Medtronic PLC Correlations

2M6 Stock

86.88 0.86 1.00%

The current 90-days correlation between Medtronic PLC and Costco Wholesale is -0.1 (i.e., Good diversification). The correlation of Medtronic PLC 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.

Medtronic PLC Correlation With Market

Average diversification

The correlation between Medtronic PLC and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Medtronic PLC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Medtronic Stock

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0.69	APC	Apple Inc	Pair Corr
0.69	APC	Apple Inc	Pair Corr
0.69	APC	Apple Inc	Pair Corr
0.68	APC	Apple Inc	Pair Corr
0.67	APC	Apple Inc	Pair Corr
0.65	BZG2	BANK CENTRAL ASIA	Pair Corr
0.6	BZG2	BANK CENTRAL ASIA	Pair Corr
0.57	MSF	Microsoft	Pair Corr
0.57	MSF	Microsoft	Pair Corr
0.55	MSF	Microsoft	Pair Corr
0.54	MSF	Microsoft	Pair Corr
0.33	PQ9	PT Bank Mandiri	Pair Corr

Related Correlations Analysis

	VEFW	CTO	CZ2	RSO	CS2	PIK	NY70
VEFW		0.72	-0.39	-0.13	0.66	-0.1	-0.27	VEFW
CTO	0.72		-0.03	-0.49	0.8	-0.08	-0.01	CTO
CZ2	-0.39	-0.03		-0.07	0.16	-0.02	0.44	CZ2
RSO	-0.13	-0.49	-0.07		-0.34	0.47	-0.09	RSO
CS2	0.66	0.8	0.16	-0.34		-0.22	-0.09	CS2
PIK	-0.1	-0.08	-0.02	0.47	-0.22		-0.06	PIK
NY70	-0.27	-0.01	0.44	-0.09	-0.09	-0.06		NY70
	VEFW	CTO	CZ2	RSO	CS2	PIK	NY70

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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

CS2	+ 0.8	CTO
CTO	+ 0.72	VEFW
CS2	+ 0.66	VEFW
PIK	+ 0.47	RSO
NY70	+ 0.44	CZ2
CS2	+ 0.16	CZ2

High negative correlations

RSO	- 0.49	CTO
CZ2	- 0.39	VEFW
CS2	- 0.34	RSO
NY70	- 0.27	VEFW
PIK	- 0.22	CS2
RSO	- 0.13	VEFW

Risk-Adjusted Indicators

There is a big difference between Medtronic Stock performing well and Medtronic PLC 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 Medtronic PLC'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
VEFW	0.57	0.07	0.10	0.36	0.60	(0.63)	1.36	(1.21)	3.27
CTO	1.12	0.19	0.19	0.53	0.87	(1.38)	3.35	(1.72)	5.86
CZ2	0.99	0.03	0.03	(0.62)	1.24	(1.00)	2.23	(2.29)	7.28
RSO	1.11	(0.03)	0.00	(0.07)	0.00	0.00	3.00	(1.86)	11.58
CS2	1.05	0.03	0.02	0.07	1.36	(1.12)	2.14	(2.51)	6.66
PIK	1.44	0.15	0.08	(0.65)	1.61	(1.91)	3.62	(3.01)	12.62
NY70	1.69	0.31	0.09	(0.65)	1.89	(3.80)	6.86	(3.67)	16.54

Be your own money manager

Our tools can tell you how much better you can do entering a position in Medtronic PLC 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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Medtronic PLC Corporate Management

Elected by the shareholders, the Medtronic PLC's board of directors comprises two types of representatives: Medtronic PLC inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Medtronic. The board's role is to monitor Medtronic PLC's management team and ensure that shareholders' interests are well served. Medtronic PLC's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Medtronic PLC's outside directors are responsible for providing unbiased perspectives on the board's policies.

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