IONQ Correlations

IONQ Stock

USD 39.98 3.26 7.54%

The current 90-days correlation between IONQ Inc and Logitech International SA is -0.12 (i.e., Good diversification). The correlation of IONQ 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.

IONQ Correlation With Market

Good diversification

The correlation between IONQ Inc and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IONQ Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IONQ Stock

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

Moving together with IONQ Stock

0.67	HPQ	HP Inc	Pair Corr
0.71	PLUG	Plug Power	Pair Corr
0.61	NVDA	NVIDIA Aggressive Push	Pair Corr
0.68	GRAB	Grab Holdings	Pair Corr
0.82	RXRX	Recursion Pharmaceuticals	Pair Corr
0.67	NIO	Nio Class A Aggressive Push	Pair Corr
0.67	AUR	Aurora Innovation	Pair Corr
0.61	MMC	MMC Old Symbol Change	Pair Corr

Moving against IONQ Stock

0.61	ABEV	Ambev SA ADR	Pair Corr
0.57	AXIA	AXIA Energia Symbol Change	Pair Corr
0.46	KGC	Kinross Gold	Pair Corr
0.41	FNCHF	FINEOSHoldings Plc	Pair Corr
0.39	RIVN	Rivian Automotive	Pair Corr
0.34	ARRJF	Arjo AB	Pair Corr
0.31	ACN	Accenture plc	Pair Corr

Related Correlations Analysis

	LOGI	QBTS	RGTI	U	FTV	IT	GEN	CPAY
LOGI		0.15	0.6	-0.23	-0.52	-0.06	0.34	-0.72	LOGI
QBTS	0.15		0.7	-0.1	-0.24	0.37	-0.04	-0.18	QBTS
RGTI	0.6	0.7		-0.52	-0.7	0.2	-0.09	-0.68	RGTI
U	-0.23	-0.1	-0.52		0.84	0.16	0.5	0.74	U
FTV	-0.52	-0.24	-0.7	0.84		0.24	0.39	0.84	FTV
IT	-0.06	0.37	0.2	0.16	0.24		0.55	0.09	IT
GEN	0.34	-0.04	-0.09	0.5	0.39	0.55		0.12	GEN
CPAY	-0.72	-0.18	-0.68	0.74	0.84	0.09	0.12		CPAY
	LOGI	QBTS	RGTI	U	FTV	IT	GEN	CPAY

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

FTV	+ 0.84	U
CPAY	+ 0.84	FTV
CPAY	+ 0.74	U
RGTI	+ 0.7	QBTS
RGTI	+ 0.6	LOGI
GEN	+ 0.55	IT

High negative correlations

CPAY	- 0.72	LOGI
FTV	- 0.7	RGTI
CPAY	- 0.68	RGTI
U	- 0.52	RGTI
FTV	- 0.52	LOGI
FTV	- 0.24	QBTS

Risk-Adjusted Indicators

There is a big difference between IONQ Stock performing well and IONQ 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 IONQ'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
LOGI	1.65	(0.38)	0.00	(0.36)	0.00	0.00	2.58	(4.56)	11.76
QBTS	5.40	(0.17)	0.00	(0.12)	0.00	0.00	11.47	(10.12)	29.56
RGTI	4.87	(0.94)	0.00	(0.42)	0.00	0.00	9.05	(10.07)	24.38
U	2.86	0.21	0.05	0.60	3.34	(3.09)	7.12	(6.24)	26.04
FTV	1.06	0.06	0.04	0.11	1.33	(1.15)	2.40	(2.36)	8.01
IT	1.64	(0.29)	0.00	(0.19)	0.00	0.00	4.38	(4.50)	11.37
GEN	1.09	(0.23)	0.00	(0.21)	0.00	0.00	2.03	(3.23)	7.70
CPAY	1.60	0.12	0.07	0.13	1.81	(1.80)	3.76	(3.06)	11.04

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