GUARDANT HEALTH Correlations

5GH Stock

EUR 45.77 0.45 0.97%

The current 90-days correlation between GUARDANT HEALTH CL and Jupiter Fund Management is -0.19 (i.e., Good 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

Average diversification

The correlation between GUARDANT HEALTH CL 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 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

0.69	SHL	Siemens Healthineers Earnings Call This Week	Pair Corr
0.87	DC4	DexCom Inc Earnings Call This Week	Pair Corr
0.88	AG8	Agilent Technologies	Pair Corr
0.74	3EJ	LODESTAR MIN Split	Pair Corr
0.85	HBC2	HSBC Holdings plc	Pair Corr
0.61	ASME	ASML Holding NV	Pair Corr
0.83	E908	Lyxor 1	Pair Corr
0.78	DBPE	Xtrackers LevDAX	Pair Corr

Moving against GUARDANT Stock

0.84	DBPD	Xtrackers ShortDAX	Pair Corr
0.74	CXT	Carmat SA	Pair Corr
0.73	27J	Impinj Inc Earnings Call This Week	Pair Corr
0.7	27J	Impinj Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	CEK	4JF	TC7	4QVA	CEK	H1Q	CE1	S9M
CEK		0.29	0.0	0.26	0.98	0.3	0.58	0.34	CEK
4JF	0.29		0.0	-0.14	0.32	0.12	0.05	0.59	4JF
TC7	0.0	0.0		0.0	0.0	0.0	0.0	0.0	TC7
4QVA	0.26	-0.14	0.0		0.28	0.41	0.4	-0.04	4QVA
CEK	0.98	0.32	0.0	0.28		0.29	0.56	0.33	CEK
H1Q	0.3	0.12	0.0	0.41	0.29		0.47	0.17	H1Q
CE1	0.58	0.05	0.0	0.4	0.56	0.47		0.24	CE1
S9M	0.34	0.59	0.0	-0.04	0.33	0.17	0.24		S9M
	CEK	4JF	TC7	4QVA	CEK	H1Q	CE1	S9M

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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

CEK	+ 0.98	CEK
S9M	+ 0.59	4JF
CE1	+ 0.58	CEK
CE1	+ 0.56	CEK
CE1	+ 0.47	H1Q
H1Q	+ 0.41	4QVA

High negative correlations

4QVA	- 0.14	4JF
S9M	- 0.04	4QVA
S9M	- 0.0	TC7
CE1	- 0.0	TC7
H1Q	- 0.0	TC7
CEK	- 0.0	TC7

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
CEK	1.73	0.16	0.03	2.05	1.74	(2.77)	4.76	(4.03)	13.80
4JF	1.83	(0.11)	0.00	0.41	0.00	0.00	3.92	(3.96)	12.55
TC7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
4QVA	1.21	0.02	0.00	0.11	1.75	(5.84)	5.88	(5.56)	11.44
CEK	2.09	0.16	0.04	0.37	2.42	(2.52)	6.03	(4.50)	20.06
H1Q	2.04	0.20	0.02	(0.47)	2.26	(5.80)	8.33	(4.17)	16.70
CE1	1.70	0.55	0.22	82.90	1.39	(2.38)	3.17	(2.53)	16.69
S9M	1.87	(0.05)	0.00	(0.19)	0.00	0.00	3.92	(4.80)	16.62

Be your own money manager

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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