Align Technology Correlations

ALGN Stock

USD 168.73 0.19 0.11%

The current 90-days correlation between Align Technology and Qiagen NV is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Align Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Align Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Align Technology Correlation With Market

Very poor diversification

The correlation between Align Technology and DJI is 0.88 (i.e., Very poor 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.

Build AI portfolio with Align Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Align Technology. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

To learn how to invest in Align Stock, please use our How to Invest in Align Technology guide.

Moving together with Align Stock

0.61	FONR	Fonar	Pair Corr
0.65	688626	Xiangyu Medical	Pair Corr
0.77	301370	GKHT Medical Technology	Pair Corr
0.82	4DX	4DMEDICAL	Pair Corr
0.83	KRMD	Repro Med Systems	Pair Corr
0.64	IMR	Imricor Medical Systems	Pair Corr

Moving against Align Stock

0.86	ELAB	Elevai Labs Common	Pair Corr
0.67	300869	Contec Medical Systems	Pair Corr
0.59	688617	APT Medical	Pair Corr
0.43	ABT	Abbott Laboratories	Pair Corr
0.43	300633	SonoScape Medical Corp	Pair Corr
0.42	SYK	Stryker Earnings Call This Week	Pair Corr
0.31	TOI	Oncology Institute	Pair Corr
0.31	XTNT	Xtant Medical Holdings	Pair Corr
0.74	603301	Zhende Medical	Pair Corr
0.65	688013	Touchstone International	Pair Corr
0.64	NSPR	InspireMD	Pair Corr
0.59	688310	Maider Medical Industry	Pair Corr
0.5	LUCY	Innovative Eyewear	Pair Corr
0.41	300529	Jafron Biomedical	Pair Corr
0.32	NYXH	Nyxoah	Pair Corr

Related Correlations Analysis

	QGEN	GMED	PEN	ENSG	BMRN	BIO	EXEL	HIMS	RVTY
QGEN		0.23	0.49	-0.03	0.22	0.22	0.17	-0.3	0.82	QGEN
GMED	0.23		0.88	-0.57	0.5	-0.28	0.84	-0.87	0.58	GMED
PEN	0.49	0.88		-0.58	0.55	-0.32	0.77	-0.88	0.73	PEN
ENSG	-0.03	-0.57	-0.58		-0.29	0.56	-0.44	0.62	-0.19	ENSG
BMRN	0.22	0.5	0.55	-0.29		-0.06	0.66	-0.51	0.31	BMRN
BIO	0.22	-0.28	-0.32	0.56	-0.06		-0.32	0.48	0.16	BIO
EXEL	0.17	0.84	0.77	-0.44	0.66	-0.32		-0.83	0.47	EXEL
HIMS	-0.3	-0.87	-0.88	0.62	-0.51	0.48	-0.83		-0.55	HIMS
RVTY	0.82	0.58	0.73	-0.19	0.31	0.16	0.47	-0.55		RVTY
	QGEN	GMED	PEN	ENSG	BMRN	BIO	EXEL	HIMS	RVTY

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

PEN	+ 0.88	GMED
EXEL	+ 0.84	GMED
RVTY	+ 0.82	QGEN
EXEL	+ 0.77	PEN
RVTY	+ 0.73	PEN
EXEL	+ 0.66	BMRN

High negative correlations

HIMS	- 0.88	PEN
HIMS	- 0.87	GMED
HIMS	- 0.83	EXEL
ENSG	- 0.58	PEN
ENSG	- 0.57	GMED
RVTY	- 0.55	HIMS

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
QGEN	1.44	0.32	0.18	(1.01)	1.12	(1.89)	2.86	(2.44)	19.10
GMED	2.03	0.62	0.50	0.57	0.82	(3.23)	3.67	(2.31)	38.89
PEN	1.89	0.58	0.28	1.62	1.36	(2.34)	4.14	(2.61)	23.11
ENSG	0.96	(0.12)	0.00	(0.17)	0.00	0.00	2.51	(1.62)	6.93
BMRN	1.71	0.07	0.03	0.19	1.68	(2.00)	3.20	(3.05)	22.06
BIO	1.40	(0.20)	0.00	(0.09)	0.00	0.00	4.31	(2.90)	8.24
EXEL	1.72	0.33	0.17	0.44	1.58	(2.03)	4.60	(2.93)	11.45
HIMS	2.61	(0.88)	0.00	(0.57)	0.00	0.00	3.89	(5.66)	15.28
RVTY	1.69	0.22	0.16	0.22	1.45	(2.19)	4.52	(2.84)	8.40

Align Technology Corporate Executives

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.

John Morici

CFO Finance

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