Novocure Correlations

NVCR Stock

USD 18.78 1.05 5.92%

The current 90-days correlation between Novocure and Inspire Medical Systems is 0.15 (i.e., Average 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 0.42 (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.

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 main economic indicators.

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

Moving together with Novocure Stock

0.62	ENOV	Enovis Corp	Pair Corr
0.64	VCNX	Vaccinex	Pair Corr
0.66	ERAS	Erasca Inc	Pair Corr

Moving against Novocure Stock

0.45	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.4	FIGS	Figs Inc	Pair Corr
0.38	DOMH	Dominari Holdings	Pair Corr
0.42	VRDN	Viridian Therapeutics	Pair Corr
0.38	KZR	Kezar Life Sciences	Pair Corr
0.31	EXAS	EXACT Sciences	Pair Corr

Related Correlations Analysis

	GMED	PODD	INSP	NARI	TMDX	INMD	ITGR	CNMD	LIVN
GMED		0.69	-0.56	0.84	-0.82	0.78	0.83	0.18	0.28	GMED
PODD	0.69		-0.05	0.59	-0.74	0.72	0.67	0.13	0.57	PODD
INSP	-0.56	-0.05		-0.44	0.34	-0.25	-0.3	-0.04	0.13	INSP
NARI	0.84	0.59	-0.44		-0.8	0.75	0.64	0.35	0.01	NARI
TMDX	-0.82	-0.74	0.34	-0.8		-0.69	-0.59	0.08	-0.37	TMDX
INMD	0.78	0.72	-0.25	0.75	-0.69		0.64	0.24	0.34	INMD
ITGR	0.83	0.67	-0.3	0.64	-0.59	0.64		0.23	0.37	ITGR
CNMD	0.18	0.13	-0.04	0.35	0.08	0.24	0.23		-0.44	CNMD
LIVN	0.28	0.57	0.13	0.01	-0.37	0.34	0.37	-0.44		LIVN
	GMED	PODD	INSP	NARI	TMDX	INMD	ITGR	CNMD	LIVN

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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

NARI	+ 0.84	GMED
ITGR	+ 0.83	GMED
INMD	+ 0.78	GMED
INMD	+ 0.75	NARI
INMD	+ 0.72	PODD
PODD	+ 0.69	GMED

High negative correlations

TMDX	- 0.82	GMED
TMDX	- 0.8	NARI
TMDX	- 0.74	PODD
INMD	- 0.69	TMDX
ITGR	- 0.59	TMDX
INSP	- 0.56	GMED

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
GMED	1.06	0.15	0.17	0.24	0.75	(1.25)	1.82	(1.59)	11.18
PODD	1.34	0.52	0.35	4.15	0.64	(1.66)	3.36	(1.72)	12.33
INSP	2.13	(0.15)	(0.02)	0.03	2.62	(2.26)	4.95	(5.08)	16.85
NARI	2.25	0.15	0.02	0.91	2.19	(2.74)	6.30	(3.87)	19.78
TMDX	3.10	(1.35)	0.00	(0.57)	0.00	0.00	4.04	(7.44)	39.98
INMD	2.19	0.08	0.07	0.16	2.71	(2.29)	4.91	(5.21)	17.38
ITGR	1.26	0.02	0.03	0.13	1.44	(1.32)	2.48	(2.16)	7.64
CNMD	1.88	0.03	0.02	0.15	2.27	(1.94)	4.57	(3.83)	11.47
LIVN	1.20	0.05	0.03	0.17	1.42	(1.18)	3.73	(2.55)	8.68

Novocure Corporate Management

Piet MD	Head VP	Profile
William Burke	Chief Officer	Profile
Frank Leonard	Executive Oncology	Profile
Uri MD	Chief Officer	Profile
Pritesh Shah	Chief Commercial Officer	Profile
Ashley Cordova	Chief Officer	Profile

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