Nextgen Healthcare Correlations

Summary

NXGNDelisted Stock

USD 16.53 0.05 0.30%

The current 90-days correlation between Nextgen Healthcare and HealthStream is 0.06 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nextgen Healthcare moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nextgen Healthcare moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nextgen Healthcare Correlation With Market

Good diversification

The correlation between Nextgen Healthcare and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nextgen Healthcare and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Nextgen Stock

0.76	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.49	IBM	International Business Upward Rally	Pair Corr
0.46	AXP	American Express	Pair Corr
0.44	CSCO	Cisco Systems	Pair Corr
0.37	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	NRC	DH	HSTM	CPSI	FORA	AGTI	CERT	HCAT	HQY
NRC		0.3	0.23	-0.09	-0.24	-0.03	-0.26	0.7	0.09	NRC
DH	0.3		0.53	-0.14	0.36	0.3	0.61	0.17	0.42	DH
HSTM	0.23	0.53		-0.75	0.11	-0.15	0.43	0.01	0.75	HSTM
CPSI	-0.09	-0.14	-0.75		0.02	0.42	-0.04	0.07	-0.62	CPSI
FORA	-0.24	0.36	0.11	0.02		-0.06	0.6	-0.48	0.42	FORA
AGTI	-0.03	0.3	-0.15	0.42	-0.06		0.08	0.27	-0.37	AGTI
CERT	-0.26	0.61	0.43	-0.04	0.6	0.08		-0.56	0.52	CERT
HCAT	0.7	0.17	0.01	0.07	-0.48	0.27	-0.56		-0.35	HCAT
HQY	0.09	0.42	0.75	-0.62	0.42	-0.37	0.52	-0.35		HQY
	NRC	DH	HSTM	CPSI	FORA	AGTI	CERT	HCAT	HQY

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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

HQY	+ 0.75	HSTM
HCAT	+ 0.7	NRC
CERT	+ 0.61	DH
CERT	+ 0.6	FORA
HSTM	+ 0.53	DH
HQY	+ 0.52	CERT

High negative correlations

CPSI	- 0.75	HSTM
HQY	- 0.62	CPSI
HCAT	- 0.56	CERT
HCAT	- 0.48	FORA
HQY	- 0.37	AGTI
HQY	- 0.35	HCAT

Risk-Adjusted Indicators

There is a big difference between Nextgen Stock performing well and Nextgen Healthcare 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 Nextgen Healthcare'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
NRC	2.20	(0.19)	0.00	(0.20)	0.00	0.00	4.29	(4.35)	18.65
DH	2.27	0.21	0.07	0.51	2.27	(2.93)	5.83	(4.35)	16.28
HSTM	0.98	0.15	0.08	0.36	1.09	(1.00)	2.33	(2.00)	8.52
CPSI	1.50	(0.16)	0.00	(7.62)	0.00	0.00	2.85	(3.01)	14.25
FORA	1.67	0.20	0.06	1.43	1.85	(2.05)	3.88	(2.87)	9.93
AGTI	2.06	0.03	(0.02)	(0.08)	2.87	(1.81)	4.03	(4.45)	10.75
CERT	2.18	0.36	0.16	0.36	1.98	(2.48)	6.08	(3.72)	13.03
HCAT	2.86	(0.50)	0.00	(1.90)	0.00	0.00	6.14	(7.00)	19.37
HQY	1.46	0.31	0.13	0.76	1.72	(1.60)	3.43	(2.56)	15.33

Nextgen Healthcare Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nextgen Healthcare stock to make a market-neutral strategy. Peer analysis of Nextgen Healthcare could also be used in its relative valuation, which is a method of valuing Nextgen Healthcare by comparing valuation metrics with similar companies.

National Research Corp Definitive Healthcare Corp HealthStream CPSI Old Forian Inc Agiliti Certara Health Catalyst HealthEquity American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

Correlation

Nextgen Healthcare Corporate Management

Srinivas Velamoor	Chief VP	Profile
David Ahmadzai	Corp VP	Profile
David Slazyk	Chief Officer	Profile
Colleen Edwards	VP Marketing	Profile
Mitchell Waters	Ex Growth	Profile
David Sides	Pres CEO	Profile

Still Interested in Nextgen Healthcare?

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