Butterfly Network Correlations

BFLY Stock

USD 3.96 0.19 4.58%

The current 90-days correlation between Butterfly Network and Pacific Biosciences of is 0.73 (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

Very poor diversification

The correlation between Butterfly Network and DJI is 0.83 (i.e., Very poor 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 bureau of economic analysis.

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

Moving together with Butterfly Stock

0.86	GKOS	Glaukos Corp	Pair Corr
0.64	GMED	Globus Medical	Pair Corr
0.9	4DX	4DMEDICAL	Pair Corr
0.75	IMR	Imricor Medical Systems	Pair Corr
0.62	FPH	Fisher Paykel Healthcare	Pair Corr
0.69	NUTX	Nutex Health	Pair Corr
0.79	BLCO	Bausch Lomb Corp	Pair Corr
0.64	PTAIY	Astra International Tbk	Pair Corr
0.84	SPGX	Sustainable Projects	Pair Corr
0.84	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.81	BA	Boeing Sell-off Trend	Pair Corr
0.73	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Moving against Butterfly Stock

0.84	OTC	Ocumetics Technology Corp	Pair Corr
0.77	AHC	Austco Healthcare	Pair Corr
0.72	STVN	Stevanato Group SpA	Pair Corr
0.67	RHT	Resonance Health	Pair Corr
0.66	NTI	Neurotech International	Pair Corr
0.59	MASI	Masimo	Pair Corr
0.54	ABT	Abbott Laboratories	Pair Corr
0.38	IRTC	iRhythm Technologies	Pair Corr
0.31	EMV	Emvision Medical Devices	Pair Corr
0.81	PBCRY	Bank Central Asia	Pair Corr
0.71	PTAIF	PT Astra International	Pair Corr
0.64	T	ATT Inc Earnings Call This Week	Pair Corr
0.39	BKRKF	PT Bank Rakyat	Pair Corr

Related Correlations Analysis

	PACB	OFIX	VALN	ARVN	SIBN	FLGT	DAWN	AMN	ATXS	EVH
PACB		-0.15	0.42	0.51	-0.09	0.17	0.31	0.43	-0.1	-0.18	PACB
OFIX	-0.15		-0.37	-0.29	0.4	-0.01	-0.71	-0.49	-0.04	0.35	OFIX
VALN	0.42	-0.37		0.15	-0.31	0.03	0.48	0.42	0.04	-0.03	VALN
ARVN	0.51	-0.29	0.15		0.47	0.56	0.53	-0.16	0.4	-0.81	ARVN
SIBN	-0.09	0.4	-0.31	0.47		0.57	-0.04	-0.78	0.52	-0.59	SIBN
FLGT	0.17	-0.01	0.03	0.56	0.57		0.35	-0.48	0.23	-0.74	FLGT
DAWN	0.31	-0.71	0.48	0.53	-0.04	0.35		0.27	0.23	-0.54	DAWN
AMN	0.43	-0.49	0.42	-0.16	-0.78	-0.48	0.27		-0.44	0.43	AMN
ATXS	-0.1	-0.04	0.04	0.4	0.52	0.23	0.23	-0.44		-0.51	ATXS
EVH	-0.18	0.35	-0.03	-0.81	-0.59	-0.74	-0.54	0.43	-0.51		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

FLGT	+ 0.57	SIBN
FLGT	+ 0.56	ARVN
DAWN	+ 0.53	ARVN
ATXS	+ 0.52	SIBN
ARVN	+ 0.51	PACB
DAWN	+ 0.48	VALN

High negative correlations

EVH	- 0.81	ARVN
AMN	- 0.78	SIBN
EVH	- 0.74	FLGT
DAWN	- 0.71	OFIX
EVH	- 0.59	SIBN
EVH	- 0.54	DAWN

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	4.90	0.25	0.05	0.26	4.60	(6.53)	10.80	(7.39)	31.33
OFIX	1.59	(0.33)	0.00	(0.20)	0.00	0.00	3.30	(3.62)	11.43
VALN	2.22	(0.01)	0.00	0.02	2.37	(2.64)	4.83	(4.81)	15.59
ARVN	3.02	0.57	0.15	6.33	3.13	(3.57)	5.91	(5.07)	28.90
SIBN	1.97	0.10	0.03	0.17	2.66	(2.23)	4.90	(3.36)	28.77
FLGT	1.74	0.19	0.12	0.49	1.37	(2.51)	4.24	(2.59)	21.74
DAWN	4.34	0.78	0.19	1.61	3.66	(6.28)	13.81	(6.53)	39.62
AMN	2.51	0.08	0.02	0.17	2.75	(3.06)	4.72	(3.31)	29.87
ATXS	0.85	0.07	0.03	(0.65)	1.00	(0.91)	2.11	(1.67)	6.54
EVH	3.06	(1.24)	0.00	(1.71)	0.00	0.00	4.24	(8.36)	20.55

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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