Novocure Correlations

NVCR Stock

USD 10.49 0.46 4.59%

The current 90-days correlation between Novocure and Azenta Inc is 0.38 (i.e., Weak diversification). The correlation of Novocure 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.

Novocure Correlation With Market

Very weak diversification

The correlation between Novocure 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 Novocure and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Novocure Stock

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

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

Moving together with Novocure Stock

0.65	4DX	4DMEDICAL	Pair Corr
0.85	PRN	Profound Medical Corp	Pair Corr

Moving against Novocure Stock

0.7	IHC	Inspiration Healthcare	Pair Corr
0.53	IVF	INVO Fertility Symbol Change	Pair Corr
0.49	OTC	Ocumetics Technology Corp	Pair Corr
0.33	NTI	Neurotech International	Pair Corr
0.31	RHT	Resonance Health	Pair Corr
0.42	TNONW	Tenon Medical Warrant	Pair Corr
0.41	NGMD	NuGen Medical Devices	Pair Corr
0.4	POCI	Precision Optics Earnings Call This Week	Pair Corr
0.38	CREO	Creo Medical Group	Pair Corr
0.31	NVNO	enVVeno Medical Corp Downward Rally	Pair Corr

Related Correlations Analysis

	AZTA	KMTS	STAA	BLFS	NEOG	EVO	TDOC	ESTA	PLSE	UPB
AZTA		-0.39	-0.36	0.0	0.41	0.27	-0.06	0.19	-0.31	0.79	AZTA
KMTS	-0.39		0.32	0.33	-0.36	-0.45	0.25	0.31	0.22	-0.35	KMTS
STAA	-0.36	0.32		0.69	-0.95	-0.67	0.82	-0.05	-0.33	-0.59	STAA
BLFS	0.0	0.33	0.69		-0.65	-0.3	0.78	-0.19	-0.14	-0.32	BLFS
NEOG	0.41	-0.36	-0.95	-0.65		0.7	-0.8	0.01	0.33	0.61	NEOG
EVO	0.27	-0.45	-0.67	-0.3	0.7		-0.47	-0.49	0.24	0.37	EVO
TDOC	-0.06	0.25	0.82	0.78	-0.8	-0.47		0.01	-0.28	-0.36	TDOC
ESTA	0.19	0.31	-0.05	-0.19	0.01	-0.49	0.01		-0.08	0.3	ESTA
PLSE	-0.31	0.22	-0.33	-0.14	0.33	0.24	-0.28	-0.08		-0.16	PLSE
UPB	0.79	-0.35	-0.59	-0.32	0.61	0.37	-0.36	0.3	-0.16		UPB
	AZTA	KMTS	STAA	BLFS	NEOG	EVO	TDOC	ESTA	PLSE	UPB

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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

TDOC	+ 0.82	STAA
UPB	+ 0.79	AZTA
TDOC	+ 0.78	BLFS
EVO	+ 0.7	NEOG
BLFS	+ 0.69	STAA
UPB	+ 0.61	NEOG

High negative correlations

NEOG	- 0.95	STAA
TDOC	- 0.8	NEOG
EVO	- 0.67	STAA
NEOG	- 0.65	BLFS
UPB	- 0.59	STAA
ESTA	- 0.49	EVO

Risk-Adjusted Indicators

There is a big difference between Novocure Stock performing well and Novocure 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 Novocure'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
AZTA	2.23	(0.07)	(0.01)	0.04	4.39	(2.37)	3.81	(3.47)	39.11
KMTS	2.52	(0.03)	(0.01)	0.06	3.85	(2.38)	4.70	(7.02)	20.54
STAA	2.39	(0.50)	0.00	1.99	0.00	0.00	4.66	(5.66)	15.08
BLFS	1.80	(0.38)	0.00	(0.18)	0.00	0.00	3.19	(4.11)	17.79
NEOG	2.51	0.80	0.33	0.58	1.80	(2.94)	5.96	(3.61)	34.17
EVO	2.71	(0.12)	0.00	1.43	0.00	0.00	5.72	(6.09)	16.20
TDOC	2.21	(0.87)	0.00	(0.32)	0.00	0.00	3.70	(5.37)	15.93
ESTA	2.75	0.52	0.15	0.75	2.88	(3.23)	4.75	(5.74)	30.17
PLSE	3.54	0.46	0.22	0.20	2.77	(4.41)	7.62	(5.10)	18.43
UPB	3.23	0.14	0.01	1.63	4.19	(3.38)	7.84	(5.57)	24.37

Novocure Corporate Management

Piet MD	Head VP	Profile
Barak BenArye	General Counsel	Profile
William Burke	Chief Officer	Profile
Frank Leonard	Executive Oncology	Profile
Christoph Brackmann	Chief Officer	Profile
Uri MD	Chief Officer	Profile

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