AngioDynamics Correlations

ANGO Stock

USD 6.74 0.02 0.30%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AngioDynamics moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AngioDynamics moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AngioDynamics Correlation With Market

Very weak diversification

The correlation between AngioDynamics and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AngioDynamics 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 AngioDynamics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

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

Moving together with AngioDynamics Stock

0.72	EMBC	Embecta Corp	Pair Corr
0.65	HBIO	Harvard Bioscience	Pair Corr
0.66	NEPH	Nephros	Pair Corr
0.67	POAI	Predictive Oncology	Pair Corr
0.62	POCI	Precision Optics,	Pair Corr

Moving against AngioDynamics Stock

0.34	ATR	AptarGroup	Pair Corr
0.43	MBOT	Microbot Medical	Pair Corr
0.39	NYXH	Nyxoah	Pair Corr

Related Correlations Analysis

	NSTG	ATRI	ATR	KRMD	ATRC	AKYA	ICUI	HAE	MMSI
NSTG		0.0	-0.91	-0.63	-0.57	-0.38	-0.58	-0.3	-0.46	NSTG
ATRI	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	ATRI
ATR	-0.91	0.0		0.64	0.7	0.4	0.48	0.48	0.54	ATR
KRMD	-0.63	0.0	0.64		0.62	-0.12	0.16	0.59	0.82	KRMD
ATRC	-0.57	0.0	0.7	0.62		0.1	0.02	0.69	0.64	ATRC
AKYA	-0.38	0.0	0.4	-0.12	0.1		0.75	0.01	-0.04	AKYA
ICUI	-0.58	0.0	0.48	0.16	0.02	0.75		-0.01	0.16	ICUI
HAE	-0.3	0.0	0.48	0.59	0.69	0.01	-0.01		0.64	HAE
MMSI	-0.46	0.0	0.54	0.82	0.64	-0.04	0.16	0.64		MMSI
	NSTG	ATRI	ATR	KRMD	ATRC	AKYA	ICUI	HAE	MMSI

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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

MMSI	+ 0.82	KRMD
ICUI	+ 0.75	AKYA
ATRC	+ 0.7	ATR
HAE	+ 0.69	ATRC
KRMD	+ 0.64	ATR
MMSI	+ 0.64	ATRC

High negative correlations

ATR	- 0.91	NSTG
KRMD	- 0.63	NSTG
ICUI	- 0.58	NSTG
ATRC	- 0.57	NSTG
MMSI	- 0.46	NSTG
AKYA	- 0.38	NSTG

Risk-Adjusted Indicators

There is a big difference between AngioDynamics Stock performing well and AngioDynamics 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 AngioDynamics' 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
NSTG	4.23	(1.30)	0.00	(1.35)	0.00	0.00	6.99	(7.81)	36.01
ATRI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ATR	0.71	0.13	0.08	0.31	0.88	(0.75)	1.47	(1.37)	7.86
KRMD	2.60	0.77	0.22	6.23	2.27	(3.10)	6.37	(4.40)	18.56
ATRC	1.87	0.55	0.22	(1.56)	1.42	(2.27)	4.67	(3.12)	23.09
AKYA	3.86	(0.16)	0.00	(0.11)	0.00	0.00	8.59	(4.96)	40.94
ICUI	1.22	(0.01)	0.01	0.09	1.32	(1.30)	2.87	(2.38)	7.25
HAE	1.47	0.05	0.06	0.14	1.37	(1.81)	4.24	(2.10)	14.50
MMSI	0.88	0.15	0.10	0.37	0.71	(0.95)	2.11	(1.23)	6.42

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