Penumbra Correlations

PEN Stock

USD 340.08 0.00 0.00%

The current 90-days correlation between Penumbra and Globus Medical is 0.11 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Penumbra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Penumbra moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Penumbra Correlation With Market

Poor diversification

The correlation between Penumbra and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Penumbra and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Penumbra Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Penumbra. 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 Penumbra Stock, please use our How to Invest in Penumbra guide.

Moving together with Penumbra Stock

0.78	QIPT	Quipt Home Medical Earnings Call Today	Pair Corr
0.79	VMD	Viemed Healthcare	Pair Corr
0.74	4DX	4DMEDICAL	Pair Corr
0.64	PRN	Profound Medical Corp	Pair Corr
0.8	IMR	Imricor Medical Systems	Pair Corr
0.75	EYE	Nova EYE Medical	Pair Corr
0.75	AFW	Align Technology	Pair Corr

Moving against Penumbra Stock

0.83	OTC	Ocumetics Technology Corp	Pair Corr
0.83	AHC	Austco Healthcare	Pair Corr
0.74	IHC	Inspiration Healthcare	Pair Corr
0.68	IVF	INVO Fertility Symbol Change	Pair Corr
0.66	RHT	Resonance Health	Pair Corr
0.63	NTI	Neurotech International	Pair Corr
0.44	EMV	Emvision Medical Devices	Pair Corr
0.42	XTNT	Xtant Medical Holdings	Pair Corr
0.74	MLSS	Milestone Scientific	Pair Corr
0.72	NVNO	enVVeno Medical Corp	Pair Corr
0.66	NSPR	InspireMD	Pair Corr
0.65	NGMD	NuGen Medical Devices	Pair Corr
0.59	TNONW	Tenon Medical Warrant	Pair Corr
0.5	MMSI	Merit Medical Systems	Pair Corr
0.32	MBOT	Microbot Medical	Pair Corr

Related Correlations Analysis

	GMED	BIO	ALGN	HQY	HIMS	DVA	CRL	HSIC	BAX
GMED		0.12	0.63	-0.21	-0.54	-0.31	0.56	0.69	0.51	GMED
BIO	0.12		-0.1	0.48	0.4	-0.04	-0.13	-0.02	-0.05	BIO
ALGN	0.63	-0.1		-0.69	-0.66	-0.19	0.84	0.83	0.84	ALGN
HQY	-0.21	0.48	-0.69		0.74	0.1	-0.69	-0.42	-0.66	HQY
HIMS	-0.54	0.4	-0.66	0.74		0.0	-0.6	-0.56	-0.78	HIMS
DVA	-0.31	-0.04	-0.19	0.1	0.0		-0.55	-0.24	0.05	DVA
CRL	0.56	-0.13	0.84	-0.69	-0.6	-0.55		0.75	0.72	CRL
HSIC	0.69	-0.02	0.83	-0.42	-0.56	-0.24	0.75		0.72	HSIC
BAX	0.51	-0.05	0.84	-0.66	-0.78	0.05	0.72	0.72		BAX
	GMED	BIO	ALGN	HQY	HIMS	DVA	CRL	HSIC	BAX

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

CRL	+ 0.84	ALGN
BAX	+ 0.84	ALGN
HSIC	+ 0.83	ALGN
HSIC	+ 0.75	CRL
HIMS	+ 0.74	HQY
BAX	+ 0.72	CRL

High negative correlations

BAX	- 0.78	HIMS
CRL	- 0.69	HQY
HQY	- 0.69	ALGN
BAX	- 0.66	HQY
HIMS	- 0.66	ALGN
CRL	- 0.6	HIMS

Risk-Adjusted Indicators

There is a big difference between Penumbra Stock performing well and Penumbra 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 Penumbra'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	1.99	0.55	0.42	0.63	0.86	(3.09)	3.67	(2.45)	38.89
BIO	1.22	(0.14)	0.00	(0.04)	0.00	0.00	3.02	(2.83)	8.43
ALGN	1.69	0.35	0.25	0.31	1.24	(2.12)	4.70	(2.54)	11.36
HQY	1.66	(0.32)	0.00	(0.28)	0.00	0.00	2.57	(3.45)	16.72
HIMS	2.74	(1.03)	0.00	(0.81)	0.00	0.00	4.19	(6.17)	18.15
DVA	1.72	0.28	0.12	1.49	1.61	(2.25)	4.25	(3.23)	16.13
CRL	1.70	(0.03)	0.01	0.06	2.22	(1.99)	3.93	(3.02)	14.56
HSIC	1.36	0.27	0.17	0.49	1.24	(1.61)	2.90	(2.60)	13.66
BAX	1.54	0.20	0.10	0.29	1.50	(1.67)	3.50	(2.54)	9.48

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