Zimmer Biomet Correlations

ZIM Stock

EUR 100.55 2.69 2.75%

The current 90-days correlation between Zimmer Biomet Holdings and Japan Asia Investment is 0.34 (i.e., Weak 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Zimmer Biomet Correlation With Market

Good diversification

The correlation between Zimmer Biomet Holdings and DJI is -0.03 (i.e., Good 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.

The ability to find closely correlated positions to Zimmer Biomet could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Zimmer Biomet 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 Zimmer Biomet - 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 Zimmer Biomet Holdings to buy it.

Moving together with Zimmer Stock

0.61

BUU

DevEx Resources

Pair Corr

Moving against Zimmer Stock

0.52	FFP	Peugeot Invest Socit Earnings Call Tomorrow	Pair Corr
0.36	TQI	TELECOM ITALIA	Pair Corr
0.34	GSR	Gossan Resources	Pair Corr
0.63	ABR	Barrick Gold	Pair Corr
0.61	KB2	MATSA RESOURCES	Pair Corr
0.54	M1W	GOLDQUEST MINING	Pair Corr
0.5	HSB	HANG SENG BK	Pair Corr
0.48	WAC	Wacker Neuson SE	Pair Corr
0.46	SLT	SCHALTBAU HOLDING	Pair Corr
0.46	SOBA	ATT Inc	Pair Corr
0.45	A4A	ANGLO ASIAN MINING	Pair Corr
0.43	AF4	HANOVER INSURANCE	Pair Corr
0.41	6E2	Endeavour Mining PLC	Pair Corr
0.37	RTHA	Wilmar International	Pair Corr
0.37	JCM	Japan Cash Machine	Pair Corr
0.59	NNND	Tencent Holdings	Pair Corr
0.57	G1A	GEA GROUP	Pair Corr
0.53	UT8	Uber Technologies	Pair Corr
0.46	ESLC	ESSILORLUXOTTICA 12ON	Pair Corr
0.45	KEI	Keisei Electric Railway Split	Pair Corr
0.42	RHM	Rheinmetall AG	Pair Corr

Related Correlations Analysis

	0GS	OS3	JAN	6UY	TKE	1IZ1	ESY	5NU
0GS		0.04	-0.31	-0.33	0.5	0.88	-0.24	-0.34	0GS
OS3	0.04		-0.57	-0.6	-0.33	0.07	-0.04	-0.17	OS3
JAN	-0.31	-0.57		0.6	0.3	-0.27	0.04	0.07	JAN
6UY	-0.33	-0.6	0.6		0.02	-0.41	0.12	0.35	6UY
TKE	0.5	-0.33	0.3	0.02		0.64	-0.11	0.12	TKE
1IZ1	0.88	0.07	-0.27	-0.41	0.64		-0.21	-0.28	1IZ1
ESY	-0.24	-0.04	0.04	0.12	-0.11	-0.21		0.22	ESY
5NU	-0.34	-0.17	0.07	0.35	0.12	-0.28	0.22		5NU
	0GS	OS3	JAN	6UY	TKE	1IZ1	ESY	5NU

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

1IZ1	+ 0.88	0GS
1IZ1	+ 0.64	TKE
6UY	+ 0.6	JAN
TKE	+ 0.5	0GS
5NU	+ 0.35	6UY
TKE	+ 0.3	JAN

High negative correlations

6UY	- 0.6	OS3
JAN	- 0.57	OS3
1IZ1	- 0.41	6UY
5NU	- 0.34	0GS
TKE	- 0.33	OS3
6UY	- 0.33	0GS

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
0GS	1.65	(0.02)	0.00	0.30	0.00	0.00	4.13	(2.49)	16.21
OS3	1.12	(0.03)	0.05	(0.01)	1.33	(1.88)	1.69	(1.61)	8.12
JAN	1.75	0.46	0.29	(1.46)	1.46	(2.52)	4.92	(3.01)	18.21
6UY	1.44	(0.01)	0.00	(0.14)	0.00	0.00	3.14	(2.99)	9.28
TKE	1.30	0.14	0.12	0.27	1.55	(1.51)	2.42	(2.45)	20.36
1IZ1	1.39	0.01	0.00	(0.08)	0.00	0.00	2.53	(2.86)	9.05
ESY	1.86	0.15	0.11	(0.63)	1.80	(3.29)	4.05	(3.41)	16.55
5NU	1.34	(0.03)	0.00	0.08	0.00	0.00	2.84	(2.78)	8.89

Be your own money manager

Our tools can tell you how much better you can do entering a position in Zimmer Biomet 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.

Did you try this?

Run Technical Analysis Now

Technical Analysis

Check basic technical indicators and analysis based on most latest market data

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC