Avanos Medical Correlations

8HH Stock

EUR 15.50 0.20 1.31%

The current 90-days correlation between Avanos Medical and ESSILORLUXOTTICA 12ON is 0.14 (i.e., Average diversification). The correlation of Avanos Medical 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.

Avanos Medical Correlation With Market

Average diversification

The correlation between Avanos Medical and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avanos Medical and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Avanos Stock

0.79	ESL	EssilorLuxottica Socit	Pair Corr
0.74	ESLC	ESSILORLUXOTTICA 12ON	Pair Corr
0.71	IUI1	Intuitive Surgical Earnings Call This Week	Pair Corr
0.66	APC	Apple Inc	Pair Corr
0.64	APC	Apple Inc	Pair Corr
0.64	APC	Apple Inc	Pair Corr
0.64	APC	Apple Inc	Pair Corr
0.63	APC	Apple Inc	Pair Corr
0.63	APC	Apple Inc	Pair Corr
0.54	MSF	Microsoft	Pair Corr
0.54	MSF	Microsoft	Pair Corr
0.82	C7T	CTT Correios	Pair Corr
0.77	HEI	Heidelberg Materials	Pair Corr
0.76	VRS	VERISIGN	Pair Corr
0.74	CE1	Perdoceo Education	Pair Corr
0.69	MEC	Meiko Electronics	Pair Corr
0.68	CAI	CDN IMPERIAL BANK	Pair Corr
0.64	3BZ	Bank of Zhengzhou	Pair Corr
0.64	FOO	Salesforce	Pair Corr
0.57	MSF	Microsoft	Pair Corr
0.55	BN9	Bank of New York Mellon	Pair Corr
0.52	MSF	Microsoft	Pair Corr
0.49	IFX	Infineon Technologies	Pair Corr
0.47	FTK	flatexDEGIRO AG	Pair Corr
0.46	FDX	FedEx	Pair Corr
0.43	M7U	M-U-T -	Pair Corr
0.42	AAH	AHLERS	Pair Corr
0.37	4DH	Dana Inc	Pair Corr
0.84	KEL	Kellogg Company	Pair Corr
0.84	C8C	Consolidated Communications	Pair Corr
0.82	GIFN	GigaMedia	Pair Corr
0.78	OD7B	ETFS Coffee ETC	Pair Corr

Related Correlations Analysis

	ESLC	IUI1	ESL	BOX	HYB	RMEA	RME	56S1	SRT4	SRT3
ESLC		0.87	0.91	0.08	-0.24	0.32	0.44	-0.15	-0.52	-0.63	ESLC
IUI1	0.87		0.91	0.12	-0.12	0.36	0.46	0.04	-0.36	-0.52	IUI1
ESL	0.91	0.91		0.11	-0.13	0.27	0.4	-0.05	-0.45	-0.59	ESL
BOX	0.08	0.12	0.11		0.1	-0.31	-0.3	0.73	0.48	0.51	BOX
HYB	-0.24	-0.12	-0.13	0.1		0.01	-0.09	0.16	0.25	0.19	HYB
RMEA	0.32	0.36	0.27	-0.31	0.01		0.69	-0.28	-0.19	-0.34	RMEA
RME	0.44	0.46	0.4	-0.3	-0.09	0.69		-0.29	-0.27	-0.38	RME
56S1	-0.15	0.04	-0.05	0.73	0.16	-0.28	-0.29		0.76	0.58	56S1
SRT4	-0.52	-0.36	-0.45	0.48	0.25	-0.19	-0.27	0.76		0.75	SRT4
SRT3	-0.63	-0.52	-0.59	0.51	0.19	-0.34	-0.38	0.58	0.75		SRT3
	ESLC	IUI1	ESL	BOX	HYB	RMEA	RME	56S1	SRT4	SRT3

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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

ESL	+ 0.91	ESLC
ESL	+ 0.91	IUI1
IUI1	+ 0.87	ESLC
SRT4	+ 0.76	56S1
SRT3	+ 0.75	SRT4
56S1	+ 0.73	BOX

High negative correlations

SRT3	- 0.63	ESLC
SRT3	- 0.59	ESL
SRT3	- 0.52	IUI1
SRT4	- 0.52	ESLC
SRT4	- 0.45	ESL
SRT3	- 0.38	RME

Risk-Adjusted Indicators

There is a big difference between Avanos Stock performing well and Avanos Medical 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 Avanos Medical'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
ESLC	0.99	0.16	0.09	2.10	1.02	(1.43)	1.90	(1.77)	8.32
IUI1	1.16	0.40	0.30	1.25	0.84	(1.32)	2.42	(2.20)	11.28
ESL	0.91	0.19	0.16	0.48	0.79	(1.00)	2.06	(1.43)	6.05
BOX	1.07	0.10	0.05	0.50	1.46	(1.18)	2.84	(1.60)	11.26
HYB	1.44	(0.02)	0.00	(0.54)	0.00	0.00	2.61	(2.85)	11.68
RMEA	1.26	0.06	0.03	(1.73)	1.36	(1.56)	2.70	(2.63)	8.11
RME	1.19	0.08	0.04	0.17	1.65	(1.22)	2.10	(2.62)	11.82
56S1	1.99	0.20	0.07	(0.50)	2.24	(2.26)	4.21	(4.05)	26.99
SRT4	2.05	0.07	0.02	(0.35)	2.19	(3.02)	5.99	(5.11)	19.79
SRT3	1.84	(0.01)	0.00	0.07	0.00	0.00	3.99	(4.03)	22.45

Be your own money manager

Our tools can tell you how much better you can do entering a position in Avanos Medical 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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Avanos Medical Corporate Management

Elected by the shareholders, the Avanos Medical's board of directors comprises two types of representatives: Avanos Medical inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Avanos. The board's role is to monitor Avanos Medical's management team and ensure that shareholders' interests are well served. Avanos Medical'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, Avanos Medical's outside directors are responsible for providing unbiased perspectives on the board's policies.

Michelle Scharfenberg	VP Officer	Profile
Scott Galovan	VP Devel	Profile
David Crawford	VP Treasurer	Profile
William Haydon	VP Management	Profile

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