Zomedica Pharmaceuticals Correlations

ZOM Stock

USD 0.13 0.00 0.00%

The current 90-days correlation between Zomedica Pharmaceuticals and Aurora Cannabis is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Zomedica Pharmaceuticals moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Zomedica Pharmaceuticals Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Zomedica Pharmaceuticals Correlation With Market

Significant diversification

The correlation between Zomedica Pharmaceuticals Corp and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zomedica Pharmaceuticals Corp 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 Zomedica Pharmaceuticals Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving against Zomedica Stock

0.37	GSK	GlaxoSmithKline PLC ADR Sell-off Trend	Pair Corr
0.32	KRRO	Frequency Therapeutics	Pair Corr
0.32	AMGN	Amgen Inc	Pair Corr
0.32	PPERF	Bank Mandiri Persero	Pair Corr
0.31	AZN	AstraZeneca PLC ADR	Pair Corr
0.31	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.31	SNY	Sanofi ADR	Pair Corr
0.31	PBCRY	Bank Central Asia Earnings Call This Week	Pair Corr
0.38	KO	Coca Cola Aggressive Push	Pair Corr

Related Correlations Analysis

	TLRY	ACB	CGC	HEXO	OGI	SHPH	MNK	AGRX	LFCR	AQST
TLRY		0.93	0.84	0.33	0.88	0.84	0.76	0.85	-0.66	0.73	TLRY
ACB	0.93		0.88	0.41	0.9	0.83	0.81	0.92	-0.73	0.75	ACB
CGC	0.84	0.88		0.69	0.64	0.79	0.79	0.85	-0.5	0.93	CGC
HEXO	0.33	0.41	0.69		0.07	0.23	0.48	0.48	-0.06	0.73	HEXO
OGI	0.88	0.9	0.64	0.07		0.74	0.67	0.78	-0.76	0.46	OGI
SHPH	0.84	0.83	0.79	0.23	0.74		0.75	0.84	-0.68	0.75	SHPH
MNK	0.76	0.81	0.79	0.48	0.67	0.75		0.91	-0.74	0.76	MNK
AGRX	0.85	0.92	0.85	0.48	0.78	0.84	0.91		-0.81	0.8	AGRX
LFCR	-0.66	-0.73	-0.5	-0.06	-0.76	-0.68	-0.74	-0.81		-0.42	LFCR
AQST	0.73	0.75	0.93	0.73	0.46	0.75	0.76	0.8	-0.42		AQST
	TLRY	ACB	CGC	HEXO	OGI	SHPH	MNK	AGRX	LFCR	AQST

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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

ACB	+ 0.93	TLRY
AQST	+ 0.93	CGC
AGRX	+ 0.92	ACB
AGRX	+ 0.91	MNK
OGI	+ 0.9	ACB
OGI	+ 0.88	TLRY

High negative correlations

LFCR	- 0.81	AGRX
LFCR	- 0.76	OGI
LFCR	- 0.74	MNK
LFCR	- 0.73	ACB
LFCR	- 0.68	SHPH
LFCR	- 0.66	TLRY

Risk-Adjusted Indicators

There is a big difference between Zomedica Stock performing well and Zomedica Pharmaceuticals 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 Zomedica Pharmaceuticals' 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
TLRY	3.03	(0.36)	0.00	(0.37)	0.00	0.00	8.23	(6.04)	23.71
ACB	2.65	(0.51)	0.00	(2.22)	0.00	0.00	5.30	(5.15)	26.91
CGC	3.54	(0.87)	0.00	(1.86)	0.00	0.00	6.41	(7.32)	35.86
HEXO	3.85	(0.73)	0.00	(0.64)	0.00	0.00	5.88	(10.47)	56.99
OGI	2.58	(0.16)	0.00	(1.68)	0.00	0.00	5.23	(5.06)	19.04
SHPH	4.94	(0.33)	0.00	0.66	0.00	0.00	11.48	(8.82)	50.96
MNK	16.59	1.73	0.10	(0.24)	13.99	(33.75)	12.50	(30.95)	504.19
AGRX	3.20	(1.14)	0.00	2.65	0.00	0.00	7.63	(7.16)	19.82
LFCR	3.30	0.60	0.11	0.94	4.59	(3.24)	8.45	(7.10)	28.39
AQST	3.12	(0.59)	0.00	1.16	0.00	0.00	6.23	(7.57)	17.61

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