HealthCare Correlations

HLTC Stock

USD 7.70 0.32 3.99%

The current 90-days correlation between HealthCare and Tandem Diabetes Care is -0.05 (i.e., Good diversification). The correlation of HealthCare 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 Correlation With Market

Good diversification

The correlation between HealthCare and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HealthCare and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to HealthCare could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace HealthCare when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back HealthCare - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling HealthCare to buy it.

Moving together with HealthCare Pink Sheet

0.66

EONR

EON Resources Symbol Change

Pair Corr

Moving against HealthCare Pink Sheet

0.51	HR	Healthcare Realty Trust	Pair Corr
0.39	AEDFF	Aedifica SA	Pair Corr
0.37	CTBB	Qwest Corp NT	Pair Corr
0.37	SKM	SK Telecom Earnings Call This Week	Pair Corr
0.34	CTDD	Qwest Corp 6	Pair Corr
0.51	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.45	ALGN	Align Technology	Pair Corr
0.33	ALPIB	Alpine Banks	Pair Corr
0.31	WAB	Westinghouse Air Brake	Pair Corr
0.66	KMX	CarMax Inc	Pair Corr
0.58	LBTYA	Liberty Global PLC	Pair Corr
0.57	MAR	Marriott International	Pair Corr
0.54	HLT	Hilton Worldwide Holdings Earnings Call This Week	Pair Corr
0.52	QLYS	Qualys Inc Earnings Call This Week	Pair Corr
0.44	UMBF	UMB Financial	Pair Corr

Related Correlations Analysis

	JYNT	LNSR	CAH	MMSI	TNDM	ALB-PA	MOS
JYNT		-0.3	0.09	0.61	-0.6	0.75	0.55	JYNT
LNSR	-0.3		0.76	0.36	0.57	-0.39	-0.03	LNSR
CAH	0.09	0.76		0.64	0.24	0.02	0.23	CAH
MMSI	0.61	0.36	0.64		-0.29	0.55	0.46	MMSI
TNDM	-0.6	0.57	0.24	-0.29		-0.77	-0.06	TNDM
ALB-PA	0.75	-0.39	0.02	0.55	-0.77		0.22	ALB-PA
MOS	0.55	-0.03	0.23	0.46	-0.06	0.22		MOS
	JYNT	LNSR	CAH	MMSI	TNDM	ALB-PA	MOS

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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

CAH	+ 0.76	LNSR
ALB-PA	+ 0.75	JYNT
MMSI	+ 0.64	CAH
MMSI	+ 0.61	JYNT
TNDM	+ 0.57	LNSR
MOS	+ 0.55	JYNT

High negative correlations

ALB-PA	- 0.77	TNDM
TNDM	- 0.6	JYNT
ALB-PA	- 0.39	LNSR
LNSR	- 0.3	JYNT
TNDM	- 0.29	MMSI
MOS	- 0.06	TNDM

Risk-Adjusted Indicators

There is a big difference between HealthCare Pink Sheet performing well and HealthCare 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'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
JYNT	1.83	0.00	(0.02)	0.07	2.07	(2.19)	5.29	(3.01)	14.95
LNSR	3.42	1.08	0.37	1.91	2.26	(4.34)	10.44	(4.61)	22.21
CAH	1.10	0.19	0.09	0.67	1.27	(1.11)	2.28	(2.29)	10.65
MMSI	1.04	0.16	0.10	0.39	1.02	(1.18)	3.02	(2.02)	7.20
TNDM	2.54	0.21	0.05	0.86	3.04	(2.70)	6.14	(4.81)	14.52
ALB-PA	1.79	(0.07)	0.00	(0.27)	0.00	0.00	3.59	(4.92)	12.77
MOS	1.73	0.12	0.03	0.41	2.28	(1.84)	3.68	(3.39)	13.09

Be your own money manager

Our tools can tell you how much better you can do entering a position in HealthCare without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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