Bristol Myers Correlations

BMYMP Stock

USD 1,006 15.55 1.57%

The current 90-days correlation between Bristol Myers Squibb and Novartis AG is -0.12 (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

Significant diversification

The correlation between Bristol Myers Squibb and DJI is 0.06 (i.e., Significant 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.

The ability to find closely correlated positions to Bristol Myers could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bristol Myers when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bristol Myers - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bristol Myers Squibb to buy it.

Moving together with Bristol Pink Sheet

0.71	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.64	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.87	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.75	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.66	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.84	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr

Moving against Bristol Pink Sheet

0.82	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.79	KO	Coca Cola Aggressive Push	Pair Corr
0.74	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.63	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.62	LNDNF	Lundin Energy AB	Pair Corr
0.62	AWCMY	Alumina Limited PK	Pair Corr
0.58	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.39	BKLRF	Berkeley Energy	Pair Corr

Related Correlations Analysis

	NVSEF	BAYZF	ALPMF	RHHVF	ALPMY	DSKYF	AZNCF	OTSKF	CHGCY	RHHBY
NVSEF		0.68	0.27	0.81	0.76	0.77	0.84	0.09	0.44	0.8	NVSEF
BAYZF	0.68		0.3	0.66	0.72	0.52	0.75	0.41	0.53	0.6	BAYZF
ALPMF	0.27	0.3		0.28	0.51	0.03	0.29	0.49	0.27	0.27	ALPMF
RHHVF	0.81	0.66	0.28		0.76	0.73	0.87	-0.15	0.68	0.95	RHHVF
ALPMY	0.76	0.72	0.51	0.76		0.71	0.78	0.21	0.55	0.71	ALPMY
DSKYF	0.77	0.52	0.03	0.73	0.71		0.79	-0.13	0.41	0.71	DSKYF
AZNCF	0.84	0.75	0.29	0.87	0.78	0.79		0.06	0.52	0.83	AZNCF
OTSKF	0.09	0.41	0.49	-0.15	0.21	-0.13	0.06		-0.09	-0.16	OTSKF
CHGCY	0.44	0.53	0.27	0.68	0.55	0.41	0.52	-0.09		0.66	CHGCY
RHHBY	0.8	0.6	0.27	0.95	0.71	0.71	0.83	-0.16	0.66		RHHBY
	NVSEF	BAYZF	ALPMF	RHHVF	ALPMY	DSKYF	AZNCF	OTSKF	CHGCY	RHHBY

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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

RHHBY	+ 0.95	RHHVF
AZNCF	+ 0.87	RHHVF
AZNCF	+ 0.84	NVSEF
RHHBY	+ 0.83	AZNCF
RHHVF	+ 0.81	NVSEF
RHHBY	+ 0.8	NVSEF

High negative correlations

RHHBY	- 0.16	OTSKF
OTSKF	- 0.15	RHHVF
OTSKF	- 0.13	DSKYF
CHGCY	- 0.09	OTSKF

Risk-Adjusted Indicators

There is a big difference between Bristol Pink Sheet 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
NVSEF	1.34	(0.32)	(0.53)	3.46	(3.80)	11.25
BAYZF	1.56	(0.59)	9.06	3.32	(4.23)	21.44
ALPMF	1.50	(0.05)	0.62	4.39	(7.25)	23.94
RHHVF	1.11	(0.24)	(6.63)	1.77	(2.72)	5.43
ALPMY	1.32	(0.18)	0.53	2.57	(3.54)	10.71
DSKYF	5.13	(0.41)	1.64	10.11	(8.60)	24.99
AZNCF	1.64	(0.39)	0.62	2.65	(4.54)	12.29
OTSKF	0.24	0.07	(0.11)	0.00	0.00	11.35
CHGCY	1.84	(0.26)	(0.24)	4.02	(4.04)	16.74
RHHBY	0.98	(0.22)	(95.37)	1.20	(2.76)	7.58

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bristol Myers without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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