IDEXX Laboratories Correlations

IDXX Stock

USD 418.55 0.06 0.01%

The current 90-days correlation between IDEXX Laboratories and Waters is 0.31 (i.e., Weak diversification). The correlation of IDEXX Laboratories 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.

IDEXX Laboratories Correlation With Market

Very weak diversification

The correlation between IDEXX Laboratories and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDEXX Laboratories 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 IDEXX Laboratories. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

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

Moving together with IDEXX Stock

0.67	ELAB	Elevai Labs, Common	Pair Corr
0.8	AGL	agilon health	Pair Corr
0.87	TFX	Teleflex Incorporated	Pair Corr
0.84	GCTK	GlucoTrack	Pair Corr
0.86	ACHC	Acadia Healthcare	Pair Corr
0.69	ADUS	Addus HomeCare	Pair Corr
0.71	AIEV	Thunder Power Holdings, Symbol Change	Pair Corr
0.64	AMED	Amedisys	Pair Corr
0.64	A	Agilent Technologies Earnings Call This Week	Pair Corr
0.87	ME	23Andme Holding	Pair Corr

Moving against IDEXX Stock

0.84	WGS	GeneDx Holdings Corp	Pair Corr
0.76	VMD	Viemed Healthcare	Pair Corr
0.67	HIMS	Hims Hers Health Upward Rally	Pair Corr
0.63	CAH	Cardinal Health	Pair Corr
0.53	LH	Laboratory	Pair Corr
0.49	ABT	Abbott Laboratories Fiscal Year End 22nd of January 2025	Pair Corr
0.49	RDNT	RadNet Inc	Pair Corr
0.47	MMSI	Merit Medical Systems	Pair Corr
0.39	MYND	Myndai, Symbol Change	Pair Corr
0.84	DRUG	Bright Minds Biosciences	Pair Corr
0.77	SABSW	SAB Biotherapeutics	Pair Corr

Related Correlations Analysis

	WAT	IQV	CRL	RVTY	MTD	A	TMO	ILMN	DHR	TWST
WAT		-0.44	0.29	0.23	-0.08	0.14	-0.41	0.62	-0.36	0.11	WAT
IQV	-0.44		0.34	0.5	0.76	0.64	0.93	-0.51	0.86	0.34	IQV
CRL	0.29	0.34		0.39	0.17	0.23	0.2	-0.01	0.19	0.63	CRL
RVTY	0.23	0.5	0.39		0.8	0.82	0.61	0.1	0.62	0.64	RVTY
MTD	-0.08	0.76	0.17	0.8		0.95	0.87	-0.22	0.87	0.4	MTD
A	0.14	0.64	0.23	0.82	0.95		0.77	-0.14	0.8	0.42	A
TMO	-0.41	0.93	0.2	0.61	0.87	0.77		-0.52	0.97	0.35	TMO
ILMN	0.62	-0.51	-0.01	0.1	-0.22	-0.14	-0.52		-0.47	0.12	ILMN
DHR	-0.36	0.86	0.19	0.62	0.87	0.8	0.97	-0.47		0.42	DHR
TWST	0.11	0.34	0.63	0.64	0.4	0.42	0.35	0.12	0.42		TWST
	WAT	IQV	CRL	RVTY	MTD	A	TMO	ILMN	DHR	TWST

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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

DHR	+ 0.97	TMO
A	+ 0.95	MTD
TMO	+ 0.93	IQV
TMO	+ 0.87	MTD
DHR	+ 0.87	MTD
DHR	+ 0.86	IQV

High negative correlations

ILMN	- 0.52	TMO
ILMN	- 0.51	IQV
DHR	- 0.47	ILMN
IQV	- 0.44	WAT
TMO	- 0.41	WAT
DHR	- 0.36	WAT

Risk-Adjusted Indicators

There is a big difference between IDEXX Stock performing well and IDEXX Laboratories 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 IDEXX Laboratories' 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
WAT	1.42	0.04	0.02	0.13	1.35	(1.85)	2.57	(2.31)	24.69
IQV	1.28	(0.48)	0.00	(0.25)	0.00	0.00	1.62	(4.05)	9.22
CRL	1.66	(0.31)	0.00	(0.04)	0.00	0.00	2.58	(4.35)	18.19
RVTY	1.22	(0.15)	0.00	(0.17)	0.00	0.00	2.35	(2.84)	9.11
MTD	1.32	(0.35)	0.00	(0.52)	0.00	0.00	2.61	(3.37)	12.16
A	1.09	(0.16)	0.00	(0.27)	0.00	0.00	2.11	(2.42)	9.02
TMO	0.91	(0.33)	0.00	(0.45)	0.00	0.00	1.56	(1.98)	7.00
ILMN	1.71	(0.05)	(0.04)	0.01	2.05	(1.72)	3.72	(2.69)	12.84
DHR	0.95	(0.29)	0.00	(0.37)	0.00	0.00	1.47	(2.30)	7.35
TWST	3.07	(0.22)	(0.02)	0.00	3.84	(3.08)	6.77	(6.21)	17.59

IDEXX Laboratories Corporate Executives

Elected by the shareholders, the IDEXX Laboratories' board of directors comprises two types of representatives: IDEXX Laboratories inside directors who are chosen from within the company, and outside directors, selected externally and held independent of IDEXX. The board's role is to monitor IDEXX Laboratories' management team and ensure that shareholders' interests are well served. IDEXX Laboratories' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, IDEXX Laboratories' outside directors are responsible for providing unbiased perspectives on the board's policies.

Brian McKeon	CFO, Principal Accounting Officer, Executive VP and Treasurer	Profile
Nimrata PE	Sector Strategy	Profile
Martin Smith	Executive CTO	Profile

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