Novartis Correlations

NVS Stock

USD 103.52 0.43 0.42%

The current 90-days correlation between Novartis AG ADR and AstraZeneca PLC ADR is 0.47 (i.e., Very weak diversification). The correlation of Novartis 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.

Novartis Correlation With Market

Average diversification

The correlation between Novartis AG ADR and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novartis AG ADR 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 Novartis AG ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Novartis Stock

0.77	ME	23Andme Holding	Pair Corr
0.78	VALN	Valneva SE ADR	Pair Corr
0.68	DRMA	Dermata Therapeutics	Pair Corr
0.63	DRRX	Durect	Pair Corr
0.81	DTIL	Precision BioSciences	Pair Corr
0.75	VINC	Vincerx Pharma	Pair Corr
0.81	VIRX	Viracta Therapeutics	Pair Corr
0.8	VRCA	Verrica Pharmaceuticals	Pair Corr
0.67	VTGN	VistaGen Therapeutics	Pair Corr
0.8	EDIT	Editas Medicine	Pair Corr
0.93	EDSA	Edesa Biotech Fiscal Year End 20th of December 2024	Pair Corr
0.85	VXRT	Vaxart Inc	Pair Corr

Moving against Novartis Stock

0.81	VRNA	Verona Pharma PLC	Pair Corr
0.76	DVAX	Dynavax Technologies	Pair Corr
0.75	VERA	Vera Therapeutics	Pair Corr
0.72	SABSW	SAB Biotherapeutics	Pair Corr
0.68	DRUG	Bright Minds Biosciences	Pair Corr
0.63	DSGN	Design Therapeutics	Pair Corr
0.46	VCEL	Vericel Corp Ord	Pair Corr
0.43	VRDN	Viridian Therapeutics	Pair Corr
0.9	VSTM	Verastem	Pair Corr
0.83	VYNE	Vyne Therapeutics	Pair Corr
0.78	ELDN	Eledon Pharmaceuticals	Pair Corr
0.71	VTRS	Viatris	Pair Corr
0.67	ENSC	Ensysce Biosciences	Pair Corr
0.58	ELTX	Elicio Therapeutics	Pair Corr
0.45	ELVN	Enliven Therapeutics	Pair Corr
0.45	ENGN	enGene Holdings Common	Pair Corr
0.43	ENTO	Entero Therapeutics, Symbol Change	Pair Corr

Related Correlations Analysis

	AZN	GSK	RHHBY	BMY	SNY	MRK	BAYRY	GILD	JNJ	ABBV
AZN		0.87	0.83	-0.87	0.82	0.89	-0.49	-0.89	0.79	0.5	AZN
GSK	0.87		0.71	-0.91	0.9	0.95	-0.42	-0.82	0.83	0.51	GSK
RHHBY	0.83	0.71		-0.73	0.68	0.69	-0.26	-0.68	0.65	0.62	RHHBY
BMY	-0.87	-0.91	-0.73		-0.86	-0.91	0.32	0.85	-0.79	-0.54	BMY
SNY	0.82	0.9	0.68	-0.86		0.93	-0.54	-0.7	0.85	0.64	SNY
MRK	0.89	0.95	0.69	-0.91	0.93		-0.49	-0.81	0.82	0.52	MRK
BAYRY	-0.49	-0.42	-0.26	0.32	-0.54	-0.49		0.29	-0.52	-0.31	BAYRY
GILD	-0.89	-0.82	-0.68	0.85	-0.7	-0.81	0.29		-0.61	-0.32	GILD
JNJ	0.79	0.83	0.65	-0.79	0.85	0.82	-0.52	-0.61		0.57	JNJ
ABBV	0.5	0.51	0.62	-0.54	0.64	0.52	-0.31	-0.32	0.57		ABBV
	AZN	GSK	RHHBY	BMY	SNY	MRK	BAYRY	GILD	JNJ	ABBV

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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

MRK	+ 0.95	GSK
MRK	+ 0.93	SNY
SNY	+ 0.9	GSK
MRK	+ 0.89	AZN
GSK	+ 0.87	AZN
GILD	+ 0.85	BMY

High negative correlations

MRK	- 0.91	BMY
BMY	- 0.91	GSK
GILD	- 0.89	AZN
BMY	- 0.87	AZN
SNY	- 0.86	BMY
GILD	- 0.82	GSK

Risk-Adjusted Indicators

There is a big difference between Novartis Stock performing well and Novartis 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 Novartis' 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
AZN	1.02	(0.44)	0.00	3.23	0.00	0.00	0.98	(3.18)	8.50
GSK	1.12	(0.30)	0.00	3.39	0.00	0.00	1.89	(2.56)	8.87
RHHBY	0.98	(0.22)	0.00	(95.37)	0.00	0.00	1.20	(2.76)	7.58
BMY	1.34	0.27	0.13	2.34	1.25	(1.50)	2.23	(2.07)	14.39
SNY	0.89	(0.21)	0.00	(3.72)	0.00	0.00	1.74	(1.85)	7.81
MRK	0.83	(0.26)	0.00	(1.64)	0.00	0.00	1.68	(2.13)	4.89
BAYRY	1.35	0.43	0.20	(5.54)	1.22	(1.60)	3.93	(3.03)	8.67
GILD	0.91	0.23	0.13	0.59	1.00	(0.94)	2.17	(1.82)	10.80
JNJ	0.62	(0.08)	0.00	(0.33)	0.00	0.00	1.36	(1.42)	3.25
ABBV	0.95	(0.22)	0.00	(3.97)	0.00	0.00	1.49	(2.11)	18.93

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