Healthcare Services Correlations

HCSG Stock

USD 10.94 0.11 1.00%

The current 90-days correlation between Healthcare Services and Pennant Group is 0.42 (i.e., Very weak diversification). The correlation of Healthcare Services 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.

Healthcare Services Correlation With Market

Weak diversification

The correlation between Healthcare Services Group and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Services Group 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 Healthcare Services Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Healthcare Stock

0.7	ACU	Acme United	Pair Corr
0.67	HNI	HNI Corp	Pair Corr
0.76	MLKN	MillerKnoll	Pair Corr
0.77	ACCO	Acco Brands	Pair Corr
0.66	TILE	Interface	Pair Corr
0.75	CMPR	Cimpress NV	Pair Corr

Moving against Healthcare Stock

0.36	LNZAW	LanzaTech Global	Pair Corr
0.49	TOMZ	TOMI Environmental	Pair Corr
0.42	B	Barnes Group Earnings Call This Week	Pair Corr
0.37	GE	GE Aerospace	Pair Corr
0.33	BA	Boeing	Pair Corr
0.33	EH	Ehang Holdings Buyout Trend	Pair Corr

Related Correlations Analysis

	PNTG	SGRY	ENSG	EHC	EHAB	INNV	NHC	ACHC	SEM
PNTG		0.64	0.87	0.82	-0.29	0.91	0.87	-0.35	0.63	PNTG
SGRY	0.64		0.74	0.62	-0.08	0.69	0.42	0.11	0.45	SGRY
ENSG	0.87	0.74		0.86	-0.1	0.77	0.66	-0.12	0.61	ENSG
EHC	0.82	0.62	0.86		0.11	0.67	0.73	-0.13	0.8	EHC
EHAB	-0.29	-0.08	-0.1	0.11		-0.36	-0.26	0.39	0.16	EHAB
INNV	0.91	0.69	0.77	0.67	-0.36		0.84	-0.34	0.47	INNV
NHC	0.87	0.42	0.66	0.73	-0.26	0.84		-0.6	0.6	NHC
ACHC	-0.35	0.11	-0.12	-0.13	0.39	-0.34	-0.6		-0.15	ACHC
SEM	0.63	0.45	0.61	0.8	0.16	0.47	0.6	-0.15		SEM
	PNTG	SGRY	ENSG	EHC	EHAB	INNV	NHC	ACHC	SEM

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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

INNV	+ 0.91	PNTG
ENSG	+ 0.87	PNTG
NHC	+ 0.87	PNTG
EHC	+ 0.86	ENSG
NHC	+ 0.84	INNV
EHC	+ 0.82	PNTG

High negative correlations

ACHC	- 0.6	NHC
INNV	- 0.36	EHAB
ACHC	- 0.35	PNTG
ACHC	- 0.34	INNV
EHAB	- 0.29	PNTG
NHC	- 0.26	EHAB

Risk-Adjusted Indicators

There is a big difference between Healthcare Stock performing well and Healthcare Services 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 Healthcare Services' 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
PNTG	1.75	(0.26)	0.00	(0.78)	0.00	0.00	4.12	(3.68)	8.51
SGRY	2.72	(0.20)	0.00	(0.09)	0.00	0.00	4.58	(5.92)	22.19
ENSG	1.21	(0.23)	0.00	(0.39)	0.00	0.00	2.07	(2.20)	6.76
EHC	0.85	(0.06)	0.00	(0.03)	0.00	0.00	1.66	(2.33)	4.61
EHAB	1.85	0.25	0.08	0.52	1.96	(2.13)	4.08	(3.85)	17.54
INNV	2.72	(0.93)	0.00	(0.67)	0.00	0.00	4.53	(7.11)	27.64
NHC	1.44	(0.25)	0.00	(0.31)	0.00	0.00	3.00	(3.27)	13.46
ACHC	1.63	(0.02)	(0.04)	0.04	1.78	(2.02)	4.60	(3.00)	11.70
SEM	1.78	0.16	0.06	0.33	2.00	(1.94)	3.61	(3.70)	16.75

Healthcare Services Corporate Management

Jason Esq	Chief VP	Profile
CPA CPA	Exec Officer	Profile
Patrick Esq	Executive Officer	Profile
Jason Bundick	Chief Compliance Officer, General Counsel, Secretary	Profile
Andrew Brophy	Controller VP	Profile
Matthew MBA	Chief Officer	Profile

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