IRIDEX Correlations

IRIX Stock

USD 1.17 0.06 4.88%

The current 90-days correlation between IRIDEX and Adagio Medical Holdings, is -0.03 (i.e., Good diversification). The correlation of IRIDEX 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.

IRIDEX Correlation With Market

Modest diversification

The correlation between IRIDEX and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IRIDEX and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IRIDEX Stock

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

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

Moving together with IRIDEX Stock

0.83	301363	MeHow Innovative	Pair Corr
0.66	OM	Outset Medical	Pair Corr
0.61	VERO	Venus Concept	Pair Corr
0.67	VNRX	Volitionrx	Pair Corr
0.65	VVOS	Vivos Therapeutics	Pair Corr
0.71	EKSO	Ekso Bionics Holdings	Pair Corr
0.62	POLX	Polarean Imaging Plc	Pair Corr

Moving against IRIDEX Stock

0.68	688656	HOB Biotech Group	Pair Corr
0.66	SPEC	Inspecs Group plc	Pair Corr
0.55	EW	Edwards Lifesciences Corp	Pair Corr
0.46	ELMD	Electromed	Pair Corr
0.41	BLCO	Bausch Lomb Corp	Pair Corr
0.7	BB1	Blinklab	Pair Corr
0.67	688198	Beijing Balance Medical	Pair Corr
0.61	FEMY	Femasys	Pair Corr
0.58	ESTA	Establishment Labs	Pair Corr
0.56	301367	BMC Medical	Pair Corr
0.54	FIGS	Figs Inc	Pair Corr

Related Correlations Analysis

	ADGM	COCH	PULM	VVOS	ASBP	ALUR	PALI	NVNO	HOTH	IINN
ADGM		0.54	0.27	0.86	0.71	0.83	-0.55	0.84	0.87	0.74	ADGM
COCH	0.54		0.18	0.41	0.36	0.51	-0.11	0.38	0.41	0.46	COCH
PULM	0.27	0.18		0.55	0.51	0.48	-0.19	0.55	0.5	0.2	PULM
VVOS	0.86	0.41	0.55		0.81	0.86	-0.54	0.93	0.94	0.63	VVOS
ASBP	0.71	0.36	0.51	0.81		0.82	-0.41	0.87	0.81	0.36	ASBP
ALUR	0.83	0.51	0.48	0.86	0.82		-0.54	0.85	0.88	0.71	ALUR
PALI	-0.55	-0.11	-0.19	-0.54	-0.41	-0.54		-0.59	-0.66	-0.63	PALI
NVNO	0.84	0.38	0.55	0.93	0.87	0.85	-0.59		0.92	0.56	NVNO
HOTH	0.87	0.41	0.5	0.94	0.81	0.88	-0.66	0.92		0.7	HOTH
IINN	0.74	0.46	0.2	0.63	0.36	0.71	-0.63	0.56	0.7		IINN
	ADGM	COCH	PULM	VVOS	ASBP	ALUR	PALI	NVNO	HOTH	IINN

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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

HOTH	+ 0.94	VVOS
NVNO	+ 0.93	VVOS
HOTH	+ 0.92	NVNO
HOTH	+ 0.88	ALUR
HOTH	+ 0.87	ADGM
NVNO	+ 0.87	ASBP

High negative correlations

HOTH	- 0.66	PALI
IINN	- 0.63	PALI
NVNO	- 0.59	PALI
PALI	- 0.55	ADGM
PALI	- 0.54	ALUR
PALI	- 0.54	VVOS

Risk-Adjusted Indicators

There is a big difference between IRIDEX Stock performing well and IRIDEX 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 IRIDEX'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
ADGM	5.84	(0.65)	0.00	0.74	0.00	0.00	11.36	(14.04)	64.48
COCH	5.59	0.43	0.05	0.44	7.37	(8.91)	8.00	(7.79)	137.81
PULM	3.38	(0.78)	0.00	2.01	0.00	0.00	6.58	(8.10)	51.95
VVOS	2.96	(0.84)	0.00	(0.60)	0.00	0.00	4.06	(6.87)	21.41
ASBP	8.17	(0.97)	0.00	(1.81)	0.00	0.00	17.23	(20.00)	137.50
ALUR	4.07	(0.72)	0.00	(0.17)	0.00	0.00	11.81	(9.68)	36.42
PALI	7.77	2.11	0.32	1.27	5.69	(10.07)	19.05	(8.97)	64.37
NVNO	4.59	(1.56)	0.00	(0.29)	0.00	0.00	6.06	(10.81)	40.79
HOTH	2.84	(1.13)	0.00	(0.37)	0.00	0.00	4.59	(6.94)	16.13
IINN	3.26	(0.41)	0.00	(0.35)	0.00	0.00	6.86	(7.38)	24.08

IRIDEX Corporate Management

Leigh Salvo	Head Relations	Profile
Patrick Mercer	Chief Officer	Profile
Fuad Ahmad	Interim Officer	Profile
Bassem BouHabib	Vice Sales	Profile
Romeo Dizon	Chief Officer	Profile

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