Align Technology Correlations

AFW Stock

EUR 215.80 1.50 0.69%

The current 90-days correlation between Align Technology and Superior Plus Corp is -0.03 (i.e., Good diversification). The correlation of Align Technology 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.

Align Technology Correlation With Market

Average diversification

The correlation between Align Technology and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Align Technology and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Align Stock

0.63	2M6	Medtronic PLC	Pair Corr
0.44	ABL	Abbott Laboratories	Pair Corr
0.41	ABL	Abbott Laboratories	Pair Corr

Related Correlations Analysis

	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1	6HW
8SP		0.66	0.32	0.73	0.24	0.26	-0.75	-0.85	0.61	8SP
6NM	0.66		0.45	0.22	0.22	0.23	-0.31	-0.43	0.16	6NM
39O1	0.32	0.45		0.17	-0.22	0.46	-0.05	-0.26	-0.13	39O1
2DG	0.73	0.22	0.17		0.11	0.18	-0.81	-0.88	0.8	2DG
TLX	0.24	0.22	-0.22	0.11		-0.01	-0.09	-0.06	0.35	TLX
TM9	0.26	0.23	0.46	0.18	-0.01		-0.05	-0.26	0.0	TM9
INVN	-0.75	-0.31	-0.05	-0.81	-0.09	-0.05		0.86	-0.77	INVN
IUI1	-0.85	-0.43	-0.26	-0.88	-0.06	-0.26	0.86		-0.67	IUI1
6HW	0.61	0.16	-0.13	0.8	0.35	0.0	-0.77	-0.67		6HW
	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1	6HW

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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

IUI1	+ 0.86	INVN
6HW	+ 0.8	2DG
2DG	+ 0.73	8SP
6NM	+ 0.66	8SP
6HW	+ 0.61	8SP
TM9	+ 0.46	39O1

High negative correlations

IUI1	- 0.88	2DG
IUI1	- 0.85	8SP
INVN	- 0.81	2DG
6HW	- 0.77	INVN
INVN	- 0.75	8SP
6HW	- 0.67	IUI1

Risk-Adjusted Indicators

There is a big difference between Align Stock performing well and Align Technology 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 Align Technology'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
8SP	2.10	(0.08)	0.00	0.28	0.00	0.00	3.38	(4.74)	20.22
6NM	1.23	0.12	(0.02)	(0.27)	1.76	(1.32)	2.79	(2.69)	9.64
39O1	3.77	0.19	0.04	0.34	3.51	(5.27)	8.41	(5.38)	34.42
2DG	3.89	(1.59)	0.00	(2.90)	0.00	0.00	6.45	(8.57)	52.42
TLX	0.97	0.00	(0.06)	0.00	1.13	(1.12)	2.67	(1.64)	7.58
TM9	2.78	(0.03)	(0.02)	0.04	4.26	(3.08)	5.56	(6.43)	36.50
INVN	2.16	0.26	0.04	(1.02)	2.54	(2.55)	5.61	(4.98)	14.01
IUI1	1.27	0.25	0.13	0.88	1.09	(1.49)	3.28	(1.96)	10.01
6HW	0.42	(0.11)	0.00	1.46	0.00	0.00	1.21	(1.80)	5.39

Be your own money manager

Our tools can tell you how much better you can do entering a position in Align Technology 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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Align Technology Corporate Management

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

Emory Wright	Ex Operations	Profile
Vamsi Pudipeddi	Chief VP	Profile
Simon Beard	MD VP	Profile
Jennifer OlsonWilk	Ex Success	Profile
John Morici	CFO Fin	Profile
Stuart Hockridge	Ex HR	Profile
Zelko Relic	Ex CTO	Profile

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