Zimmer Biomet Correlations

ZBH Stock

USD 111.24 0.51 0.46%

The current 90-days correlation between Zimmer Biomet Holdings and Edwards Lifesciences Corp is -0.02 (i.e., Good diversification). The correlation of Zimmer Biomet 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.

Zimmer Biomet Correlation With Market

Significant diversification

The correlation between Zimmer Biomet Holdings and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zimmer Biomet Holdings 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 Zimmer Biomet Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving against Zimmer Stock

0.42	HIMS	Hims Hers Health Aggressive Push	Pair Corr
0.41	TMDX	TransMedics Group	Pair Corr
0.31	INFU	InfuSystems Holdings	Pair Corr
0.31	ELEV	Elevation Oncology	Pair Corr
0.6	LYRA	Lyra Therapeutics	Pair Corr
0.32	PMVP	Pmv Pharmaceuticals	Pair Corr

Related Correlations Analysis

	OFIX	SRDX	LUNG	CVRX	EW	MDT	ABT	BSX	SYK	CNMD
OFIX		0.38	-0.46	0.77	0.21	0.04	0.03	0.43	0.6	0.57	OFIX
SRDX	0.38		-0.5	0.37	0.52	-0.82	-0.75	-0.51	-0.24	0.75	SRDX
LUNG	-0.46	-0.5		-0.48	-0.07	0.4	0.59	0.32	0.12	-0.83	LUNG
CVRX	0.77	0.37	-0.48		-0.11	0.04	-0.16	0.36	0.5	0.55	CVRX
EW	0.21	0.52	-0.07	-0.11		-0.53	-0.27	-0.2	-0.2	0.23	EW
MDT	0.04	-0.82	0.4	0.04	-0.53		0.88	0.8	0.69	-0.56	MDT
ABT	0.03	-0.75	0.59	-0.16	-0.27	0.88		0.78	0.66	-0.65	ABT
BSX	0.43	-0.51	0.32	0.36	-0.2	0.8	0.78		0.86	-0.37	BSX
SYK	0.6	-0.24	0.12	0.5	-0.2	0.69	0.66	0.86		-0.07	SYK
CNMD	0.57	0.75	-0.83	0.55	0.23	-0.56	-0.65	-0.37	-0.07		CNMD
	OFIX	SRDX	LUNG	CVRX	EW	MDT	ABT	BSX	SYK	CNMD

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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

ABT	+ 0.88	MDT
SYK	+ 0.86	BSX
BSX	+ 0.8	MDT
BSX	+ 0.78	ABT
CVRX	+ 0.77	OFIX
CNMD	+ 0.75	SRDX

High negative correlations

CNMD	- 0.83	LUNG
MDT	- 0.82	SRDX
ABT	- 0.75	SRDX
CNMD	- 0.65	ABT
CNMD	- 0.56	MDT
MDT	- 0.53	EW

Risk-Adjusted Indicators

There is a big difference between Zimmer Stock performing well and Zimmer Biomet 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 Zimmer Biomet'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
OFIX	1.23	(0.06)	0.00	(0.14)	0.00	0.00	2.18	(2.74)	6.60
SRDX	1.50	(0.36)	0.00	(0.67)	0.00	0.00	2.15	(5.79)	10.84
LUNG	3.29	0.47	0.15	(2.08)	3.16	(3.75)	6.59	(5.54)	41.39
CVRX	3.11	0.12	0.02	0.02	3.81	(3.34)	5.58	(6.75)	14.59
EW	1.08	(0.03)	0.00	(0.12)	0.00	0.00	2.06	(1.97)	9.48
MDT	1.04	0.18	0.12	0.36	1.66	(0.99)	2.48	(1.65)	11.49
ABT	1.04	0.20	0.16	0.38	1.23	(1.02)	2.53	(1.91)	8.04
BSX	0.99	0.22	0.13	0.21	1.56	(0.97)	1.88	(2.65)	9.35
SYK	1.01	0.03	0.00	(0.02)	0.00	0.00	2.25	(1.71)	6.96
CNMD	1.67	(0.22)	0.00	(0.35)	0.00	0.00	3.52	(3.53)	13.79

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