Bristol-Myers Squibb Correlations

BMYMP Stock

USD 935.22 0.00 0.00%

The current 90-days correlation between Bristol Myers Squibb and Novartis AG is -0.31 (i.e., Very good diversification). The correlation of Bristol-Myers Squibb 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 Squibb Correlation With Market

Good diversification

The correlation between Bristol Myers Squibb and DJI is -0.08 (i.e., Good 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 Squibb 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 Squibb 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 Squibb - 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-Myers Pink Sheet

0.73

TGNA

Tegna Inc

Pair Corr

Moving against Bristol-Myers Pink Sheet

0.57	PPERY	Bank Mandiri Persero	Pair Corr
0.56	BKRKY	Bank Rakyat Earnings Call This Week	Pair Corr
0.54	PPERF	Bank Mandiri Persero	Pair Corr
0.53	PBCRY	Bank Central Asia	Pair Corr
0.5	PTBRY	Bank Negara Indonesia Upward Rally	Pair Corr
0.48	PBCRF	PT Bank Central	Pair Corr
0.38	BKRKF	PT Bank Rakyat Earnings Call This Week	Pair Corr
0.36	KB	KB Financial Group Earnings Call This Week	Pair Corr
0.35	SHG	Shinhan Financial Earnings Call Next Week	Pair Corr
0.32	WF	Woori Financial Group Earnings Call This Week	Pair Corr
0.67	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.57	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	NVSEF	BAYZF	ALPMF	RHHVF	ALPMY	DSKYF	AZNCF	OTSKF	CHGCY	RHHBY
NVSEF		0.75	0.49	0.66	0.8	0.64	0.06	0.1	0.0	0.65	NVSEF
BAYZF	0.75		0.29	0.82	0.76	0.51	0.2	-0.12	0.0	0.82	BAYZF
ALPMF	0.49	0.29		0.12	0.74	0.71	-0.24	0.6	0.0	0.04	ALPMF
RHHVF	0.66	0.82	0.12		0.51	0.39	0.36	-0.35	0.0	0.91	RHHVF
ALPMY	0.8	0.76	0.74	0.51		0.75	0.04	0.36	0.0	0.47	ALPMY
DSKYF	0.64	0.51	0.71	0.39	0.75		-0.09	0.39	0.0	0.36	DSKYF
AZNCF	0.06	0.2	-0.24	0.36	0.04	-0.09		-0.67	0.0	0.49	AZNCF
OTSKF	0.1	-0.12	0.6	-0.35	0.36	0.39	-0.67		0.0	-0.46	OTSKF
CHGCY	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	CHGCY
RHHBY	0.65	0.82	0.04	0.91	0.47	0.36	0.49	-0.46	0.0		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	+ 0.91	RHHVF
RHHVF	+ 0.82	BAYZF
RHHBY	+ 0.82	BAYZF
ALPMY	+ 0.8	NVSEF
ALPMY	+ 0.76	BAYZF
BAYZF	+ 0.75	NVSEF

High negative correlations

OTSKF	- 0.67	AZNCF
RHHBY	- 0.46	OTSKF
OTSKF	- 0.35	RHHVF
AZNCF	- 0.24	ALPMF
OTSKF	- 0.12	BAYZF
AZNCF	- 0.09	DSKYF

Risk-Adjusted Indicators

There is a big difference between Bristol-Myers Pink Sheet performing well and Bristol-Myers Squibb 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 Squibb'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
NVSEF	1.46	(0.08)	0.00	1.03	0.00	0.00	4.12	(4.14)	12.02
BAYZF	1.65	(0.29)	0.00	(1.88)	0.00	0.00	3.03	(4.03)	17.20
ALPMF	1.35	(0.27)	0.00	(3.05)	0.00	0.00	6.23	(4.76)	15.54
RHHVF	1.16	0.00	(0.05)	0.13	1.39	(1.29)	2.16	(2.46)	5.57
ALPMY	0.90	(0.30)	0.00	(6.14)	0.00	0.00	1.68	(2.52)	4.79
DSKYF	4.80	(0.03)	0.00	0.05	5.77	(4.97)	10.11	(8.91)	23.95
AZNCF	1.65	0.05	0.00	0.02	0.00	0.00	2.98	(3.16)	10.36
OTSKF	0.24	0.00	0.00	0.07	0.00	0.00	0.00	0.00	11.35
CHGCY	1.28	(0.24)	0.00	1.58	0.00	0.00	3.00	(2.25)	10.48
RHHBY	0.89	0.00	(0.06)	0.00	1.22	(0.87)	1.43	(2.28)	4.09

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Our tools can tell you how much better you can do entering a position in Bristol-Myers Squibb 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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