Bristol Myers Correlations

BMY Stock

USD 59.14 0.38 0.65%

The current 90-days correlation between Bristol Myers Squibb and AbbVie Inc is -0.01 (i.e., Good diversification). The correlation of Bristol Myers 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.

Bristol Myers Correlation With Market

Average diversification

The correlation between Bristol Myers Squibb and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb 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 Bristol Myers Squibb. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Bristol Stock

0.65

MDGL

Madrigal Pharmaceuticals

Pair Corr

Moving against Bristol Stock

0.66	INZY	Inozyme Pharma	Pair Corr
0.65	LPTX	Leap Therapeutics	Pair Corr
0.59	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.59	NKTX	Nkarta Inc	Pair Corr
0.59	PDSB	PDS Biotechnology Corp	Pair Corr
0.55	MREO	Mereo BioPharma Group	Pair Corr
0.53	MRK	Merck Company Earnings Call This Week	Pair Corr
0.46	LLY	Eli Lilly Earnings Call This Week	Pair Corr
0.42	JNJ	Johnson Johnson	Pair Corr
0.34	PLRX	Pliant Therapeutics	Pair Corr
0.63	APTO	Aptose Biosciences	Pair Corr
0.56	ABBV	AbbVie Inc Earnings Call Tomorrow	Pair Corr
0.53	AMGN	Amgen Inc Earnings Call This Week	Pair Corr
0.52	ABOS	Acumen Pharmaceuticals	Pair Corr
0.4	BDTX	Black Diamond Therap	Pair Corr
0.4	TERN	Terns Pharmaceuticals Buyout Trend	Pair Corr
0.35	ADAP	Adaptimmune Therapeutics	Pair Corr
0.35	AFMD	Affimed NV	Pair Corr
0.66	ACET	Adicet Bio	Pair Corr
0.33	DAWN	Day One Biopharmaceu	Pair Corr

Related Correlations Analysis

	ABBV	MRK	GILD	JNJ	LLY	PFE	AMGN	BIIB
ABBV		0.61	-0.13	0.6	0.53	0.7	0.68	0.68	ABBV
MRK	0.61		-0.26	0.47	0.73	0.46	0.39	0.6	MRK
GILD	-0.13	-0.26		-0.41	-0.17	-0.16	-0.25	-0.41	GILD
JNJ	0.6	0.47	-0.41		0.59	0.44	0.89	0.85	JNJ
LLY	0.53	0.73	-0.17	0.59		0.65	0.57	0.74	LLY
PFE	0.7	0.46	-0.16	0.44	0.65		0.53	0.54	PFE
AMGN	0.68	0.39	-0.25	0.89	0.57	0.53		0.87	AMGN
BIIB	0.68	0.6	-0.41	0.85	0.74	0.54	0.87		BIIB
	ABBV	MRK	GILD	JNJ	LLY	PFE	AMGN	BIIB

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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

AMGN	+ 0.89	JNJ
BIIB	+ 0.87	AMGN
BIIB	+ 0.85	JNJ
BIIB	+ 0.74	LLY
LLY	+ 0.73	MRK
PFE	+ 0.7	ABBV

High negative correlations

BIIB	- 0.41	GILD
JNJ	- 0.41	GILD
GILD	- 0.26	MRK
AMGN	- 0.25	GILD
LLY	- 0.17	GILD
PFE	- 0.16	GILD

Risk-Adjusted Indicators

There is a big difference between Bristol Stock performing well and Bristol Myers 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 Bristol Myers' 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
ABBV	1.23	(0.10)	0.00	(0.25)	0.00	0.00	2.37	(1.98)	18.93
MRK	1.03	(0.13)	0.00	(0.52)	0.00	0.00	2.00	(2.13)	5.24
GILD	1.01	0.13	0.05	0.59	1.33	(0.96)	1.94	(2.23)	10.79
JNJ	0.81	(0.13)	0.00	(5.50)	0.00	0.00	1.78	(1.74)	5.78
LLY	1.58	(0.19)	0.00	(0.40)	0.00	0.00	3.25	(4.21)	11.14
PFE	1.16	(0.06)	0.00	1.11	0.00	0.00	2.06	(2.25)	7.04
AMGN	1.09	(0.20)	0.00	(0.25)	0.00	0.00	1.85	(2.70)	8.60
BIIB	1.14	(0.38)	0.00	(1.45)	0.00	0.00	1.83	(2.97)	6.98

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