Tenon Medical, Correlations

TNONW Stock

0.02 0.01 37.80%

The current 90-days correlation between Tenon Medical, Warrant and AbbVie Inc is -0.1 (i.e., Good diversification). The correlation of Tenon Medical, 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.

Tenon Medical, Correlation With Market

Good diversification

The correlation between Tenon Medical, Warrant and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tenon Medical, Warrant 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 Tenon Medical, Warrant. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Tenon Stock

0.79	VERO	Venus Concept	Pair Corr
0.88	DRIO	DarioHealth Corp	Pair Corr
0.81	ELAB	Elevai Labs, Common	Pair Corr
0.63	FIGS	Figs Inc	Pair Corr
0.63	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.63	MOH	Molina Healthcare	Pair Corr
0.83	TFX	Teleflex Incorporated	Pair Corr
0.9	XTNT	Xtant Medical Holdings	Pair Corr
0.87	GCTK	GlucoTrack	Pair Corr
0.73	MASS	908 Devices	Pair Corr
0.65	MGRX	Mangoceuticals, Common	Pair Corr
0.76	MHUA	Meihua International	Pair Corr

Moving against Tenon Stock

0.86	VREX	Varex Imaging Corp	Pair Corr
0.81	DXCM	DexCom Inc	Pair Corr
0.8	GH	Guardant Health	Pair Corr
0.71	LH	Laboratory	Pair Corr
0.71	VVOS	Vivos Therapeutics	Pair Corr
0.7	ECOR	Electrocore LLC	Pair Corr
0.69	OM	Outset Medical	Pair Corr
0.67	EW	Edwards Lifesciences Corp	Pair Corr
0.67	DOCS	Doximity	Pair Corr
0.62	MD	Mednax Inc	Pair Corr
0.54	VEEV	Veeva Systems Class	Pair Corr
0.84	LNSR	LENSAR Inc	Pair Corr
0.66	CAH	Cardinal Health	Pair Corr
0.6	XAIR	Beyond Air	Pair Corr
0.48	XYLO	Xylo Technologies Symbol Change	Pair Corr
0.78	NXLIW	Nexalin Technology	Pair Corr
0.61	MDAI	Spectral AI	Pair Corr
0.61	MMSI	Merit Medical Systems	Pair Corr
0.52	EUDAW	EUDA Health Holdings	Pair Corr
0.46	NXGLW	NexGel Warrant	Pair Corr

Related Correlations Analysis

	ABBV	LLY	BMY	JNJ	MDT
ABBV		0.62	-0.67	0.67	0.65	ABBV
LLY	0.62		-0.78	0.76	0.69	LLY
BMY	-0.67	-0.78		-0.67	-0.62	BMY
JNJ	0.67	0.76	-0.67		0.95	JNJ
MDT	0.65	0.69	-0.62	0.95		MDT
	ABBV	LLY	BMY	JNJ	MDT

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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	+ 0.95	JNJ
JNJ	+ 0.76	LLY
MDT	+ 0.69	LLY
JNJ	+ 0.67	ABBV
MDT	+ 0.65	ABBV
LLY	+ 0.62	ABBV

High negative correlations

BMY	- 0.78	LLY
JNJ	- 0.67	BMY
BMY	- 0.67	ABBV
MDT	- 0.62	BMY

Risk-Adjusted Indicators

There is a big difference between Tenon Stock performing well and Tenon Medical, 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 Tenon Medical,'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
ABBV	1.10	(0.10)	0.00	(0.62)	0.00	0.00	2.37	(1.91)	18.93
LLY	1.31	(0.18)	0.00	(0.36)	0.00	0.00	3.25	(3.15)	9.21
BMY	1.25	0.15	0.09	(0.68)	1.37	(1.37)	2.51	(2.54)	14.38
JNJ	0.64	(0.17)	0.00	3.05	0.00	0.00	1.47	(1.58)	3.45
MDT	0.75	(0.15)	0.00	(10.37)	0.00	0.00	1.30	(1.65)	5.69

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