Haemonetics Correlations

HAE Stock

USD 66.66 0.70 1.06%

The current 90-days correlation between Haemonetics and Dentsply Sirona is -0.4 (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

Modest diversification

The correlation between Haemonetics and DJI is 0.22 (i.e., Modest 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

0.61

GKOS

Glaukos Corp

Pair Corr

Moving against Haemonetics Stock

0.68	ASG	Aurora Spine Corp	Pair Corr
0.52	CMWCF	Cromwell Property	Pair Corr
0.76	ELUT	Elutia Inc	Pair Corr
0.73	MMC	MMC Old Symbol Change	Pair Corr
0.62	ODC	Oil Dri	Pair Corr
0.57	ATMV	ATMV Old Symbol Change	Pair Corr
0.55	NKTX	Nkarta Inc	Pair Corr

Related Correlations Analysis

	XRAY	CON	WRBY	ITGR	QDEL	LMAT	BHC	PINC	CPRX	BEAM
XRAY		0.58	0.53	0.5	0.7	0.09	0.08	-0.27	-0.17	0.65	XRAY
CON	0.58		0.44	0.65	0.45	0.07	-0.31	-0.2	0.33	0.61	CON
WRBY	0.53	0.44		0.79	0.77	-0.43	0.34	-0.81	0.47	0.8	WRBY
ITGR	0.5	0.65	0.79		0.67	-0.36	0.19	-0.72	0.58	0.83	ITGR
QDEL	0.7	0.45	0.77	0.67		-0.31	0.49	-0.64	0.15	0.82	QDEL
LMAT	0.09	0.07	-0.43	-0.36	-0.31		-0.45	0.59	-0.42	-0.32	LMAT
BHC	0.08	-0.31	0.34	0.19	0.49	-0.45		-0.46	0.02	0.31	BHC
PINC	-0.27	-0.2	-0.81	-0.72	-0.64	0.59	-0.46		-0.62	-0.75	PINC
CPRX	-0.17	0.33	0.47	0.58	0.15	-0.42	0.02	-0.62		0.4	CPRX
BEAM	0.65	0.61	0.8	0.83	0.82	-0.32	0.31	-0.75	0.4		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

BEAM	+ 0.83	ITGR
BEAM	+ 0.82	QDEL
BEAM	+ 0.8	WRBY
ITGR	+ 0.79	WRBY
QDEL	+ 0.77	WRBY
QDEL	+ 0.7	XRAY

High negative correlations

PINC	- 0.81	WRBY
BEAM	- 0.75	PINC
PINC	- 0.72	ITGR
PINC	- 0.64	QDEL
CPRX	- 0.62	PINC
PINC	- 0.46	BHC

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	1.77	(0.15)	0.00	(0.03)	0.00	0.00	4.84	(2.96)	13.76
CON	1.31	0.01	0.00	0.07	1.44	(1.55)	3.38	(2.34)	8.84
WRBY	3.71	0.36	0.11	0.19	3.85	(4.43)	9.44	(7.04)	36.71
ITGR	1.38	0.24	0.11	0.52	1.64	(1.36)	3.57	(3.13)	8.03
QDEL	3.24	(0.07)	0.00	(0.09)	0.00	0.00	8.12	(6.16)	24.99
LMAT	1.12	(0.07)	0.00	(1.25)	0.00	0.00	2.17	(2.30)	8.28
BHC	2.44	(0.16)	0.00	(0.11)	0.00	0.00	6.20	(4.68)	22.08
PINC	0.92	(0.38)	0.00	0.57	0.00	0.00	0.50	(0.57)	30.54
CPRX	1.39	0.21	0.11	0.35	1.52	(1.53)	3.00	(3.08)	10.89
BEAM	3.38	0.09	0.03	0.11	3.57	(4.17)	8.12	(6.28)	31.78

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