Quest Diagnostics Correlations

DGX Stock

USD 168.77 0.05 0.03%

The current 90-days correlation between Quest Diagnostics and IQVIA Holdings is 0.28 (i.e., Modest diversification). The correlation of Quest Diagnostics 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.

Quest Diagnostics Correlation With Market

Modest diversification

The correlation between Quest Diagnostics Incorporated 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 Quest Diagnostics Incorporated and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Quest Diagnostics Incorporated. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with Quest Stock

0.65	ALC	Alcon AG Sell-off Trend	Pair Corr
0.83	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.61	ELV	Elevance Health	Pair Corr
0.7	JYNT	Joint Corp	Pair Corr
0.79	MMSI	Merit Medical Systems	Pair Corr
0.73	NVST	Envista Holdings Corp	Pair Corr
0.64	OFIX	Orthofix Medical	Pair Corr

Moving against Quest Stock

0.58	EMBC	Embecta Corp	Pair Corr
0.48	WST	West Pharmaceutical Buyout Trend	Pair Corr
0.33	CNC	Centene Corp	Pair Corr
0.5	SRDX	SurModics	Pair Corr
0.4	VRAX	Virax Biolabs Group	Pair Corr
0.39	APYX	Apyx Medical	Pair Corr
0.39	VTYX	Ventyx Biosciences	Pair Corr
0.33	DRTS	Alpha Tau Medical	Pair Corr
0.33	DSGN	Design Therapeutics	Pair Corr

Related Correlations Analysis

	IQV	MTD	TWST	WAT	ICLR	IDXX	CRL	RVTY	SHC
IQV		0.47	0.34	0.49	0.29	0.34	0.29	0.59	0.61	IQV
MTD	0.47		0.71	0.91	-0.36	0.63	-0.6	0.78	0.16	MTD
TWST	0.34	0.71		0.66	0.03	0.43	-0.32	0.57	-0.09	TWST
WAT	0.49	0.91	0.66		-0.21	0.48	-0.49	0.86	0.05	WAT
ICLR	0.29	-0.36	0.03	-0.21		-0.44	0.73	-0.02	-0.11	ICLR
IDXX	0.34	0.63	0.43	0.48	-0.44		-0.38	0.3	0.16	IDXX
CRL	0.29	-0.6	-0.32	-0.49	0.73	-0.38		-0.22	0.25	CRL
RVTY	0.59	0.78	0.57	0.86	-0.02	0.3	-0.22		0.27	RVTY
SHC	0.61	0.16	-0.09	0.05	-0.11	0.16	0.25	0.27		SHC
	IQV	MTD	TWST	WAT	ICLR	IDXX	CRL	RVTY	SHC

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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

WAT	+ 0.91	MTD
RVTY	+ 0.86	WAT
RVTY	+ 0.78	MTD
CRL	+ 0.73	ICLR
TWST	+ 0.71	MTD
WAT	+ 0.66	TWST

High negative correlations

CRL	- 0.6	MTD
CRL	- 0.49	WAT
IDXX	- 0.44	ICLR
CRL	- 0.38	IDXX
ICLR	- 0.36	MTD
CRL	- 0.32	TWST

Risk-Adjusted Indicators

There is a big difference between Quest Stock performing well and Quest Diagnostics 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 Quest Diagnostics' 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
IQV	1.24	(0.19)	0.00	(0.27)	0.00	0.00	2.20	(2.94)	7.16
MTD	1.16	(0.04)	0.00	(0.05)	0.00	0.00	2.24	(2.85)	8.21
TWST	3.05	0.14	0.04	0.10	3.70	(3.20)	6.39	(6.12)	20.14
WAT	1.35	(0.05)	0.00	(0.07)	0.00	0.00	3.00	(3.03)	10.90
ICLR	1.53	(0.21)	0.00	(0.32)	0.00	0.00	3.81	(2.34)	12.62
IDXX	1.31	0.05	0.03	0.12	1.56	(1.41)	2.72	(2.63)	12.84
CRL	1.57	(0.51)	0.00	(0.95)	0.00	0.00	2.82	(4.65)	11.52
RVTY	1.30	(0.12)	0.00	(0.16)	0.00	0.00	2.69	(3.08)	11.13
SHC	1.47	(0.26)	0.00	(1.00)	0.00	0.00	2.54	(3.00)	6.91

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