TransMedics Correlations

TMDX Stock

USD 72.18 0.96 1.35%

The current 90-days correlation between TransMedics Group and Inspire Medical Systems is 0.33 (i.e., Weak diversification). The correlation of TransMedics 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. If the correlation is 0, the equities are not correlated; they are entirely random.

TransMedics Correlation With Market

Good diversification

The correlation between TransMedics Group and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TransMedics Group 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 TransMedics Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with TransMedics Stock

0.64	COO	Cooper Companies, Downward Rally	Pair Corr
0.65	TFX	Teleflex Incorporated Earnings Call This Week	Pair Corr
0.67	LIVN	LivaNova PLC Earnings Call This Week	Pair Corr
0.75	PAVM	PAVmed Inc	Pair Corr
0.61	EWTX	Edgewise Therapeutics Earnings Call This Week	Pair Corr
0.78	FDMT	4D Molecular Therapeutics	Pair Corr
0.82	FHTX	Foghorn Therapeutics Trending	Pair Corr
0.68	CGC	Canopy Growth Corp	Pair Corr
0.68	GBIO	Generation Bio	Pair Corr

Moving against TransMedics Stock

0.75	DRTS	Alpha Tau Medical	Pair Corr
0.63	ANGO	AngioDynamics	Pair Corr
0.6	NPCE	Neuropace	Pair Corr
0.46	A	Agilent Technologies Earnings Call This Week	Pair Corr
0.34	ELMD	Electromed	Pair Corr
0.58	KRON	Kronos Bio	Pair Corr
0.56	LNTH	Lantheus Holdings Earnings Call This Week	Pair Corr
0.51	NBIX	Neurocrine Biosciences	Pair Corr
0.41	XFOR	X4 Pharmaceuticals	Pair Corr

Related Correlations Analysis

	INSP	NARI	INMD	PODD	SILK	LUNG	OFIX	TELA	CVRX
INSP		-0.01	0.08	0.08	0.0	0.04	0.06	0.17	-0.06	INSP
NARI	-0.01		-0.44	0.74	0.0	-0.1	-0.17	-0.82	0.6	NARI
INMD	0.08	-0.44		0.08	0.0	0.3	0.74	0.42	-0.04	INMD
PODD	0.08	0.74	0.08		0.0	0.02	0.31	-0.59	0.56	PODD
SILK	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SILK
LUNG	0.04	-0.1	0.3	0.02	0.0		0.09	0.24	-0.06	LUNG
OFIX	0.06	-0.17	0.74	0.31	0.0	0.09		0.24	0.42	OFIX
TELA	0.17	-0.82	0.42	-0.59	0.0	0.24	0.24		-0.41	TELA
CVRX	-0.06	0.6	-0.04	0.56	0.0	-0.06	0.42	-0.41		CVRX
	INSP	NARI	INMD	PODD	SILK	LUNG	OFIX	TELA	CVRX

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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

PODD	+ 0.74	NARI
OFIX	+ 0.74	INMD
CVRX	+ 0.6	NARI
CVRX	+ 0.56	PODD
TELA	+ 0.42	INMD
CVRX	+ 0.42	OFIX

High negative correlations

TELA	- 0.82	NARI
TELA	- 0.59	PODD
INMD	- 0.44	NARI
CVRX	- 0.41	TELA
OFIX	- 0.17	NARI
LUNG	- 0.1	NARI

Risk-Adjusted Indicators

There is a big difference between TransMedics Stock performing well and TransMedics 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 TransMedics' 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
INSP	2.26	(0.05)	0.00	(0.06)	0.00	0.00	4.95	(5.33)	18.97
NARI	2.28	0.77	0.42	(0.97)	1.15	(2.92)	4.52	(3.84)	30.79
INMD	1.53	(0.03)	0.00	(0.04)	0.00	0.00	2.92	(3.81)	11.90
PODD	1.05	0.07	0.06	0.20	1.08	(1.28)	3.21	(1.72)	6.27
SILK	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LUNG	2.77	(0.05)	0.00	(0.09)	0.00	0.00	5.28	(5.32)	16.45
OFIX	1.32	(0.06)	0.00	(0.08)	0.00	0.00	2.73	(3.15)	8.72
TELA	2.12	(0.22)	0.00	(0.40)	0.00	0.00	4.15	(4.64)	13.09
CVRX	3.04	0.03	0.01	0.02	4.00	(3.28)	6.14	(7.20)	18.64

TransMedics Corporate Management

Miriam Provost	Vice Affairs	Profile
Mark Anderson	Senior Development	Profile
Susan Goodman	Vice Resources	Profile
John Carey	VP Operations	Profile
Nick Corcoran	Senior Operations	Profile
Tamer MD	Chief Officer	Profile

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