Butterfly Network Correlations

BFLY Stock

USD 4.04 0.11 2.65%

The current 90-days correlation between Butterfly Network and Pacific Biosciences of is 0.7 (i.e., Poor diversification). The correlation of Butterfly Network 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.

Butterfly Network Correlation With Market

Weak diversification

The correlation between Butterfly Network and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Butterfly Network and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Butterfly Stock

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

For more information on how to buy Butterfly Stock please use our How to Invest in Butterfly Network guide.

Moving together with Butterfly Stock

0.81	QIPT	Quipt Home Medical	Pair Corr
0.67	HAE	Haemonetics	Pair Corr
0.69	301370	GKHT Medical Technology	Pair Corr
0.85	PRN	Profound Medical Corp	Pair Corr

Moving against Butterfly Stock

0.87	IHC	Inspiration Healthcare	Pair Corr
0.85	OTC	Ocumetics Technology Corp	Pair Corr
0.7	688139	Qingdao Haier Biomedical	Pair Corr
0.7	300869	Contec Medical Systems	Pair Corr
0.68	OM	Outset Medical	Pair Corr
0.68	WOK	WORK Medical Technology	Pair Corr
0.62	688617	APT Medical	Pair Corr
0.61	688358	Chison Medical Techn	Pair Corr
0.61	300633	SonoScape Medical Corp	Pair Corr
0.56	TRLS	Trellus Health plc	Pair Corr
0.52	ICCM	Icecure Medical	Pair Corr
0.45	600587	Shinva Medical Instrument	Pair Corr
0.43	688581	Hangzhou AGS MedTech	Pair Corr
0.42	688151	Hubei Huaqiang High	Pair Corr
0.39	688613	Allgens Medical Tech	Pair Corr
0.38	ABT	Abbott Laboratories Sell-off Trend	Pair Corr
0.36	002901	Double Medical Technology	Pair Corr
0.74	LMAT	LeMaitre Vascular	Pair Corr
0.73	688085	Shanghai Sanyou Medical	Pair Corr
0.73	NGMD	NuGen Medical Devices	Pair Corr
0.65	300314	Ningbo David Medical	Pair Corr
0.65	688013	Touchstone International	Pair Corr
0.62	688310	Maider Medical Industry	Pair Corr
0.6	RMTI	Rockwell Medical	Pair Corr
0.58	300529	Jafron Biomedical	Pair Corr
0.56	CREO	Creo Medical Group	Pair Corr
0.48	MDX	MedX Health Corp	Pair Corr

Related Correlations Analysis

	PACB	OFIX	VALN	ARVN	SIBN	FLGT	DAWN	AMN	ATXS	EVH
PACB		0.75	-0.42	0.49	0.38	0.42	0.03	-0.16	0.53	-0.41	PACB
OFIX	0.75		-0.29	0.32	0.32	0.26	0.09	0.0	0.58	-0.21	OFIX
VALN	-0.42	-0.29		-0.61	-0.62	-0.6	-0.57	0.61	-0.76	0.78	VALN
ARVN	0.49	0.32	-0.61		0.87	0.78	0.6	-0.83	0.52	-0.88	ARVN
SIBN	0.38	0.32	-0.62	0.87		0.79	0.69	-0.86	0.54	-0.89	SIBN
FLGT	0.42	0.26	-0.6	0.78	0.79		0.71	-0.79	0.49	-0.87	FLGT
DAWN	0.03	0.09	-0.57	0.6	0.69	0.71		-0.76	0.46	-0.74	DAWN
AMN	-0.16	0.0	0.61	-0.83	-0.86	-0.79	-0.76		-0.45	0.93	AMN
ATXS	0.53	0.58	-0.76	0.52	0.54	0.49	0.46	-0.45		-0.64	ATXS
EVH	-0.41	-0.21	0.78	-0.88	-0.89	-0.87	-0.74	0.93	-0.64		EVH
	PACB	OFIX	VALN	ARVN	SIBN	FLGT	DAWN	AMN	ATXS	EVH

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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

EVH	+ 0.93	AMN
SIBN	+ 0.87	ARVN
FLGT	+ 0.79	SIBN
EVH	+ 0.78	VALN
FLGT	+ 0.78	ARVN
OFIX	+ 0.75	PACB

High negative correlations

EVH	- 0.89	SIBN
EVH	- 0.88	ARVN
EVH	- 0.87	FLGT
AMN	- 0.86	SIBN
AMN	- 0.83	ARVN
AMN	- 0.79	FLGT

Risk-Adjusted Indicators

There is a big difference between Butterfly Stock performing well and Butterfly Network 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 Butterfly Network'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
PACB	5.31	0.47	0.12	0.26	4.67	(6.97)	14.08	(7.29)	31.45
OFIX	1.58	0.08	0.04	0.16	2.09	(1.67)	3.60	(3.23)	11.43
VALN	2.05	(0.13)	0.00	0.44	0.00	0.00	4.83	(3.36)	14.16
ARVN	3.16	0.40	0.10	1.09	3.24	(3.68)	5.91	(4.42)	28.90
SIBN	2.03	0.59	0.23	105.12	1.64	(2.43)	5.49	(3.36)	20.31
FLGT	1.75	0.29	0.17	0.78	1.20	(2.45)	4.49	(2.27)	21.74
DAWN	3.59	0.51	0.10	(1.75)	3.60	(4.72)	10.35	(5.04)	39.62
AMN	2.15	(0.44)	0.00	(0.24)	0.00	0.00	5.56	(4.02)	18.59
ATXS	1.82	0.93	0.69	(1.56)	0.00	(2.32)	3.02	(1.67)	38.97
EVH	2.94	(1.00)	0.00	(1.67)	0.00	0.00	4.24	(7.42)	22.75

Butterfly Network Corporate Management

David Ramsey	Chief Officer	Profile
John Hammergren	Independent Director	Profile
Dawn Carfora	Independent Director	Profile
Stacey Pugh	Chief Commercial Officer	Profile
Victor Ku	Senior Officer	Profile
John Martin	Chief Medical Officer	Profile

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