Caredx Correlations

CDNA Stock

USD 24.11 0.98 4.24%

The current 90-days correlation between Caredx Inc and Castle Biosciences is 0.31 (i.e., Weak diversification). The correlation of Caredx 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.

Caredx Correlation With Market

Modest diversification

The correlation between Caredx Inc and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Caredx Inc 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 Caredx Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Caredx Stock

0.81	A	Agilent Technologies	Pair Corr
0.86	ME	23Andme Holding	Pair Corr
0.61	VALN	Valneva SE ADR	Pair Corr
0.83	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.65	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.75	IPSC	Century Therapeutics	Pair Corr
0.87	MTEM	Molecular Templates	Pair Corr
0.71	NKTX	Nkarta Inc	Pair Corr
0.86	TPST	Tempest Therapeutics	Pair Corr
0.83	AGL	agilon health Buyout Trend	Pair Corr
0.62	CYRX	Cryoport	Pair Corr
0.79	SHG	Shinhan Financial	Pair Corr
0.85	EC	Ecopetrol SA ADR	Pair Corr
0.83	HYMTF	Hyundai Motor	Pair Corr
0.7	TLK	Telkom Indonesia Tbk	Pair Corr

Moving against Caredx Stock

0.54	MDGL	Madrigal Pharmaceuticals	Pair Corr
0.37	MLYS	Mineralys Therapeutics,	Pair Corr
0.36	NXGLW	NexGel Warrant	Pair Corr
0.35	KZR	Kezar Life Sciences	Pair Corr
0.35	KEP	Korea Electric Power	Pair Corr
0.78	BAC	Bank of America Aggressive Push	Pair Corr
0.75	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.7	T	ATT Inc Sell-off Trend	Pair Corr
0.63	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.61	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.53	HPQ	HP Inc	Pair Corr
0.52	KB	KB Financial Group	Pair Corr
0.49	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.46	VFS	VinFast Auto Earnings Call Today	Pair Corr
0.37	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.33	HD	Home Depot	Pair Corr

Related Correlations Analysis

	CSTL	TWST	BDSX	NTRA	CRL	GH	ILMN	MYGN	EXAS
CSTL		0.24	-0.21	-0.14	0.07	-0.17	0.7	-0.26	0.23	CSTL
TWST	0.24		0.12	-0.06	0.64	-0.02	0.12	0.25	0.3	TWST
BDSX	-0.21	0.12		-0.74	-0.01	-0.48	-0.57	0.95	0.47	BDSX
NTRA	-0.14	-0.06	-0.74		0.1	0.72	0.16	-0.71	-0.57	NTRA
CRL	0.07	0.64	-0.01	0.1		0.44	0.02	0.04	-0.36	CRL
GH	-0.17	-0.02	-0.48	0.72	0.44		-0.07	-0.52	-0.84	GH
ILMN	0.7	0.12	-0.57	0.16	0.02	-0.07		-0.59	0.06	ILMN
MYGN	-0.26	0.25	0.95	-0.71	0.04	-0.52	-0.59		0.55	MYGN
EXAS	0.23	0.3	0.47	-0.57	-0.36	-0.84	0.06	0.55		EXAS
	CSTL	TWST	BDSX	NTRA	CRL	GH	ILMN	MYGN	EXAS

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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

MYGN	+ 0.95	BDSX
GH	+ 0.72	NTRA
ILMN	+ 0.7	CSTL
CRL	+ 0.64	TWST
EXAS	+ 0.55	MYGN
EXAS	+ 0.47	BDSX

High negative correlations

EXAS	- 0.84	GH
NTRA	- 0.74	BDSX
MYGN	- 0.71	NTRA
MYGN	- 0.59	ILMN
EXAS	- 0.57	NTRA
ILMN	- 0.57	BDSX

Risk-Adjusted Indicators

There is a big difference between Caredx Stock performing well and Caredx 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 Caredx'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
CSTL	2.38	(0.10)	(0.03)	0.03	2.80	(2.75)	4.85	(4.38)	19.49
TWST	3.11	(0.15)	0.01	0.06	3.82	(3.20)	8.94	(6.21)	17.59
BDSX	2.60	(0.37)	0.00	3.86	0.00	0.00	5.66	(5.61)	29.48
NTRA	2.34	0.37	0.14	0.48	2.31	(2.61)	4.30	(3.75)	25.26
CRL	1.70	(0.31)	(0.06)	0.00	2.15	(1.81)	2.82	(4.35)	18.19
GH	2.92	0.15	0.08	0.20	2.79	(3.46)	8.24	(5.16)	17.48
ILMN	1.78	0.06	0.02	0.20	2.00	(1.89)	3.90	(2.69)	12.84
MYGN	2.19	(0.90)	0.00	(1.35)	0.00	0.00	4.24	(6.12)	27.15
EXAS	2.31	0.14	0.00	0.03	0.00	0.00	6.01	(3.29)	33.31

Caredx Corporate Management

GS Jha	Chief VP	Profile
Marco Scheller	Senior Operations	Profile
Ian Cooney	Vice Relations	Profile
Jessica Meng	Chief Officer	Profile
Jeffrey Novack	General Secretary	Profile
Hal Gibson	Senior Planning	Profile

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