.00	(0.44)	0.00	0.00	7.19	(6.05)	24.66
TBIO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TCMD	1.43	(0.38)	0.00	(0.66)	0.00	0.00	2.70	(3.04)	16.33
CLPT	3.73	0.21	0.02	0.01	4.58	(4.42)	7.38	(6.68)	39.95
CVRX	3.10	(0.03)	0.00	(0.11)	0.00	0.00	5.58	(6.75)	14.59
NPCE	3.21	0.24	0.05	0.08	3.81	(3.43)	5.89	(6.82)	17.98
TMDX	3.37	0.13	0.03	0.02	3.72	(3.88)	7.19	(6.92)	18.92
DCTH	2.81	0.42	0.10	0.14	3.23	(3.25)	5.56	(5.58)	20.56
RXST	2.18	(0.49)	0.00	(0.63)	0.00	0.00	3.73	(5.04)	15.79
AXGN	2.64	0.47	0.19	0.51	2.38	(3.60)	5.97	(3.47)	21.80

Tela Bio Corporate Management

Megan Smeykal	Corporate VP	Profile
Taylor Ocasio	General Secretary	Profile
Antony Koblish	President, Cofounder	Profile
Louisa Smith	Investor Officer	Profile
Skott Greenhalgh	Chief Officer	Profile
Peter Murphy	Chief Officer	Profile
Roberto JD	CFO COO	Profile

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