AbbVie Correlations

ABBV Stock

USD 175.65 0.39 0.22%

The current 90-days correlation between AbbVie Inc and Merck Company is 0.41 (i.e., Very weak diversification). The correlation of AbbVie 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.

AbbVie Correlation With Market

Average diversification

The correlation between AbbVie Inc 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 AbbVie Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in AbbVie Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with AbbVie Stock

0.61	MRK	Merck Company Earnings Call This Week	Pair Corr
0.7	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.64	INZY	Inozyme Pharma	Pair Corr
0.61	MREO	Mereo BioPharma Group	Pair Corr
0.7	NKTX	Nkarta Inc	Pair Corr
0.71	PDSB	PDS Biotechnology Corp	Pair Corr
0.64	ABOS	Acumen Pharmaceuticals	Pair Corr
0.68	AMGN	Amgen Inc Earnings Call This Week	Pair Corr
0.74	ACET	Adicet Bio	Pair Corr

Moving against AbbVie Stock

0.56	BMY	Bristol Myers Squibb Earnings Call This Week	Pair Corr
0.74	FNMFO	Federal National Mortgage	Pair Corr
0.56	DNOW	Now Inc	Pair Corr
0.52	TGNA	Tegna Inc	Pair Corr
0.44	MNPR	Monopar Therapeutics	Pair Corr
0.39	AVAL	Grupo Aval	Pair Corr

Related Correlations Analysis

	MRK	PFE	LLY	BMY	JNJ	AMGN	GILD
MRK		0.46	0.73	-0.53	0.47	0.39	-0.26	MRK
PFE	0.46		0.65	-0.59	0.44	0.53	-0.16	PFE
LLY	0.73	0.65		-0.46	0.59	0.57	-0.17	LLY
BMY	-0.53	-0.59	-0.46		-0.42	-0.53	0.4	BMY
JNJ	0.47	0.44	0.59	-0.42		0.89	-0.41	JNJ
AMGN	0.39	0.53	0.57	-0.53	0.89		-0.25	AMGN
GILD	-0.26	-0.16	-0.17	0.4	-0.41	-0.25		GILD
	MRK	PFE	LLY	BMY	JNJ	AMGN	GILD

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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

AMGN	+ 0.89	JNJ
LLY	+ 0.73	MRK
LLY	+ 0.65	PFE
JNJ	+ 0.59	LLY
AMGN	+ 0.57	LLY
AMGN	+ 0.53	PFE

High negative correlations

BMY	- 0.59	PFE
AMGN	- 0.53	BMY
BMY	- 0.53	MRK
BMY	- 0.46	LLY
JNJ	- 0.42	BMY
GILD	- 0.41	JNJ

Risk-Adjusted Indicators

There is a big difference between AbbVie Stock performing well and AbbVie 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 AbbVie'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
MRK	1.03	(0.13)	0.00	(0.52)	0.00	0.00	2.00	(2.13)	5.24
PFE	1.16	(0.06)	0.00	1.11	0.00	0.00	2.06	(2.25)	7.04
LLY	1.58	(0.19)	0.00	(0.40)	0.00	0.00	3.25	(4.21)	11.14
BMY	1.30	0.17	0.07	0.74	1.38	(1.42)	3.18	(2.59)	14.38
JNJ	0.81	(0.13)	0.00	(5.50)	0.00	0.00	1.78	(1.74)	5.78
AMGN	1.09	(0.20)	0.00	(0.25)	0.00	0.00	1.85	(2.70)	8.60
GILD	1.01	0.13	0.05	0.59	1.33	(0.96)	1.94	(2.23)	10.79

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