Tandem Diabetes Correlations

TNDM Stock

USD 33.47 0.86 2.64%

The current 90-days correlation between Tandem Diabetes Care and Inspire Medical Systems is 0.19 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Tandem Diabetes moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Tandem Diabetes Care moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Tandem Diabetes Correlation With Market

Average diversification

The correlation between Tandem Diabetes Care and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tandem Diabetes Care 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 Tandem Diabetes Care. 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 Tandem Stock

0.61	IRMD	Iradimed	Pair Corr
0.71	NPCE	Neuropace	Pair Corr
0.77	ANGO	AngioDynamics	Pair Corr
0.77	DRTS	Alpha Tau Medical	Pair Corr
0.64	XFOR	X4 Pharmaceuticals	Pair Corr
0.71	PFE	Pfizer Inc	Pair Corr

Moving against Tandem Stock

0.88	FHTX	Foghorn Therapeutics Trending	Pair Corr
0.84	PAVM	PAVmed Inc	Pair Corr
0.77	FDMT	4D Molecular Therapeutics	Pair Corr
0.74	CGC	Canopy Growth Corp	Pair Corr
0.72	LIVN	LivaNova PLC Earnings Call This Week	Pair Corr
0.69	EWTX	Edgewise Therapeutics Earnings Call This Week	Pair Corr
0.65	COO	Cooper Companies, Downward Rally	Pair Corr
0.65	TFX	Teleflex Incorporated Earnings Call This Week	Pair Corr
0.51	OFIX	Orthofix Medical	Pair Corr
0.51	ERAS	Erasca Inc	Pair Corr
0.48	CRVL	CorVel Corp	Pair Corr
0.43	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.33	ICUI	ICU Medical	Pair Corr
0.32	SRDX	SurModics	Pair Corr
0.83	LYEL	Lyell Immunopharma	Pair Corr
0.77	LRMR	Larimar Therapeutics	Pair Corr
0.73	HOOK	Hookipa Pharma	Pair Corr
0.71	KRYS	Krystal Biotech Earnings Call This Week	Pair Corr
0.7	MRSN	Mersana Therapeutics	Pair Corr
0.68	GLUE	Monte Rosa Therapeutics	Pair Corr
0.68	INVA	Innoviva	Pair Corr
0.67	GBIO	Generation Bio	Pair Corr

Related Correlations Analysis

	DXCM	INSP	SWAV	PEN	PODD	ABT	ALGN	SYK	ASXC
DXCM		-0.04	0.0	0.87	0.76	0.73	-0.11	0.46	0.0	DXCM
INSP	-0.04		0.0	0.0	0.08	-0.02	0.13	-0.18	0.0	INSP
SWAV	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	SWAV
PEN	0.87	0.0	0.0		0.79	0.72	-0.02	0.5	0.0	PEN
PODD	0.76	0.08	0.0	0.79		0.8	-0.04	0.61	0.0	PODD
ABT	0.73	-0.02	0.0	0.72	0.8		-0.15	0.7	0.0	ABT
ALGN	-0.11	0.13	0.0	-0.02	-0.04	-0.15		0.41	0.0	ALGN
SYK	0.46	-0.18	0.0	0.5	0.61	0.7	0.41		0.0	SYK
ASXC	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		ASXC
	DXCM	INSP	SWAV	PEN	PODD	ABT	ALGN	SYK	ASXC

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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

PEN	+ 0.87	DXCM
ABT	+ 0.8	PODD
PODD	+ 0.79	PEN
PODD	+ 0.76	DXCM
ABT	+ 0.73	DXCM
ABT	+ 0.72	PEN

High negative correlations

SYK	- 0.18	INSP
ALGN	- 0.15	ABT
ALGN	- 0.11	DXCM
ALGN	- 0.04	PODD
INSP	- 0.04	DXCM
ALGN	- 0.02	PEN

Risk-Adjusted Indicators

There is a big difference between Tandem Stock performing well and Tandem Diabetes 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 Tandem Diabetes' 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
DXCM	1.61	0.38	0.21	0.80	1.48	(1.76)	5.57	(2.79)	10.13
INSP	2.26	(0.05)	0.00	(0.06)	0.00	0.00	4.95	(5.33)	18.97
SWAV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PEN	1.33	0.20	0.14	0.41	1.24	(1.57)	2.85	(2.56)	9.09
PODD	1.05	0.07	0.06	0.20	1.08	(1.28)	3.21	(1.72)	6.27
ABT	0.88	0.18	0.17	0.31	0.85	(0.99)	2.53	(1.65)	7.53
ALGN	1.65	(0.08)	0.00	(0.13)	0.00	0.00	2.86	(3.18)	13.52
SYK	0.94	0.04	0.03	0.08	1.02	(1.08)	2.18	(1.70)	5.32
ASXC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Tandem Diabetes Corporate Management

Tom Fox	Chief Officer	Profile
Susan Morrison	Chief Admin. Officer	Profile
Mark Novara	Executive Officer	Profile
Ross Sylvia	VP Marketing	Profile
David Esq	Transitional Advisor	Profile
Jordan MD	Chief Officer	Profile

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