Globus Medical Correlations

GMED Stock

USD 84.49 0.23 0.27%

The current 90-days correlation between Globus Medical and Orthofix Medical is 0.32 (i.e., Weak diversification). The correlation of Globus Medical 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.

Globus Medical Correlation With Market

Very weak diversification

The correlation between Globus Medical and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Globus Medical and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Globus Medical. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

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

Moving together with Globus Stock

0.75	DOCS	Doximity	Pair Corr
0.87	FOXO	FOXO Technologies	Pair Corr
0.63	VMD	Viemed Healthcare	Pair Corr
0.83	ITGR	Integer Holdings Corp	Pair Corr
0.79	MMSI	Merit Medical Systems	Pair Corr
0.8	NXGL	Nexgel Inc	Pair Corr
0.72	OMIC	Singular Genomics Systems	Pair Corr
0.85	CRVL	CorVel Corp	Pair Corr
0.92	EXEL	Exelixis	Pair Corr
0.83	BMY	Bristol Myers Squibb Sell-off Trend	Pair Corr

Moving against Globus Stock

0.89	EVH	Evolent Health	Pair Corr
0.81	AGL	agilon health Buyout Trend	Pair Corr
0.78	PHG	Koninklijke Philips	Pair Corr
0.77	AMN	AMN Healthcare Services	Pair Corr
0.55	FORA	Forian Inc	Pair Corr
0.52	FIGS	Figs Inc	Pair Corr
0.37	IVP	Inspire Veterinary	Pair Corr
0.36	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.85	ME	23Andme Holding	Pair Corr
0.69	VALN	Valneva SE ADR	Pair Corr
0.62	ADUS	Addus HomeCare	Pair Corr
0.62	A	Agilent Technologies	Pair Corr
0.59	DOMH	Dominari Holdings	Pair Corr
0.54	ATPC	Agape ATP	Pair Corr
0.41	CYRX	Cryoport	Pair Corr
0.4	BACK	IMAC Holdings	Pair Corr
0.35	EQ	Equillium	Pair Corr
0.89	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.86	LLY	Eli Lilly	Pair Corr
0.85	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.84	HLN	Haleon plc	Pair Corr
0.82	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.7	EXAS	EXACT Sciences	Pair Corr
0.34	TIL	Instil Bio	Pair Corr

Related Correlations Analysis

	OFIX	CNMD	ATEC	LIVN	ITGR	IRTC	HSKA	NUVA	GKOS	BRKR
OFIX		0.51	0.88	-0.21	0.68	0.68	-0.06	0.66	0.78	-0.64	OFIX
CNMD	0.51		0.46	-0.44	0.23	0.5	-0.22	0.32	0.12	0.13	CNMD
ATEC	0.88	0.46		-0.01	0.73	0.65	0.2	0.48	0.77	-0.67	ATEC
LIVN	-0.21	-0.44	-0.01		0.37	-0.01	0.83	-0.51	0.15	-0.19	LIVN
ITGR	0.68	0.23	0.73	0.37		0.39	0.43	0.22	0.76	-0.54	ITGR
IRTC	0.68	0.5	0.65	-0.01	0.39		0.17	0.28	0.54	-0.47	IRTC
HSKA	-0.06	-0.22	0.2	0.83	0.43	0.17		-0.43	0.16	-0.32	HSKA
NUVA	0.66	0.32	0.48	-0.51	0.22	0.28	-0.43		0.44	-0.5	NUVA
GKOS	0.78	0.12	0.77	0.15	0.76	0.54	0.16	0.44		-0.73	GKOS
BRKR	-0.64	0.13	-0.67	-0.19	-0.54	-0.47	-0.32	-0.5	-0.73		BRKR
	OFIX	CNMD	ATEC	LIVN	ITGR	IRTC	HSKA	NUVA	GKOS	BRKR

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

ATEC	+ 0.88	OFIX
HSKA	+ 0.83	LIVN
GKOS	+ 0.78	OFIX
GKOS	+ 0.77	ATEC
GKOS	+ 0.76	ITGR
ITGR	+ 0.73	ATEC

High negative correlations

BRKR	- 0.73	GKOS
BRKR	- 0.67	ATEC
BRKR	- 0.64	OFIX
BRKR	- 0.54	ITGR
NUVA	- 0.51	LIVN
BRKR	- 0.5	NUVA

Risk-Adjusted Indicators

There is a big difference between Globus Stock performing well and Globus Medical 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 Globus Medical'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
OFIX	1.87	0.04	0.04	0.15	2.03	(2.09)	3.90	(3.85)	12.11
CNMD	1.88	0.03	0.02	0.15	2.27	(1.94)	4.57	(3.83)	11.47
ATEC	3.59	1.00	0.23	4.52	3.16	(4.41)	8.49	(5.73)	45.41
LIVN	1.20	0.05	0.03	0.17	1.42	(1.18)	3.73	(2.55)	8.68
ITGR	1.26	0.02	0.03	0.13	1.44	(1.32)	2.48	(2.16)	7.64
IRTC	2.82	0.02	0.01	0.14	2.95	(3.16)	5.63	(4.46)	26.19
HSKA	1.18	0.59	0.82	15.69	0.00	(1.25)	3.63	(0.71)	21.36
NUVA	1.23	0.04	0.00	0.05	0.00	0.00	3.31	(2.75)	7.19
GKOS	1.59	(0.03)	0.03	0.10	1.66	(1.71)	3.30	(2.86)	13.23
BRKR	1.95	(0.24)	0.00	(0.17)	0.00	0.00	4.74	(3.68)	10.80

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC