Harmony Biosciences Correlations

HRMY Stock

USD 33.23 0.44 1.34%

The current 90-days correlation between Harmony Biosciences and Keros Therapeutics is 0.16 (i.e., Average diversification). The correlation of Harmony Biosciences 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.

Harmony Biosciences Correlation With Market

Modest diversification

The correlation between Harmony Biosciences Holdings and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Biosciences Holdings 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 Harmony Biosciences Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Harmony Stock

0.64	ME	23Andme Holding	Pair Corr
0.61	DRMA	Dermata Therapeutics	Pair Corr
0.61	VINC	Vincerx Pharma	Pair Corr
0.65	EDIT	Editas Medicine	Pair Corr
0.62	VXRT	Vaxart Inc	Pair Corr

Moving against Harmony Stock

0.56	SABSW	SAB Biotherapeutics	Pair Corr
0.53	DRUG	Bright Minds Biosciences	Pair Corr
0.56	ELDN	Eledon Pharmaceuticals	Pair Corr
0.55	VRNA	Verona Pharma PLC	Pair Corr
0.54	ENTO	Entero Therapeutics, Symbol Change	Pair Corr
0.51	VYNE	Vyne Therapeutics	Pair Corr
0.5	VSTM	Verastem	Pair Corr
0.46	ELVN	Enliven Therapeutics	Pair Corr
0.46	ENGN	enGene Holdings Common	Pair Corr
0.4	ENSC	Ensysce Biosciences	Pair Corr

Related Correlations Analysis

	KROS	JANX	FENC	EWTX	PLRX	SNDX	RVMD	VRDN	INZY	VTYX
KROS		0.61	-0.75	0.77	0.27	-0.09	0.67	0.88	-0.33	0.16	KROS
JANX	0.61		-0.52	0.76	0.65	-0.02	0.68	0.6	-0.38	0.22	JANX
FENC	-0.75	-0.52		-0.83	-0.18	0.39	-0.75	-0.72	0.63	0.24	FENC
EWTX	0.77	0.76	-0.83		0.49	-0.11	0.8	0.78	-0.54	0.05	EWTX
PLRX	0.27	0.65	-0.18	0.49		0.4	0.48	0.12	-0.25	0.23	PLRX
SNDX	-0.09	-0.02	0.39	-0.11	0.4		-0.16	-0.14	0.42	0.41	SNDX
RVMD	0.67	0.68	-0.75	0.8	0.48	-0.16		0.54	-0.79	-0.28	RVMD
VRDN	0.88	0.6	-0.72	0.78	0.12	-0.14	0.54		-0.18	0.22	VRDN
INZY	-0.33	-0.38	0.63	-0.54	-0.25	0.42	-0.79	-0.18		0.63	INZY
VTYX	0.16	0.22	0.24	0.05	0.23	0.41	-0.28	0.22	0.63		VTYX
	KROS	JANX	FENC	EWTX	PLRX	SNDX	RVMD	VRDN	INZY	VTYX

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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

VRDN	+ 0.88	KROS
RVMD	+ 0.8	EWTX
VRDN	+ 0.78	EWTX
EWTX	+ 0.77	KROS
EWTX	+ 0.76	JANX
RVMD	+ 0.68	JANX

High negative correlations

EWTX	- 0.83	FENC
INZY	- 0.79	RVMD
RVMD	- 0.75	FENC
FENC	- 0.75	KROS
VRDN	- 0.72	FENC
INZY	- 0.54	EWTX

Risk-Adjusted Indicators

There is a big difference between Harmony Stock performing well and Harmony Biosciences 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 Harmony Biosciences' 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
KROS	2.09	0.11	0.06	0.16	2.34	(2.25)	4.39	(4.61)	16.94
JANX	2.32	0.08	0.03	0.17	2.39	(2.82)	6.45	(4.19)	15.08
FENC	2.91	(0.34)	0.00	(0.15)	0.00	0.00	5.98	(6.68)	23.48
EWTX	3.71	0.70	0.24	0.32	3.08	(4.45)	6.65	(5.51)	61.02
PLRX	2.75	(0.26)	0.00	(0.03)	0.00	0.00	5.37	(5.55)	24.35
SNDX	2.21	(0.50)	0.00	(0.12)	0.00	0.00	4.02	(4.33)	34.00
RVMD	2.11	0.33	0.14	0.35	2.22	(2.19)	4.81	(3.90)	10.95
VRDN	3.11	0.32	0.10	0.27	3.45	(3.66)	6.84	(5.29)	44.89
INZY	2.67	(1.00)	0.00	(0.41)	0.00	0.00	5.68	(7.92)	16.62
VTYX	3.00	(0.34)	0.00	(0.05)	0.00	0.00	6.88	(5.86)	22.25

Harmony Biosciences Corporate Management

Brennan Doyle	VP Relations	Profile
Audrey Murphy	Head Resources	Profile
David Bradshaw	Head Operations	Profile
Cate McCanless	Head Policy	Profile
MBA JD	Executive Officer	Profile
Audrey SPHR	Head Resources	Profile
Jeffrey Aronin	Founder Chairman	Profile

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