Pro Dex Correlations

Stocks . USA . 
Stock . Pro Dex
PDEX Stock  USD 40.34  2.93  6.77%   
The current 90-days correlation between Pro Dex and Sharps Technology is 0.12 (i.e., Average diversification). The correlation of Pro Dex 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.

Pro Dex Correlation With Market

Average diversification

The correlation between Pro Dex 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 Pro Dex and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Pro Stock
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Pro Dex. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.
For more information on how to buy Pro Stock please use our How to Invest in Pro Dex guide.

Moving together with Pro Stock

  0.78HAE HaemoneticsPairCorr
  0.71301370 GKHT Medical TechnologyPairCorr
  0.82PRN Profound Medical CorpPairCorr

Moving against Pro Stock

  0.86OTC Ocumetics Technology CorpPairCorr
  0.77688617 APT MedicalPairCorr
  0.75300633 SonoScape Medical CorpPairCorr
  0.73OM Outset Medical TrendingPairCorr
  0.67IHC Inspiration HealthcarePairCorr
  0.67688151 Hubei Huaqiang HighPairCorr
  0.66688139 Qingdao Haier BiomedicalPairCorr
  0.64TRLS Trellus Health plcPairCorr
  0.63ICCM Icecure MedicalPairCorr
  0.6WOK WORK Medical TechnologyPairCorr
  0.6600587 Shinva Medical InstrumentPairCorr
  0.58688358 Chison Medical TechnPairCorr
  0.57688581 Hangzhou AGS MedTechPairCorr
  0.55300869 Contec Medical SystemsPairCorr
  0.54688613 Allgens Medical TechPairCorr
  0.47ABT Abbott LaboratoriesPairCorr
  0.47002901 Double Medical TechnologyPairCorr
  0.39AMS Advanced Medical SolPairCorr
  0.83NGMD NuGen Medical DevicesPairCorr
  0.81688310 Maider Medical IndustryPairCorr
  0.73688085 Shanghai Sanyou MedicalPairCorr
  0.73300529 Jafron BiomedicalPairCorr
  0.7LMAT LeMaitre VascularPairCorr
  0.7300314 Ningbo David MedicalPairCorr
  0.66RMTI Rockwell MedicalPairCorr
  0.65MDX MedX Health CorpPairCorr
  0.64688108 Sino Medical SciencesPairCorr
  0.62688013 Touchstone InternationalPairCorr

Related Correlations Analysis


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

TVGN
+ 0.96
STSS
CGTX
+ 0.77
MBOT
RPID
+ 0.76
APYX
TVGN
+ 0.74
MBOT
TVGN
+ 0.74
CGTX
CGTX
+ 0.72
STSS
  

High negative correlations

APYX
- 0.76
LUCD
TVGN
- 0.71
APYX
APYX
- 0.66
STSS
RPID
- 0.6
LUCD
GLSI
- 0.53
CGTX
APYX
- 0.51
MBOT

Risk-Adjusted Indicators

There is a big difference between Pro Stock performing well and Pro Dex 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 Pro Dex'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
STSS  5.74 (1.64) 0.00 (1.38) 0.00 
 0.00 
 10.45 
(12.20)
 28.02 
SERA  3.74  0.13  0.04  0.15  4.70 
(3.75)
 8.96 
(7.10)
 27.30 
MBOT  3.53 (0.80) 0.00 (0.19) 0.00 
 0.00 
 5.68 
(8.11)
 30.11 
LUCD  2.31 (0.12)(0.03) 0.00  2.89 
(2.54)
 5.31 
(4.31)
 14.20 
CGTX  4.17 (0.32) 0.00 (0.07) 0.00 
 0.00 
 10.07 
(8.38)
 24.96 
APYX  3.31  0.52  0.14  0.61  2.99 
(4.23)
 10.69 
(5.93)
 21.86 
GLSI  5.12  1.45  0.31  19.81  3.85 
(6.58)
 18.12 
(7.33)
 31.96 
TVGN  4.61 (1.20) 0.00 (0.49) 0.00 
 0.00 
 9.76 
(8.89)
 19.89 
IXHL  4.38 (0.10)(0.02) 0.00  4.24 
(6.59)
 11.76 
(7.50)
 26.74 
RPID  3.94 (0.30) 0.00 (0.03) 0.00 
 0.00 
 10.11 
(6.88)
 22.93 

Pro Dex Corporate Executives

Elected by the shareholders, the Pro Dex's board of directors comprises two types of representatives: Pro Dex inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Pro. The board's role is to monitor Pro Dex's management team and ensure that shareholders' interests are well served. Pro Dex's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Pro Dex's outside directors are responsible for providing unbiased perspectives on the board's policies.
Alisha CharltonCFO SecretaryProfile
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