CONMED Correlations

CNMD Stock

USD 38.79 0.42 1.07%

The current 90-days correlation between CONMED and Establishment Labs Holdings is 0.05 (i.e., Significant diversification). The correlation of CONMED 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.

CONMED Correlation With Market

Good diversification

The correlation between CONMED and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CONMED and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with CONMED Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in CONMED. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

For information on how to trade CONMED Stock refer to our How to Trade CONMED Stock guide.

Moving against CONMED Stock

0.43	CSCO	Cisco Systems Earnings Call This Week	Pair Corr
0.36	MCD	McDonalds Earnings Call Next Week	Pair Corr

Related Correlations Analysis

	ESTA	AHCO	UFPT	SSII	NEOG	INMD	KMTS	NVCR	AZTA	NTLA
ESTA		0.29	-0.24	-0.28	-0.06	0.17	0.45	0.34	0.12	-0.3	ESTA
AHCO	0.29		0.59	-0.39	0.62	0.1	-0.14	0.8	0.65	0.45	AHCO
UFPT	-0.24	0.59		-0.44	0.86	0.26	-0.37	0.52	0.62	0.77	UFPT
SSII	-0.28	-0.39	-0.44		-0.75	-0.62	0.2	-0.37	-0.63	-0.47	SSII
NEOG	-0.06	0.62	0.86	-0.75		0.42	-0.42	0.54	0.75	0.83	NEOG
INMD	0.17	0.1	0.26	-0.62	0.42		0.08	0.08	0.21	0.34	INMD
KMTS	0.45	-0.14	-0.37	0.2	-0.42	0.08		-0.11	-0.42	-0.38	KMTS
NVCR	0.34	0.8	0.52	-0.37	0.54	0.08	-0.11		0.7	0.29	NVCR
AZTA	0.12	0.65	0.62	-0.63	0.75	0.21	-0.42	0.7		0.61	AZTA
NTLA	-0.3	0.45	0.77	-0.47	0.83	0.34	-0.38	0.29	0.61		NTLA
	ESTA	AHCO	UFPT	SSII	NEOG	INMD	KMTS	NVCR	AZTA	NTLA

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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

NEOG	+ 0.86	UFPT
NTLA	+ 0.83	NEOG
NVCR	+ 0.8	AHCO
NTLA	+ 0.77	UFPT
AZTA	+ 0.75	NEOG
AZTA	+ 0.7	NVCR

High negative correlations

NEOG	- 0.75	SSII
AZTA	- 0.63	SSII
INMD	- 0.62	SSII
NTLA	- 0.47	SSII
SSII	- 0.44	UFPT
AZTA	- 0.42	KMTS

Risk-Adjusted Indicators

There is a big difference between CONMED Stock performing well and CONMED 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 CONMED'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
ESTA	2.36	0.34	0.10	1.27	2.80	(2.67)	4.55	(5.54)	14.96
AHCO	1.68	(0.08)	0.00	(0.06)	0.00	0.00	3.21	(3.28)	12.80
UFPT	1.85	0.06	0.03	0.08	2.48	(1.76)	3.72	(3.78)	10.40
SSII	3.87	(1.06)	0.00	(2.09)	0.00	0.00	7.43	(7.33)	24.32
NEOG	2.58	0.84	0.33	0.50	1.84	(3.14)	5.96	(3.61)	34.17
INMD	1.55	0.11	0.06	0.13	2.05	(1.69)	2.64	(2.21)	12.54
KMTS	2.55	(0.08)	0.00	(0.03)	0.00	0.00	4.59	(7.02)	20.54
NVCR	2.54	(0.02)	0.01	0.03	3.19	(2.67)	4.95	(4.64)	14.06
AZTA	1.91	0.27	0.14	0.19	1.88	(2.34)	3.81	(3.24)	22.17
NTLA	3.93	(0.01)	0.01	0.04	5.86	(4.09)	9.35	(7.99)	22.73

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