Bio Rad Correlations

BIO Stock

USD 299.96 5.06 1.72%

The current 90-days correlation between Bio Rad Laboratories and Globus Medical is 0.12 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bio Rad moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bio Rad Laboratories moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bio Rad Correlation With Market

Good diversification

The correlation between Bio Rad Laboratories and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bio Rad Laboratories and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bio Stock

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

Moving together with Bio Stock

0.85	A	Agilent Technologies Earnings Call This Week	Pair Corr
0.64	TEM	Tempus AI Class	Pair Corr

Moving against Bio Stock

0.45	YLLXF	Yellow Cake plc	Pair Corr
0.41	SLF	Sun Life Financial Earnings Call Today	Pair Corr
0.37	APETF	Alpha Esports Tech	Pair Corr
0.37	RCKY	Rocky Brands	Pair Corr
0.35	ENS	Enersys Earnings Call Today	Pair Corr
0.31	RILYL	B Riley Financial	Pair Corr
0.54	NFG	National Fuel Gas	Pair Corr
0.53	AROC	Archrock Symbol Change	Pair Corr
0.41	FCAP	First Capital	Pair Corr
0.41	PGEZF	Group Ten Metals	Pair Corr
0.39	TFLM	TFLM	Pair Corr
0.39	OBYCF	Obayashi	Pair Corr

Related Correlations Analysis

	GMED	ALGN	ATR	HSIC	GRFS	HQY	CRL	PEN	DVA	MASI
GMED		0.55	0.4	0.57	0.25	-0.23	0.61	0.66	-0.33	-0.19	GMED
ALGN	0.55		0.76	0.87	0.72	-0.74	0.7	0.75	0.04	-0.54	ALGN
ATR	0.4	0.76		0.65	0.51	-0.64	0.35	0.64	0.28	-0.34	ATR
HSIC	0.57	0.87	0.65		0.61	-0.53	0.71	0.69	-0.08	-0.49	HSIC
GRFS	0.25	0.72	0.51	0.61		-0.67	0.63	0.59	0.08	-0.67	GRFS
HQY	-0.23	-0.74	-0.64	-0.53	-0.67		-0.62	-0.75	-0.05	0.46	HQY
CRL	0.61	0.7	0.35	0.71	0.63	-0.62		0.79	-0.53	-0.51	CRL
PEN	0.66	0.75	0.64	0.69	0.59	-0.75	0.79		-0.18	-0.35	PEN
DVA	-0.33	0.04	0.28	-0.08	0.08	-0.05	-0.53	-0.18		0.08	DVA
MASI	-0.19	-0.54	-0.34	-0.49	-0.67	0.46	-0.51	-0.35	0.08		MASI
	GMED	ALGN	ATR	HSIC	GRFS	HQY	CRL	PEN	DVA	MASI

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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

HSIC	+ 0.87	ALGN
PEN	+ 0.79	CRL
ATR	+ 0.76	ALGN
PEN	+ 0.75	ALGN
GRFS	+ 0.72	ALGN
CRL	+ 0.71	HSIC

High negative correlations

PEN	- 0.75	HQY
HQY	- 0.74	ALGN
MASI	- 0.67	GRFS
HQY	- 0.67	GRFS
HQY	- 0.64	ATR
CRL	- 0.62	HQY

Risk-Adjusted Indicators

There is a big difference between Bio Stock performing well and Bio Rad 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 Bio Rad'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
GMED	2.00	0.55	0.42	0.63	0.86	(3.12)	3.67	(2.45)	38.89
ALGN	1.71	0.44	0.30	0.37	1.16	(2.16)	4.70	(2.54)	11.36
ATR	1.10	0.23	0.16	0.34	1.09	(1.31)	2.93	(1.51)	8.15
HSIC	1.22	0.11	0.07	0.22	1.35	(1.33)	2.63	(2.60)	6.00
GRFS	1.48	0.05	(0.01)	0.36	2.12	(1.43)	3.23	(3.28)	8.19
HQY	1.66	(0.34)	0.00	(0.29)	0.00	0.00	2.57	(3.45)	16.72
CRL	1.68	(0.01)	0.02	0.08	2.04	(1.99)	3.93	(2.40)	14.56
PEN	1.75	0.62	0.36	1.81	1.00	(2.25)	4.14	(1.94)	23.11
DVA	1.75	0.23	0.09	1.23	1.66	(2.31)	4.25	(3.23)	26.79
MASI	1.58	(0.13)	0.00	(0.12)	0.00	0.00	3.02	(2.71)	10.00

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