Haemonetics Correlations

HAE Stock

USD 61.19 0.52 0.86%

The current 90-days correlation between Haemonetics and Dentsply Sirona is 0.11 (i.e., Average 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

Excellent diversification

The correlation between Haemonetics and DJI is -0.53 (i.e., Excellent 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

0.85	IL3	Integra LifeSciences Earnings Call This Week	Pair Corr
0.64	49Z	Cellink AB	Pair Corr
0.84	EW	Edwards Lifesciences Corp	Pair Corr
0.77	SI	Shoulder Innovations	Pair Corr
0.83	56S1	Sartorius Stedim Biotech	Pair Corr
0.82	56S0	RENAUUNSPARD 15 EO	Pair Corr
0.88	IPD	Impedimed Earnings Call This Week	Pair Corr
0.8	VVOS	Vivos Therapeutics	Pair Corr
0.64	GXI	Gerresheimer AG Earnings Call This Week	Pair Corr
0.63	ELAB	Elevai Labs Common	Pair Corr
0.85	XEJ	Accuray Incorporated	Pair Corr
0.85	ENOV	Enovis Corp Earnings Call This Week	Pair Corr

Moving against Haemonetics Stock

0.86	HYB	HOYA	Pair Corr
0.77	EDAP	EDAP TMS SA	Pair Corr
0.71	VREX	Varex Imaging Corp	Pair Corr
0.71	EKSO	Ekso Bionics Holdings	Pair Corr
0.54	ECOR	Electrocore LLC	Pair Corr
0.46	DXCM	DexCom Inc	Pair Corr
0.43	SKAN	SKAN Group AG	Pair Corr
0.86	DRW8	Drgerwerk AG	Pair Corr
0.76	BDX	Becton Dickinson	Pair Corr
0.6	BAX	Baxter International	Pair Corr
0.55	AVR	Anteris Technologies	Pair Corr
0.43	BB1	Blinklab	Pair Corr
0.43	LHU	LeMaitre Vascular Earnings Call This Week	Pair Corr
0.42	QIPT	Quipt Home Medical	Pair Corr

Related Correlations Analysis

	XRAY	CON	WRBY	ITGR	QDEL	LMAT	BHC	PINC	CPRX	BEAM
XRAY		0.78	0.52	0.89	0.4	0.37	-0.19	-0.58	0.42	0.59	XRAY
CON	0.78		0.13	0.75	-0.1	0.67	-0.62	-0.25	0.6	0.22	CON
WRBY	0.52	0.13		0.6	0.72	-0.08	0.26	-0.8	0.24	0.73	WRBY
ITGR	0.89	0.75	0.6		0.38	0.39	-0.23	-0.65	0.53	0.65	ITGR
QDEL	0.4	-0.1	0.72	0.38		-0.37	0.62	-0.54	-0.11	0.69	QDEL
LMAT	0.37	0.67	-0.08	0.39	-0.37		-0.5	0.03	0.37	-0.04	LMAT
BHC	-0.19	-0.62	0.26	-0.23	0.62	-0.5		-0.19	-0.53	0.3	BHC
PINC	-0.58	-0.25	-0.8	-0.65	-0.54	0.03	-0.19		-0.38	-0.64	PINC
CPRX	0.42	0.6	0.24	0.53	-0.11	0.37	-0.53	-0.38		0.17	CPRX
BEAM	0.59	0.22	0.73	0.65	0.69	-0.04	0.3	-0.64	0.17		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

ITGR	+ 0.89	XRAY
CON	+ 0.78	XRAY
ITGR	+ 0.75	CON
BEAM	+ 0.73	WRBY
QDEL	+ 0.72	WRBY
BEAM	+ 0.69	QDEL

High negative correlations

PINC	- 0.8	WRBY
PINC	- 0.65	ITGR
BEAM	- 0.64	PINC
BHC	- 0.62	CON
PINC	- 0.58	XRAY
PINC	- 0.54	QDEL

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	1.93	0.16	0.12	0.14	1.82	(2.36)	5.73	(2.96)	16.38
CON	1.28	0.28	0.16	0.74	1.19	(1.50)	3.13	(1.66)	8.84
WRBY	4.03	0.45	0.13	0.22	3.99	(4.66)	9.44	(7.04)	37.06
ITGR	1.16	0.26	0.14	0.49	1.25	(1.20)	2.74	(2.10)	9.95
QDEL	2.89	(0.01)	0.02	0.07	4.57	(2.98)	5.87	(6.16)	31.84
LMAT	1.17	0.03	0.01	0.12	1.35	(1.26)	2.05	(2.30)	8.28
BHC	2.16	(0.06)	(0.03)	0.00	2.80	(2.38)	3.74	(4.20)	21.07
PINC	0.93	(0.36)	0.00	2.33	0.00	0.00	0.66	(0.45)	30.28
CPRX	1.42	0.02	0.00	0.10	1.75	(1.47)	3.00	(3.20)	8.26
BEAM	3.39	0.33	0.11	0.24	3.43	(4.19)	8.12	(6.30)	31.78

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