Haemonetics Correlations

HAE Stock

USD 80.98 0.45 0.56%

The current 90-days correlation between Haemonetics and Dentsply Sirona is -0.44 (i.e., Very good diversification). The correlation of Haemonetics 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.

Haemonetics Correlation With Market

Good diversification

The correlation between Haemonetics and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Haemonetics Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Haemonetics. 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.

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

Moving together with Haemonetics Stock

0.9	SPEC	Inspecs Group plc	Pair Corr
0.83	EW	Edwards Lifesciences Corp	Pair Corr
0.85	688656	HOB Biotech Group	Pair Corr
0.76	BLCO	Bausch Lomb Corp	Pair Corr
0.81	ELMD	Electromed	Pair Corr
0.86	BB1	Blinklab	Pair Corr
0.95	ESTA	Establishment Labs	Pair Corr
0.73	601089	Beijing Winsunny Pha	Pair Corr

Moving against Haemonetics Stock

0.96	OM	Outset Medical	Pair Corr
0.85	688677	Qingdao NovelBeam	Pair Corr
0.85	VERO	Venus Concept	Pair Corr
0.85	VNRX	Volitionrx	Pair Corr
0.74	300061	QITIAN Technology	Pair Corr
0.71	301363	MeHow Innovative	Pair Corr
0.69	688289	Sansure Biotech	Pair Corr
0.63	IPD	Impedimed	Pair Corr
0.62	600055	Beijing Wandong Medical	Pair Corr
0.57	688606	Hangzhou Alltest Biotech	Pair Corr
0.51	DYNT	Dynatronics	Pair Corr
0.92	OTC	Ocumetics Technology Corp	Pair Corr
0.89	VVOS	Vivos Therapeutics	Pair Corr
0.79	POLX	Polarean Imaging Plc	Pair Corr
0.78	ENOV	Enovis Corp	Pair Corr
0.65	ELAB	Elevai Labs, Common	Pair Corr
0.65	EMBC	Embecta Corp	Pair Corr
0.52	VTAK	Catheter Precision	Pair Corr
0.48	EKSO	Ekso Bionics Holdings Trending	Pair Corr
0.94	XAIR	Beyond Air	Pair Corr
0.82	AHG	Akso Health Group	Pair Corr
0.79	688317	Shanghai ZJ Bio	Pair Corr
0.67	300482	Guangzhou Wondfo Biotech	Pair Corr
0.54	ABT	Abbott Laboratories	Pair Corr
0.38	688338	Beijing Succeeder	Pair Corr

Related Correlations Analysis

	XRAY	CON	WRBY	ITGR	QDEL	LMAT	BHC	PINC	CPRX	BEAM
XRAY		0.56	0.38	0.58	0.66	0.42	-0.21	0.36	-0.69	0.43	XRAY
CON	0.56		0.36	0.55	0.47	0.13	-0.29	0.19	-0.39	0.26	CON
WRBY	0.38	0.36		0.49	0.67	-0.32	0.26	-0.36	-0.07	0.5	WRBY
ITGR	0.58	0.55	0.49		0.39	0.17	-0.33	0.29	-0.6	0.33	ITGR
QDEL	0.66	0.47	0.67	0.39		-0.17	0.24	-0.31	-0.14	0.73	QDEL
LMAT	0.42	0.13	-0.32	0.17	-0.17		-0.44	0.74	-0.46	-0.13	LMAT
BHC	-0.21	-0.29	0.26	-0.33	0.24	-0.44		-0.69	0.52	0.26	BHC
PINC	0.36	0.19	-0.36	0.29	-0.31	0.74	-0.69		-0.7	-0.43	PINC
CPRX	-0.69	-0.39	-0.07	-0.6	-0.14	-0.46	0.52	-0.7		0.12	CPRX
BEAM	0.43	0.26	0.5	0.33	0.73	-0.13	0.26	-0.43	0.12		BEAM
	XRAY	CON	WRBY	ITGR	QDEL	LMAT	BHC	PINC	CPRX	BEAM

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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

PINC	+ 0.74	LMAT
BEAM	+ 0.73	QDEL
QDEL	+ 0.67	WRBY
QDEL	+ 0.66	XRAY
ITGR	+ 0.58	XRAY
CON	+ 0.56	XRAY

High negative correlations

CPRX	- 0.7	PINC
PINC	- 0.69	BHC
CPRX	- 0.69	XRAY
CPRX	- 0.6	ITGR
CPRX	- 0.46	LMAT
BHC	- 0.44	LMAT

Risk-Adjusted Indicators

There is a big difference between Haemonetics Stock performing well and Haemonetics 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 Haemonetics' 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
XRAY	1.65	(0.21)	0.00	(0.04)	0.00	0.00	3.41	(3.24)	16.11
CON	1.07	(0.09)	0.00	(0.03)	0.00	0.00	1.95	(2.25)	8.84
WRBY	3.00	(0.35)	0.00	(0.06)	0.00	0.00	7.47	(6.23)	36.71
ITGR	1.96	(0.31)	0.00	(0.85)	0.00	0.00	2.74	(3.44)	34.70
QDEL	3.11	0.21	0.03	0.51	4.90	(3.27)	6.74	(6.02)	29.07
LMAT	1.04	(0.07)	0.00	(0.05)	0.00	0.00	2.42	(1.89)	8.28
BHC	2.21	0.11	0.04	0.17	2.42	(2.72)	6.20	(4.68)	18.13
PINC	1.04	(0.30)	0.00	0.61	0.00	0.00	0.65	(1.06)	39.74
CPRX	1.40	0.28	0.18	0.33	1.22	(1.61)	2.96	(2.63)	10.22
BEAM	3.32	0.19	0.08	0.15	3.31	(3.79)	7.82	(6.23)	25.25

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