Boston Scientific Correlations

BSX Stock

USD 98.66 0.49 0.50%

The current 90-days correlation between Boston Scientific Corp and Stryker is 0.49 (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

Modest diversification

The correlation between Boston Scientific Corp and DJI is 0.23 (i.e., Modest 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	GH	Guardant Health	Pair Corr
0.62	DOCS	Doximity	Pair Corr
0.75	DXCM	DexCom Inc	Pair Corr
0.74	VVOS	Vivos Therapeutics	Pair Corr
0.84	ELMD	Electromed	Pair Corr
0.62	EMBC	Embecta Corp	Pair Corr

Moving against Boston Stock

0.77	EDAP	EDAP TMS SA	Pair Corr
0.73	ENSG	Ensign Group	Pair Corr
0.6	EKSO	Ekso Bionics Holdings	Pair Corr
0.59	ELAB	Elevai Labs, Common	Pair Corr
0.52	FEMY	Femasys	Pair Corr
0.44	CI	Cigna Corp	Pair Corr
0.4	DRIO	DarioHealth Corp	Pair Corr
0.37	VERO	Venus Concept	Pair Corr
0.34	ESTA	Establishment Labs	Pair Corr
0.8	AWH	Aspira Womens Health	Pair Corr
0.79	BVS	Bioventus	Pair Corr
0.77	BKD	Brookdale Senior Living	Pair Corr
0.72	ALC	Alcon AG	Pair Corr
0.7	CCM	Concord Medical Services	Pair Corr
0.7	COO	Cooper Companies,	Pair Corr
0.66	BAX	Baxter International	Pair Corr
0.65	AMN	AMN Healthcare Services	Pair Corr
0.6	FLGT	Fulgent Genetics	Pair Corr
0.6	CYH	Community Health Systems	Pair Corr

Related Correlations Analysis

	SYK	ABT	MDT	DXCM	EW	ZBH	ZIMV	STE	SNN
SYK		0.46	-0.04	0.28	-0.09	0.86	-0.03	0.05	-0.33	SYK
ABT	0.46		0.59	-0.41	-0.44	0.48	0.51	0.65	0.33	ABT
MDT	-0.04	0.59		-0.7	-0.79	0.04	0.43	0.89	0.7	MDT
DXCM	0.28	-0.41	-0.7		0.76	0.09	-0.37	-0.75	-0.5	DXCM
EW	-0.09	-0.44	-0.79	0.76		-0.22	-0.26	-0.74	-0.27	EW
ZBH	0.86	0.48	0.04	0.09	-0.22		-0.02	0.13	-0.34	ZBH
ZIMV	-0.03	0.51	0.43	-0.37	-0.26	-0.02		0.55	0.43	ZIMV
STE	0.05	0.65	0.89	-0.75	-0.74	0.13	0.55		0.66	STE
SNN	-0.33	0.33	0.7	-0.5	-0.27	-0.34	0.43	0.66		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	+ 0.89	MDT
ZBH	+ 0.86	SYK
EW	+ 0.76	DXCM
SNN	+ 0.7	MDT
SNN	+ 0.66	STE
STE	+ 0.65	ABT

High negative correlations

EW	- 0.79	MDT
STE	- 0.75	DXCM
STE	- 0.74	EW
DXCM	- 0.7	MDT
SNN	- 0.5	DXCM
EW	- 0.44	ABT

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	1.00	0.11	0.10	2.21	1.00	(1.21)	2.51	(1.88)	6.19
ABT	0.79	(0.02)	0.00	0.46	0.00	0.00	1.52	(1.70)	6.52
MDT	0.87	(0.03)	0.00	(0.15)	0.00	0.00	2.06	(2.22)	5.96
DXCM	1.66	0.32	0.19	179.34	1.45	(1.92)	5.52	(2.79)	10.13
EW	1.15	0.04	0.03	(0.25)	1.28	(1.23)	2.63	(1.95)	8.87
ZBH	1.00	0.08	0.07	(0.34)	1.01	(1.12)	2.28	(1.59)	8.33
ZIMV	1.33	(0.19)	0.00	(0.57)	0.00	0.00	2.43	(3.20)	6.36
STE	0.88	(0.11)	0.00	(1.18)	0.00	0.00	1.69	(1.76)	8.04
SNN	1.09	(0.18)	0.00	1.26	0.00	0.00	1.74	(2.16)	14.73

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