Zai Lab Correlations

ZLAB Stock

USD 37.92 0.43 1.12%

The current 90-days correlation between Zai Lab and Legend Biotech Corp is 0.4 (i.e., Very weak diversification). The correlation of Zai Lab 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.

Zai Lab Correlation With Market

Significant diversification

The correlation between Zai Lab and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zai Lab 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 Zai Lab. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Zai Stock refer to our How to Trade Zai Stock guide.

Moving together with Zai Stock

0.72	VALN	Valneva SE ADR	Pair Corr
0.88	DVAX	Dynavax Technologies	Pair Corr
0.74	VRNA	Verona Pharma PLC	Pair Corr
0.78	VRTX	Vertex Pharmaceuticals	Pair Corr

Moving against Zai Stock

0.88	VCEL	Vericel Corp Ord	Pair Corr
0.86	ME	23Andme Holding	Pair Corr
0.86	VCYT	Veracyte	Pair Corr
0.74	DNLI	Denali Therapeutics	Pair Corr
0.73	VANI	Vivani Medical Earnings Call This Week	Pair Corr
0.73	VERA	Vera Therapeutics	Pair Corr
0.72	A	Agilent Technologies	Pair Corr
0.7	DRTS	Alpha Tau Medical	Pair Corr
0.7	VINC	Vincerx Pharma	Pair Corr
0.66	CDIOW	Cardio Diagnostics	Pair Corr
0.64	SABSW	SAB Biotherapeutics	Pair Corr
0.6	VKTX	Viking Therapeutics	Pair Corr
0.85	VRPX	Virpax Pharmaceuticals	Pair Corr
0.81	VYGR	Voyager Therapeutics	Pair Corr
0.81	ELAN	Elanco Animal Health	Pair Corr
0.77	VRDN	Viridian Therapeutics Downward Rally	Pair Corr
0.77	VTRS	Viatris	Pair Corr
0.73	ELEV	Elevation Oncology	Pair Corr
0.72	VTYX	Ventyx Biosciences	Pair Corr
0.72	VXRT	Vaxart Inc	Pair Corr
0.7	VRAX	Virax Biolabs Group	Pair Corr
0.62	DYAI	Dyadic International Earnings Call This Week	Pair Corr
0.59	VYNE	Vyne Therapeutics	Pair Corr
0.54	ELDN	Eledon Pharmaceuticals Earnings Call This Week	Pair Corr
0.37	VRCA	Verrica Pharmaceuticals	Pair Corr

Related Correlations Analysis

	CCCC	ERAS	CGEM	LEGN	SGEN	ALNY	ASND	ROIV	KRYS
CCCC		0.82	0.87	-0.28	0.0	0.14	-0.66	0.78	-0.5	CCCC
ERAS	0.82		0.94	-0.3	0.0	-0.26	-0.4	0.9	-0.25	ERAS
CGEM	0.87	0.94		-0.24	0.0	-0.05	-0.52	0.9	-0.37	CGEM
LEGN	-0.28	-0.3	-0.24		0.0	0.4	0.17	-0.2	0.49	LEGN
SGEN	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SGEN
ALNY	0.14	-0.26	-0.05	0.4	0.0		-0.54	-0.17	-0.27	ALNY
ASND	-0.66	-0.4	-0.52	0.17	0.0	-0.54		-0.33	0.64	ASND
ROIV	0.78	0.9	0.9	-0.2	0.0	-0.17	-0.33		-0.13	ROIV
KRYS	-0.5	-0.25	-0.37	0.49	0.0	-0.27	0.64	-0.13		KRYS
	CCCC	ERAS	CGEM	LEGN	SGEN	ALNY	ASND	ROIV	KRYS

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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

CGEM	+ 0.94	ERAS
ROIV	+ 0.9	ERAS
ROIV	+ 0.9	CGEM
CGEM	+ 0.87	CCCC
ERAS	+ 0.82	CCCC
ROIV	+ 0.78	CCCC

High negative correlations

ASND	- 0.66	CCCC
ASND	- 0.54	ALNY
ASND	- 0.52	CGEM
KRYS	- 0.5	CCCC
ASND	- 0.4	ERAS
KRYS	- 0.37	CGEM

Risk-Adjusted Indicators

There is a big difference between Zai Stock performing well and Zai Lab 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 Zai Lab'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
CCCC	3.57	(0.73)	0.00	(0.38)	0.00	0.00	7.10	(8.28)	20.72
ERAS	3.30	(0.86)	0.00	(0.69)	0.00	0.00	7.57	(8.74)	21.39
CGEM	2.57	(0.41)	0.00	(0.68)	0.00	0.00	5.13	(6.43)	15.27
LEGN	2.58	(0.10)	0.00	1.40	0.00	0.00	6.15	(5.80)	14.84
SGEN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ALNY	1.67	0.10	0.05	0.00	2.00	(1.98)	4.37	(3.50)	15.40
ASND	2.54	0.51	0.20	0.39	2.22	(3.02)	5.86	(3.90)	18.15
ROIV	1.47	(0.10)	0.00	(0.21)	0.00	0.00	3.46	(3.79)	8.81
KRYS	2.17	0.10	0.05	0.11	2.96	(2.17)	3.40	(5.10)	16.57

Zai Lab Corporate Management

Peter Huang	Chief Officer	Profile
Dr MBA	Chief Officer	Profile
Joshua Smiley	Chief Officer	Profile
Frazor III	Chief Sec	Profile
Christine Chiou	Senior Relations	Profile
Harald MD	Autoimmune Neuroscience	Profile

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