Beyond Air Correlations

XAIR Stock

USD 0.28 0.02 6.67%

The current 90-days correlation between Beyond Air and Lucid Diagnostics is 0.43 (i.e., Very weak diversification). The correlation of Beyond Air 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.

Beyond Air Correlation With Market

Modest diversification

The correlation between Beyond Air and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Air 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 Beyond Air. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

To learn how to invest in Beyond Stock, please use our How to Invest in Beyond Air guide.

Moving together with Beyond Stock

0.64	DH	Definitive Healthcare	Pair Corr
0.71	OM	Outset Medical	Pair Corr
0.78	VREX	Varex Imaging Corp	Pair Corr
0.69	VVOS	Vivos Therapeutics Earnings Call This Week	Pair Corr
0.69	EKSO	Ekso Bionics Holdings	Pair Corr
0.83	ELAB	Elevai Labs, Common Trending	Pair Corr
0.81	EMBC	Embecta Corp	Pair Corr
0.85	ENOV	Enovis Corp	Pair Corr
0.62	EUDA	EUDA Health Holdings	Pair Corr
0.77	WORX	Scworx Corp	Pair Corr
0.72	FIGS	Figs Inc	Pair Corr
0.9	AMS	American Shared Hospital Earnings Call This Week	Pair Corr
0.74	AWH	Aspira Womens Health Earnings Call This Week	Pair Corr

Moving against Beyond Stock

0.72	CI	Cigna Corp	Pair Corr
0.64	FEMY	Femasys	Pair Corr
0.49	LH	Laboratory	Pair Corr
0.36	DOCS	Doximity	Pair Corr
0.34	EDAP	EDAP TMS SA	Pair Corr
0.78	BAX	Baxter International	Pair Corr
0.73	CHE	Chemed Corp	Pair Corr
0.71	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.7	DGX	Quest Diagnostics	Pair Corr
0.65	ABT	Abbott Laboratories	Pair Corr
0.64	COR	Cencora	Pair Corr
0.63	BKD	Brookdale Senior Living	Pair Corr
0.58	AGL	agilon health	Pair Corr
0.51	CAH	Cardinal Health	Pair Corr
0.48	ALC	Alcon AG Sell-off Trend	Pair Corr

Related Correlations Analysis

	LUCD	NARI	PAVMZ	CLPT	TBIO	RCEL	SGHT	TMCI	CTKB
LUCD		0.92	-0.7	-0.13	0.0	-0.51	-0.78	0.49	-0.8	LUCD
NARI	0.92		-0.76	-0.14	0.0	-0.59	-0.81	0.51	-0.81	NARI
PAVMZ	-0.7	-0.76		0.32	0.0	0.45	0.66	-0.24	0.61	PAVMZ
CLPT	-0.13	-0.14	0.32		0.0	0.08	0.07	0.61	0.3	CLPT
TBIO	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	TBIO
RCEL	-0.51	-0.59	0.45	0.08	0.0		0.84	-0.6	0.68	RCEL
SGHT	-0.78	-0.81	0.66	0.07	0.0	0.84		-0.67	0.84	SGHT
TMCI	0.49	0.51	-0.24	0.61	0.0	-0.6	-0.67		-0.45	TMCI
CTKB	-0.8	-0.81	0.61	0.3	0.0	0.68	0.84	-0.45		CTKB
	LUCD	NARI	PAVMZ	CLPT	TBIO	RCEL	SGHT	TMCI	CTKB

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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

NARI	+ 0.92	LUCD
SGHT	+ 0.84	RCEL
CTKB	+ 0.84	SGHT
CTKB	+ 0.68	RCEL
SGHT	+ 0.66	PAVMZ
CTKB	+ 0.61	PAVMZ

High negative correlations

CTKB	- 0.81	NARI
SGHT	- 0.81	NARI
CTKB	- 0.8	LUCD
SGHT	- 0.78	LUCD
PAVMZ	- 0.76	NARI
PAVMZ	- 0.7	LUCD

Risk-Adjusted Indicators

There is a big difference between Beyond Stock performing well and Beyond Air 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 Beyond Air'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
LUCD	3.50	1.13	0.22	0.68	4.05	(4.20)	8.90	(5.21)	35.88
NARI	2.19	0.79	0.50	3.56	1.00	(2.80)	4.52	(3.20)	30.79
PAVMZ	17.61	3.10	0.10	0.39	18.63	(23.69)	46.00	(32.00)	180.00
CLPT	3.53	(0.02)	0.00	(0.11)	0.00	0.00	6.25	(6.68)	39.95
TBIO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RCEL	3.46	(0.27)	0.00	(0.53)	0.00	0.00	5.61	(7.46)	46.29
SGHT	3.31	(0.27)	0.00	(0.38)	0.00	0.00	7.19	(6.05)	24.66
TMCI	2.74	0.30	0.09	0.11	2.64	(3.40)	8.14	(4.19)	20.40
CTKB	2.61	(0.58)	0.00	(1.28)	0.00	0.00	4.71	(5.17)	27.72

Beyond Air Corporate Management

Duncan Fatkin	Chief Commercial Officer	Profile
Giora MD	Chief Officer	Profile
David Webster	Chief Officer	Profile
Michael Gaul	Chief Officer	Profile
Jeff MD	Chief Officer	Profile

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