West Pharmaceutical Correlations

WST Stock

USD 323.32 3.97 1.24%

The current 90-days correlation between West Pharmaceutical and Teleflex Incorporated is 0.13 (i.e., Average diversification). The correlation of West Pharmaceutical 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.

West Pharmaceutical Correlation With Market

Modest diversification

The correlation between West Pharmaceutical Services and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding West Pharmaceutical Services and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in West Pharmaceutical Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with West Stock

0.63	GH	Guardant Health	Pair Corr
0.83	LH	Laboratory	Pair Corr
0.62	VREX	Varex Imaging Corp	Pair Corr
0.7	ENOV	Enovis Corp	Pair Corr
0.65	MMSI	Merit Medical Systems	Pair Corr
0.68	OFIX	Orthofix Medical	Pair Corr

Moving against West Stock

0.53	EKSO	Ekso Bionics Holdings	Pair Corr
0.41	DRIO	DarioHealth Corp	Pair Corr
0.4	CI	Cigna Corp	Pair Corr
0.32	VERO	Venus Concept	Pair Corr
0.56	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.35	MDT	Medtronic PLC	Pair Corr
0.48	ME	23Andme Holding	Pair Corr
0.46	TNDM	Tandem Diabetes Care	Pair Corr
0.4	A	Agilent Technologies	Pair Corr
0.37	VALN	Valneva SE ADR	Pair Corr

Related Correlations Analysis

	TFX	ALC	RMD	ICUI	COO	HOLX	HAE	BDX	RGEN	EMBC
TFX		0.92	-0.02	0.22	0.66	0.64	-0.77	0.73	0.18	-0.13	TFX
ALC	0.92		0.06	0.36	0.72	0.58	-0.71	0.75	0.23	-0.09	ALC
RMD	-0.02	0.06		-0.28	0.16	0.19	-0.01	-0.18	0.25	0.55	RMD
ICUI	0.22	0.36	-0.28		0.48	0.15	-0.12	0.45	-0.16	-0.51	ICUI
COO	0.66	0.72	0.16	0.48		0.62	-0.53	0.5	0.16	-0.01	COO
HOLX	0.64	0.58	0.19	0.15	0.62		-0.7	0.55	0.18	0.07	HOLX
HAE	-0.77	-0.71	-0.01	-0.12	-0.53	-0.7		-0.66	0.0	0.22	HAE
BDX	0.73	0.75	-0.18	0.45	0.5	0.55	-0.66		0.24	-0.31	BDX
RGEN	0.18	0.23	0.25	-0.16	0.16	0.18	0.0	0.24		0.41	RGEN
EMBC	-0.13	-0.09	0.55	-0.51	-0.01	0.07	0.22	-0.31	0.41		EMBC
	TFX	ALC	RMD	ICUI	COO	HOLX	HAE	BDX	RGEN	EMBC

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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

ALC	+ 0.92	TFX
BDX	+ 0.75	ALC
BDX	+ 0.73	TFX
COO	+ 0.72	ALC
COO	+ 0.66	TFX
HOLX	+ 0.64	TFX

High negative correlations

HAE	- 0.77	TFX
HAE	- 0.71	ALC
HAE	- 0.7	HOLX
BDX	- 0.66	HAE
HAE	- 0.53	COO
EMBC	- 0.51	ICUI

Risk-Adjusted Indicators

There is a big difference between West Stock performing well and West Pharmaceutical 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 West Pharmaceutical'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
TFX	1.18	(0.42)	0.00	(0.41)	0.00	0.00	1.71	(1.92)	17.00
ALC	0.84	(0.18)	0.00	(0.30)	0.00	0.00	1.69	(2.03)	8.43
RMD	1.07	0.02	(0.04)	0.20	1.63	(1.01)	2.08	(2.59)	11.88
ICUI	1.26	(0.15)	0.00	(0.03)	0.00	0.00	2.77	(2.50)	10.44
COO	0.89	0.10	0.03	0.39	0.86	(0.96)	1.53	(1.64)	13.98
HOLX	0.90	(0.04)	(0.08)	(0.03)	1.43	(0.88)	1.81	(1.79)	8.14
HAE	1.49	0.10	0.07	0.21	1.30	(1.80)	4.24	(2.10)	14.50
BDX	0.84	(0.18)	0.00	(0.15)	0.00	0.00	1.49	(1.42)	7.77
RGEN	2.34	(0.03)	(0.01)	0.08	3.27	(2.36)	4.60	(4.70)	18.94
EMBC	2.79	0.42	0.15	0.36	2.88	(3.04)	6.55	(6.00)	15.60

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