Boston Scientific Correlations

BSX Stock

USD 89.25 0.75 0.83%

The current 90-days correlation between Boston Scientific Corp and Stryker is 0.41 (i.e., Very weak diversification). The correlation of Boston Scientific 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.

Boston Scientific Correlation With Market

Weak diversification

The correlation between Boston Scientific Corp and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Boston Scientific Corp 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 Boston Scientific Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Boston Stock

0.79	DOCS	Doximity	Pair Corr
0.64	FOXO	FOXO Technologies	Pair Corr
0.76	VMD	Viemed Healthcare	Pair Corr
0.68	ITGR	Integer Holdings Corp	Pair Corr
0.61	MMSI	Merit Medical Systems	Pair Corr
0.64	NXGL	Nexgel Inc	Pair Corr
0.78	OMIC	Singular Genomics Systems	Pair Corr
0.64	CRVL	CorVel Corp	Pair Corr
0.61	VRDN	Viridian Therapeutics	Pair Corr
0.76	EWTX	Edgewise Therapeutics	Pair Corr
0.68	EXEL	Exelixis	Pair Corr
0.84	BMY	Bristol Myers Squibb Sell-off Trend	Pair Corr

Moving against Boston Stock

0.87	AMN	AMN Healthcare Services	Pair Corr
0.85	AGL	agilon health Buyout Trend	Pair Corr
0.85	EVH	Evolent Health	Pair Corr
0.79	FORA	Forian Inc	Pair Corr
0.76	IVP	Inspire Veterinary	Pair Corr
0.35	PHG	Koninklijke Philips	Pair Corr
0.9	VALN	Valneva SE ADR	Pair Corr
0.73	CYRX	Cryoport	Pair Corr
0.73	ME	23Andme Holding	Pair Corr
0.7	BACK	IMAC Holdings	Pair Corr
0.67	VCNX	Vaccinex	Pair Corr
0.62	ATPC	Agape ATP	Pair Corr
0.58	ADUS	Addus HomeCare	Pair Corr
0.44	A	Agilent Technologies	Pair Corr
0.34	EQ	Equillium	Pair Corr
0.79	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.7	LLY	Eli Lilly	Pair Corr
0.66	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.59	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.55	HLN	Haleon plc	Pair Corr

Related Correlations Analysis

	SYK	ABT	MDT	DXCM	EW	ZBH	ZIMV	STE	SNN
SYK		0.59	-0.39	0.55	0.1	0.29	-0.58	-0.49	-0.67	SYK
ABT	0.59		0.16	0.29	0.24	-0.17	-0.52	-0.42	-0.49	ABT
MDT	-0.39	0.16		-0.27	-0.01	-0.39	0.01	0.25	0.35	MDT
DXCM	0.55	0.29	-0.27		0.59	0.36	-0.41	-0.53	-0.42	DXCM
EW	0.1	0.24	-0.01	0.59		0.28	-0.02	-0.21	0.07	EW
ZBH	0.29	-0.17	-0.39	0.36	0.28		0.21	0.02	-0.14	ZBH
ZIMV	-0.58	-0.52	0.01	-0.41	-0.02	0.21		0.84	0.78	ZIMV
STE	-0.49	-0.42	0.25	-0.53	-0.21	0.02	0.84		0.83	STE
SNN	-0.67	-0.49	0.35	-0.42	0.07	-0.14	0.78	0.83		SNN
	SYK	ABT	MDT	DXCM	EW	ZBH	ZIMV	STE	SNN

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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

STE	+ 0.84	ZIMV
SNN	+ 0.83	STE
SNN	+ 0.78	ZIMV
ABT	+ 0.59	SYK
EW	+ 0.59	DXCM
DXCM	+ 0.55	SYK

High negative correlations

SNN	- 0.67	SYK
ZIMV	- 0.58	SYK
STE	- 0.53	DXCM
ZIMV	- 0.52	ABT
SNN	- 0.49	ABT
STE	- 0.49	SYK

Risk-Adjusted Indicators

There is a big difference between Boston Stock performing well and Boston Scientific 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 Boston Scientific'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
SYK	0.83	0.09	0.02	0.33	0.89	(0.93)	1.77	(1.73)	4.70
ABT	0.80	0.04	(0.04)	0.25	0.86	(0.86)	1.40	(1.29)	5.90
MDT	0.79	(0.07)	0.00	(0.05)	0.00	0.00	1.73	(1.80)	5.69
DXCM	1.50	0.00	(0.06)	0.13	1.57	(1.80)	4.07	(2.44)	8.17
EW	1.22	(0.04)	0.00	(0.08)	0.00	0.00	2.42	(2.36)	8.56
ZBH	1.03	(0.11)	0.00	(0.06)	0.00	0.00	1.66	(1.83)	10.18
ZIMV	1.63	(0.44)	0.00	(0.19)	0.00	0.00	2.78	(3.39)	9.61
STE	0.90	(0.18)	0.00	(0.30)	0.00	0.00	1.71	(2.09)	8.04
SNN	1.12	(0.31)	0.00	(0.68)	0.00	0.00	1.69	(3.83)	14.73

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