ICON PLC Correlations

ICLR Stock

USD 186.32 1.65 0.88%

The current 90-days correlation between ICON PLC and EXACT Sciences is -0.04 (i.e., Good diversification). The correlation of ICON PLC 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.

ICON PLC Correlation With Market

Poor diversification

The correlation between ICON PLC and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ICON PLC and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ICON Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ICON PLC. 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.

To learn how to invest in ICON Stock, please use our How to Invest in ICON PLC guide.

Moving together with ICON Stock

0.67	EGTIF	eGuarantee	Pair Corr
0.8	WAL	Western Alliance Ban	Pair Corr
0.7	ONDS	Ondas Holdings	Pair Corr
0.81	CET	Central Securities	Pair Corr
0.65	TENX	Tenax Therapeutics Downward Rally	Pair Corr
0.61	ACLS	Axcelis Technologies	Pair Corr
0.61	FOX	Fox Corp Class Earnings Call This Week	Pair Corr
0.69	VASO	Vaso Corp	Pair Corr
0.71	LINC	Lincoln Educational	Pair Corr

Moving against ICON Stock

0.62	PBCRY	Bank Central Asia	Pair Corr
0.56	PTAIF	PT Astra International	Pair Corr
0.55	BKRKY	Bank Rakyat	Pair Corr

Related Correlations Analysis

	EXAS	GH	MEDP	QGEN	UHS	RVTY	COO	EHC	NBIX	SOLV
EXAS		0.75	-0.18	0.35	-0.08	0.62	0.87	-0.71	-0.16	0.86	EXAS
GH	0.75		0.16	0.42	-0.14	0.63	0.58	-0.81	-0.31	0.62	GH
MEDP	-0.18	0.16		0.44	-0.38	0.37	-0.15	-0.06	-0.65	-0.17	MEDP
QGEN	0.35	0.42	0.44		-0.67	0.86	0.38	-0.55	-0.61	0.18	QGEN
UHS	-0.08	-0.14	-0.38	-0.67		-0.55	-0.31	0.53	0.66	0.16	UHS
RVTY	0.62	0.63	0.37	0.86	-0.55		0.62	-0.67	-0.49	0.48	RVTY
COO	0.87	0.58	-0.15	0.38	-0.31	0.62		-0.72	-0.23	0.74	COO
EHC	-0.71	-0.81	-0.06	-0.55	0.53	-0.67	-0.72		0.45	-0.45	EHC
NBIX	-0.16	-0.31	-0.65	-0.61	0.66	-0.49	-0.23	0.45		0.01	NBIX
SOLV	0.86	0.62	-0.17	0.18	0.16	0.48	0.74	-0.45	0.01		SOLV
	EXAS	GH	MEDP	QGEN	UHS	RVTY	COO	EHC	NBIX	SOLV

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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

COO	+ 0.87	EXAS
SOLV	+ 0.86	EXAS
RVTY	+ 0.86	QGEN
GH	+ 0.75	EXAS
SOLV	+ 0.74	COO
NBIX	+ 0.66	UHS

High negative correlations

EHC	- 0.81	GH
EHC	- 0.72	COO
EHC	- 0.71	EXAS
EHC	- 0.67	RVTY
UHS	- 0.67	QGEN
NBIX	- 0.65	MEDP

Risk-Adjusted Indicators

There is a big difference between ICON Stock performing well and ICON PLC 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 ICON PLC'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
EXAS	1.54	0.77	0.74	(1.70)	0.00	(1.73)	3.77	(1.06)	24.01
GH	2.34	0.75	0.32	2.19	1.60	(2.89)	5.53	(3.15)	33.86
MEDP	1.22	(0.04)	(0.04)	0.01	1.61	(1.23)	3.02	(2.33)	10.01
QGEN	1.46	0.26	0.12	(0.70)	1.22	(1.96)	2.86	(2.50)	19.10
UHS	1.25	(0.09)	0.00	(0.04)	0.00	0.00	2.49	(2.94)	8.92
RVTY	1.69	0.12	0.09	0.16	1.58	(2.22)	4.52	(3.04)	8.40
COO	1.14	0.05	0.04	0.12	1.18	(1.43)	2.84	(2.03)	10.26
EHC	1.00	(0.45)	0.00	(0.78)	0.00	0.00	1.39	(2.49)	7.86
NBIX	1.50	(0.08)	0.00	(0.33)	0.00	0.00	3.43	(3.45)	12.11
SOLV	1.28	0.04	0.02	0.11	1.63	(1.34)	2.91	(2.08)	14.51

ICON PLC Corporate Management

Barry Balfe	Chief Officer	Profile
Nigel ACA	Chief Officer	Profile
Dr MBA	CEO Director	Profile
Jonathan Curtain	Senior Finance	Profile
Niamh Murphy	Director Communications	Profile

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