Elanco Animal Correlations

ELAN Stock

USD 13.40 0.04 0.30%

The current 90-days correlation between Elanco Animal Health and Catalent is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Elanco Animal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Elanco Animal Health moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Elanco Animal Correlation With Market

Average diversification

The correlation between Elanco Animal Health and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elanco Animal Health 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 Elanco Animal Health. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Elanco Stock

0.63	DTIL	Precision BioSciences	Pair Corr
0.72	VINC	Vincerx Pharma	Pair Corr

Moving against Elanco Stock

0.81	DRUG	Bright Minds Biosciences	Pair Corr
0.68	KTTAW	Pasithea Therapeutics	Pair Corr
0.57	VRDN	Viridian Therapeutics	Pair Corr
0.53	SABSW	SAB Biotherapeutics	Pair Corr
0.45	DMAC	DiaMedica Therapeutics	Pair Corr
0.4	VIGL	Vigil Neuroscience	Pair Corr
0.38	VERA	Vera Therapeutics	Pair Corr
0.35	DSGN	Design Therapeutics	Pair Corr
0.35	VKTX	Viking Therapeutics	Pair Corr
0.8	ENGN	enGene Holdings Common	Pair Corr
0.72	ELVN	Enliven Therapeutics	Pair Corr
0.68	ENTO	Entero Therapeutics, Symbol Change	Pair Corr
0.66	VRNA	Verona Pharma PLC	Pair Corr
0.65	VYNE	Vyne Therapeutics	Pair Corr
0.6	VSTM	Verastem	Pair Corr
0.53	ELDN	Eledon Pharmaceuticals	Pair Corr

Related Correlations Analysis

	VTRS	CTLT	LNTH	HLN	PAHC	PBH	COLL	PCRX	SIGA	INVVY
VTRS		-0.36	-0.8	-0.67	0.49	0.89	-0.7	0.43	-0.18	-0.17	VTRS
CTLT	-0.36		0.35	0.62	-0.26	-0.51	0.76	-0.23	0.07	0.11	CTLT
LNTH	-0.8	0.35		0.6	-0.24	-0.81	0.74	-0.15	0.19	0.36	LNTH
HLN	-0.67	0.62	0.6		-0.42	-0.68	0.83	-0.59	0.17	0.02	HLN
PAHC	0.49	-0.26	-0.24	-0.42		0.46	-0.45	0.73	-0.67	0.52	PAHC
PBH	0.89	-0.51	-0.81	-0.68	0.46		-0.81	0.36	-0.19	-0.17	PBH
COLL	-0.7	0.76	0.74	0.83	-0.45	-0.81		-0.4	0.32	0.09	COLL
PCRX	0.43	-0.23	-0.15	-0.59	0.73	0.36	-0.4		-0.56	0.46	PCRX
SIGA	-0.18	0.07	0.19	0.17	-0.67	-0.19	0.32	-0.56		-0.49	SIGA
INVVY	-0.17	0.11	0.36	0.02	0.52	-0.17	0.09	0.46	-0.49		INVVY
	VTRS	CTLT	LNTH	HLN	PAHC	PBH	COLL	PCRX	SIGA	INVVY

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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

PBH	+ 0.89	VTRS
COLL	+ 0.83	HLN
COLL	+ 0.76	CTLT
COLL	+ 0.74	LNTH
PCRX	+ 0.73	PAHC
HLN	+ 0.62	CTLT

High negative correlations

COLL	- 0.81	PBH
PBH	- 0.81	LNTH
LNTH	- 0.8	VTRS
COLL	- 0.7	VTRS
PBH	- 0.68	HLN
SIGA	- 0.67	PAHC

Risk-Adjusted Indicators

There is a big difference between Elanco Stock performing well and Elanco Animal 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 Elanco Animal'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
VTRS	1.32	0.16	0.08	0.35	1.32	(1.61)	3.11	(2.44)	16.45
CTLT	0.39	(0.05)	0.00	(0.05)	0.00	0.00	0.72	(0.65)	3.36
LNTH	2.28	(0.01)	0.00	0.09	0.00	0.00	4.21	(4.47)	27.61
HLN	0.74	(0.05)	0.00	1.15	0.00	0.00	1.10	(1.40)	4.56
PAHC	2.01	0.28	0.17	0.24	1.63	(2.34)	5.36	(2.45)	15.47
PBH	0.92	0.20	0.15	0.37	0.92	(1.00)	1.90	(1.76)	4.90
COLL	1.88	(0.36)	0.00	(0.24)	0.00	0.00	3.59	(4.47)	12.29
PCRX	1.88	0.23	0.11	0.29	1.93	(2.10)	3.96	(3.21)	10.38
SIGA	2.72	(0.68)	0.00	(0.16)	0.00	0.00	4.79	(6.37)	26.69
INVVY	5.45	0.50	0.05	(0.77)	7.43	(6.08)	13.29	(13.04)	49.59

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