XTANT MEDICAL Correlations

Stocks . Germany . 
Stock . XTANT MEDICAL HLDGS
XMS Stock  EUR 0.34  0.01  3.03%   
The current 90-days correlation between XTANT MEDICAL HLDGS and Applied Materials is -0.18 (i.e., Good diversification). The correlation of XTANT 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.

XTANT MEDICAL Correlation With Market

Good diversification

The correlation between XTANT MEDICAL HLDGS 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 XTANT MEDICAL HLDGS and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to XTANT MEDICAL could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace XTANT MEDICAL when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back XTANT MEDICAL - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling XTANT MEDICAL HLDGS to buy it.

Moving against XTANT Stock

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  0.79ABL Abbott LaboratoriesPairCorr
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  0.78SYK StrykerPairCorr
  0.75EWL Edwards LifesciencesPairCorr
  0.75ZIM Zimmer Biomet HoldingsPairCorr
  0.75GOV InsuletPairCorr
  0.72APC Apple IncPairCorr
  0.41TEV Teva PharmaceuticalPairCorr
  0.86H0O REVO INSURANCE SPAPairCorr
  0.84ADH2 Air CanadaPairCorr
  0.82DC4 DexCom IncPairCorr
  0.81OM6 OReilly AutomotivePairCorr
  0.8ENR Siemens Energy AGPairCorr
  0.75OCBA Oversea Chinese BankingPairCorr
  0.71BRYN Berkshire HathawayPairCorr
  0.7GKD Grand Canyon EducationPairCorr
  0.66CSA Accenture plcPairCorr
  0.56NOAA NokiaPairCorr
  0.49108 Sumitomo Rubber InduPairCorr
  0.461DH Clarkson PLCPairCorr
  0.45FTK flatexDEGIRO AGPairCorr
  0.38FR70 FAST RETAIL ADRPairCorr
  0.363P7 Pandora A/SPairCorr
  0.88BBEA Boston BeerPairCorr
  0.85QAN Qantas AirwaysPairCorr
  0.85TM5 T MobilePairCorr
  0.83BZZ Bank of MontrealPairCorr
  0.79KEY KeyCorpPairCorr
  0.773EC Eaton PLCPairCorr

Related Correlations Analysis

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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   
P4Q
+ 0.76
HAM
31WN
+ 0.42
AP2
P4Q
+ 0.39
I43
E5M
+ 0.29
108
I43
+ 0.12
HAM
HAM
+ 0.1
AP2
  
High negative correlations   
108
- 0.63
HAM
108
- 0.61
AP2
I43
- 0.58
31WN
P4Q
- 0.43
108
I43
- 0.4
E5M
P4Q
- 0.32
31WN

Risk-Adjusted Indicators

There is a big difference between XTANT Stock performing well and XTANT 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 XTANT 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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in XTANT MEDICAL without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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