GUARDANT HEALTH Correlations

5GH Stock

EUR 33.99 0.36 1.07%

The current 90-days correlation between GUARDANT HEALTH CL and Superior Plus Corp is 0.02 (i.e., Significant diversification). The correlation of GUARDANT HEALTH 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.

GUARDANT HEALTH Correlation With Market

Modest diversification

The correlation between GUARDANT HEALTH CL and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GUARDANT HEALTH CL and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with GUARDANT Stock

0.63	DC4	DexCom Inc	Pair Corr
0.71	SK3	Smurfit Kappa Group	Pair Corr
0.9	RHM	Rheinmetall AG Earnings Call This Week	Pair Corr
0.63	MIE1	Mitsubishi Electric	Pair Corr

Moving against GUARDANT Stock

0.66	8VY	SCANDION ONC DK	Pair Corr
0.61	TN8	Thermo Fisher Scientific	Pair Corr
0.6	DAP	Danaher	Pair Corr
0.57	DAP	Danaher	Pair Corr
0.41	IX1	IDEXX Laboratories	Pair Corr
0.39	QTS	IQVIA Holdings	Pair Corr
0.32	DBPE	Xtrackers LevDAX	Pair Corr

Related Correlations Analysis

	DAP	8SP	6NM	2DG	TLX	2GB	TM9	INVN	IUI1	NOH1
DAP		0.87	0.65	0.66	0.16	-0.23	0.23	-0.64	-0.79	-0.4	DAP
8SP	0.87		0.65	0.75	0.19	-0.33	0.28	-0.76	-0.86	-0.54	8SP
6NM	0.65	0.65		0.26	0.25	0.01	0.24	-0.28	-0.44	-0.13	6NM
2DG	0.66	0.75	0.26		0.04	-0.33	0.19	-0.84	-0.89	-0.71	2DG
TLX	0.16	0.19	0.25	0.04		-0.18	-0.04	0.0	0.01	-0.24	TLX
2GB	-0.23	-0.33	0.01	-0.33	-0.18		-0.01	0.46	0.35	0.55	2GB
TM9	0.23	0.28	0.24	0.19	-0.04	-0.01		-0.09	-0.28	0.23	TM9
INVN	-0.64	-0.76	-0.28	-0.84	0.0	0.46	-0.09		0.87	0.74	INVN
IUI1	-0.79	-0.86	-0.44	-0.89	0.01	0.35	-0.28	0.87		0.58	IUI1
NOH1	-0.4	-0.54	-0.13	-0.71	-0.24	0.55	0.23	0.74	0.58		NOH1
	DAP	8SP	6NM	2DG	TLX	2GB	TM9	INVN	IUI1	NOH1

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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

8SP	+ 0.87	DAP
IUI1	+ 0.87	INVN
2DG	+ 0.75	8SP
NOH1	+ 0.74	INVN
2DG	+ 0.66	DAP
6NM	+ 0.65	DAP

High negative correlations

IUI1	- 0.89	2DG
IUI1	- 0.86	8SP
INVN	- 0.84	2DG
IUI1	- 0.79	DAP
INVN	- 0.76	8SP
NOH1	- 0.71	2DG

Risk-Adjusted Indicators

There is a big difference between GUARDANT Stock performing well and GUARDANT HEALTH 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 GUARDANT HEALTH'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
DAP	1.02	(0.17)	0.00	(0.17)	0.00	0.00	1.95	(2.58)	6.53
8SP	2.05	(0.14)	0.00	0.38	0.00	0.00	3.36	(4.74)	20.22
6NM	1.21	0.10	(0.03)	(0.21)	1.77	(1.29)	2.79	(2.69)	9.64
2DG	4.15	(1.33)	0.00	(2.07)	0.00	0.00	7.14	(8.57)	52.42
TLX	0.97	0.05	(0.06)	13.88	1.13	(1.13)	2.67	(1.64)	7.58
2GB	1.80	(0.03)	(0.04)	0.06	2.19	(2.09)	4.28	(3.67)	13.78
TM9	2.78	(0.05)	0.00	(0.04)	0.00	0.00	5.56	(6.43)	36.50
INVN	2.09	0.36	0.08	(1.50)	2.12	(2.49)	5.61	(4.25)	14.01
IUI1	1.27	0.25	0.13	0.91	1.07	(1.49)	3.28	(1.96)	10.30
NOH1	2.11	0.21	0.08	0.41	1.92	(2.70)	6.61	(3.38)	12.96

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Our tools can tell you how much better you can do entering a position in GUARDANT HEALTH 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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