HealthEquity Correlations

HQY Stock

USD 74.36 0.48 0.65%

The current 90-days correlation between HealthEquity and Globus Medical is 0.46 (i.e., Very weak 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

Pay attention - limited upside

The correlation between HealthEquity and DJI is -0.8 (i.e., Pay attention - limited upside) 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 producer price index.

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

Moving together with HealthEquity Stock

0.68	MD	Mednax Inc Earnings Call This Week	Pair Corr
0.79	PXS	Paragon Care Limited Earnings Call Next Week	Pair Corr
0.84	KDA	KDA Group	Pair Corr
0.8	FLGT	Fulgent Genetics	Pair Corr

Moving against HealthEquity Stock

0.91	X34	ENHABIT INC DL	Pair Corr
0.9	GD6	Ramsay Gnrale de	Pair Corr
0.73	ANCR	Animalcare Group Plc	Pair Corr
0.55	CI	Cigna Corp	Pair Corr
0.53	LH	Laboratory	Pair Corr
0.39	NPTH	NeuPath Health	Pair Corr
0.39	3H5	NUVERRA ENVIR SOL	Pair Corr
0.88	EHAB	Enhabit	Pair Corr
0.83	636	Sienna Senior Living Earnings Call This Week	Pair Corr
0.82	BKD	Brookdale Senior Living Earnings Call This Week	Pair Corr
0.7	CLARI	Clariane SE	Pair Corr
0.58	AMN	AMN Healthcare Services Earnings Call This Week	Pair Corr
0.55	UOM	AS Latvijas Juras	Pair Corr
0.55	FRE	Fresenius SE Earnings Call Next Week	Pair Corr
0.45	ENSG	Ensign Group	Pair Corr
0.33	AMS	American Shared Hospital	Pair Corr
0.62	CAH	Cardinal Health	Pair Corr
0.56	CHE	Chemed Corp Earnings Call Next Week	Pair Corr
0.56	0NR	UNIPHAR PLC EO Earnings Call This Week	Pair Corr
0.55	CON	Concentra Group Holdings	Pair Corr
0.45	DGX	Quest Diagnostics	Pair Corr
0.38	HCA	HCA Holdings	Pair Corr

Related Correlations Analysis

	GMED	MOH	PEN	BTSG	BIO	DVA	HSIC	CORT	HIMS
GMED		0.67	0.58	0.44	0.21	-0.4	0.52	-0.3	0.21	GMED
MOH	0.67		0.55	0.45	0.14	-0.64	0.28	-0.31	0.3	MOH
PEN	0.58	0.55		0.68	-0.48	0.03	0.65	-0.51	-0.3	PEN
BTSG	0.44	0.45	0.68		-0.22	-0.01	0.61	-0.77	-0.56	BTSG
BIO	0.21	0.14	-0.48	-0.22		-0.46	-0.24	0.17	0.49	BIO
DVA	-0.4	-0.64	0.03	-0.01	-0.46		0.16	-0.08	-0.55	DVA
HSIC	0.52	0.28	0.65	0.61	-0.24	0.16		-0.37	-0.2	HSIC
CORT	-0.3	-0.31	-0.51	-0.77	0.17	-0.08	-0.37		0.67	CORT
HIMS	0.21	0.3	-0.3	-0.56	0.49	-0.55	-0.2	0.67		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

BTSG	+ 0.68	PEN
MOH	+ 0.67	GMED
HIMS	+ 0.67	CORT
HSIC	+ 0.65	PEN
HSIC	+ 0.61	BTSG
PEN	+ 0.58	GMED

High negative correlations

CORT	- 0.77	BTSG
DVA	- 0.64	MOH
HIMS	- 0.56	BTSG
HIMS	- 0.55	DVA
CORT	- 0.51	PEN
BIO	- 0.48	PEN

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	1.26	0.03	0.02	0.07	1.23	(1.75)	3.63	(2.45)	7.49
MOH	2.18	0.02	(0.01)	0.01	5.49	(1.90)	4.04	(3.38)	30.76
PEN	1.31	0.29	0.17	0.48	1.22	(1.63)	3.34	(1.94)	16.34
BTSG	1.79	0.31	0.11	(2.94)	1.95	(1.94)	3.44	(3.63)	11.25
BIO	1.46	(0.28)	0.00	(0.21)	0.00	0.00	3.26	(2.88)	17.85
DVA	1.81	0.35	0.17	4.46	1.55	(2.47)	4.25	(3.23)	26.79
HSIC	1.22	0.04	0.03	0.09	1.45	(1.31)	2.43	(2.60)	7.52
CORT	3.80	(0.69)	0.00	(1.62)	0.00	0.00	6.44	(8.51)	54.02
HIMS	3.08	(1.21)	0.00	(9.50)	0.00	0.00	4.19	(6.44)	24.87

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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