HealthEquity Correlations

HQY Stock

USD 93.47 2.40 2.64%

The current 90-days correlation between HealthEquity and Globus Medical is 0.23 (i.e., Modest diversification). The correlation of HealthEquity 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. If the correlation is 0, the equities are not correlated; they are entirely random.

HealthEquity Correlation With Market

Very weak diversification

The correlation between HealthEquity and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HealthEquity and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with HealthEquity Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in HealthEquity. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in inflation.

For more information on how to buy HealthEquity Stock please use our How to Invest in HealthEquity guide.

Moving together with HealthEquity Stock

0.65	HCA	HCA Holdings	Pair Corr
0.79	MCK	McKesson	Pair Corr
0.68	UHS	Universal Health Services	Pair Corr
0.62	REG	Regis Healthcare	Pair Corr

Moving against HealthEquity Stock

0.54	UNH	UnitedHealth Group CDR	Pair Corr
0.5	FMS	Fresenius Medical Care	Pair Corr
0.47	PHA	Premier Health	Pair Corr
0.41	301293	Sanbo Hospital Management	Pair Corr
0.37	IVP	Inspire Veterinary	Pair Corr
0.56	WELL	WELL Health Technologies	Pair Corr
0.5	HIMS	Hims Hers Health	Pair Corr
0.45	OPT	Optima Health plc	Pair Corr

Related Correlations Analysis

	GMED	MOH	PEN	BTSG	BIO	DVA	HSIC	CORT	HIMS
GMED		-0.65	0.87	0.79	0.01	-0.77	0.91	-0.04	-0.88	GMED
MOH	-0.65		-0.29	-0.48	-0.18	0.59	-0.55	0.04	0.76	MOH
PEN	0.87	-0.29		0.76	-0.18	-0.69	0.86	-0.03	-0.72	PEN
BTSG	0.79	-0.48	0.76		0.17	-0.74	0.79	-0.26	-0.82	BTSG
BIO	0.01	-0.18	-0.18	0.17		0.25	-0.17	-0.14	-0.03	BIO
DVA	-0.77	0.59	-0.69	-0.74	0.25		-0.77	0.25	0.84	DVA
HSIC	0.91	-0.55	0.86	0.79	-0.17	-0.77		-0.05	-0.85	HSIC
CORT	-0.04	0.04	-0.03	-0.26	-0.14	0.25	-0.05		0.22	CORT
HIMS	-0.88	0.76	-0.72	-0.82	-0.03	0.84	-0.85	0.22		HIMS
	GMED	MOH	PEN	BTSG	BIO	DVA	HSIC	CORT	HIMS

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

HSIC	+ 0.91	GMED
PEN	+ 0.87	GMED
HSIC	+ 0.86	PEN
HIMS	+ 0.84	DVA
BTSG	+ 0.79	GMED
HSIC	+ 0.79	BTSG

High negative correlations

HIMS	- 0.88	GMED
HIMS	- 0.85	HSIC
HIMS	- 0.82	BTSG
HSIC	- 0.77	DVA
DVA	- 0.77	GMED
DVA	- 0.74	BTSG

Risk-Adjusted Indicators

There is a big difference between HealthEquity Stock performing well and HealthEquity 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 HealthEquity'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
GMED	2.01	0.64	0.49	0.52	0.88	(3.04)	3.67	(2.02)	38.40
MOH	1.96	(0.07)	0.00	(0.93)	0.00	0.00	3.36	(3.94)	21.47
PEN	1.68	0.30	0.15	0.93	1.44	(2.17)	3.93	(2.61)	19.93
BTSG	1.68	0.33	0.15	0.30	2.04	(1.76)	2.98	(3.70)	11.46
BIO	1.56	0.02	0.03	0.09	1.70	(1.92)	4.31	(3.17)	8.48
DVA	1.06	(0.29)	0.00	(0.29)	0.00	0.00	1.78	(2.40)	8.43
HSIC	1.16	0.23	0.16	0.46	1.10	(1.37)	2.28	(1.97)	13.49
CORT	3.51	(1.20)	0.00	(0.30)	0.00	0.00	4.66	(8.51)	58.23
HIMS	3.23	(0.75)	0.00	(0.40)	0.00	0.00	5.86	(7.38)	32.02

HealthEquity Corporate Management

Cheryl King	Executive Officer	Profile
Mukund Ramachandran	Chief Officer	Profile
Tia Padia	Executive Officer	Profile
Richard Putnam	IR Contact Officer	Profile
Jeff Venuti	New Consultant	Profile

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