Retractable Technologies Correlations

RVP Stock

USD 0.73 0.04 5.80%

The current 90-days correlation between Retractable Technologies and Nexgel Inc is -0.16 (i.e., Good diversification). The correlation of Retractable Technologies 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.

Retractable Technologies Correlation With Market

Excellent diversification

The correlation between Retractable Technologies and DJI is -0.62 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Retractable Technologies and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Retractable Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Retractable Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in private.

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

Moving together with Retractable Stock

0.76	ELAB	Elevai Labs Common	Pair Corr
0.74	ZBH	Zimmer Biomet Holdings	Pair Corr
0.88	INGN	Inogen Inc	Pair Corr
0.66	688617	APT Medical	Pair Corr

Moving against Retractable Stock

0.81	GMED	Globus Medical	Pair Corr
0.79	301370	GKHT Medical Technology	Pair Corr
0.71	BDX	Becton Dickinson Earnings Call This Week	Pair Corr
0.71	DHR	Danaher Earnings Call Tomorrow	Pair Corr
0.68	EW	Edwards Lifesciences Corp	Pair Corr
0.65	4DX	4DMEDICAL	Pair Corr
0.6	ALC	Alcon AG	Pair Corr
0.59	ELMD	Electromed	Pair Corr
0.57	688626	Xiangyu Medical	Pair Corr
0.56	FONR	Fonar	Pair Corr
0.48	002382	Blue Sail Medical	Pair Corr
0.46	VMD	Viemed Healthcare	Pair Corr
0.76	688607	CareRay Digital Medical	Pair Corr
0.72	ALGN	Align Technology	Pair Corr
0.62	IMR	Imricor Medical Systems	Pair Corr
0.59	SMLR	Semler Scientific	Pair Corr
0.56	002950	Allmed Medical Products	Pair Corr
0.43	688314	Kontour Medical Tech	Pair Corr
0.41	300753	Jiangsu Apon Medical	Pair Corr
0.41	688580	Nanjing Vishee Medical	Pair Corr
0.35	300562	Guangdong Transtek	Pair Corr

Related Correlations Analysis

	NXGL	HBIO	NXL	NRSN	FEMY	NRXS	SCYX	XCUR	CLGN
NXGL		-0.75	0.86	0.43	-0.09	-0.21	0.41	-0.55	0.62	NXGL
HBIO	-0.75		-0.54	-0.42	0.44	-0.24	-0.52	0.32	-0.42	HBIO
NXL	0.86	-0.54		0.61	0.21	-0.57	0.32	-0.68	0.84	NXL
NRSN	0.43	-0.42	0.61		0.14	-0.26	0.5	-0.33	0.79	NRSN
FEMY	-0.09	0.44	0.21	0.14		-0.76	-0.3	-0.35	0.32	FEMY
NRXS	-0.21	-0.24	-0.57	-0.26	-0.76		0.25	0.55	-0.58	NRXS
SCYX	0.41	-0.52	0.32	0.5	-0.3	0.25		0.01	0.43	SCYX
XCUR	-0.55	0.32	-0.68	-0.33	-0.35	0.55	0.01		-0.69	XCUR
CLGN	0.62	-0.42	0.84	0.79	0.32	-0.58	0.43	-0.69		CLGN
	NXGL	HBIO	NXL	NRSN	FEMY	NRXS	SCYX	XCUR	CLGN

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

NXL	+ 0.86	NXGL
CLGN	+ 0.84	NXL
CLGN	+ 0.79	NRSN
CLGN	+ 0.62	NXGL
NRSN	+ 0.61	NXL
XCUR	+ 0.55	NRXS

High negative correlations

NRXS	- 0.76	FEMY
HBIO	- 0.75	NXGL
CLGN	- 0.69	XCUR
XCUR	- 0.68	NXL
CLGN	- 0.58	NRXS
NRXS	- 0.57	NXL

Risk-Adjusted Indicators

There is a big difference between Retractable Stock performing well and Retractable Technologies 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 Retractable Technologies' 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
NXGL	4.02	(0.84)	0.00	(0.30)	0.00	0.00	12.42	(7.78)	35.89
HBIO	4.88	0.65	0.13	0.43	4.73	(6.54)	12.86	(6.49)	57.46
NXL	4.03	(1.45)	0.00	(1.48)	0.00	0.00	7.92	(8.70)	27.45
NRSN	4.49	(0.29)	0.00	(0.25)	0.00	0.00	12.82	(7.48)	34.62
FEMY	5.82	0.03	0.02	0.08	6.79	(6.63)	15.00	(11.11)	47.42
NRXS	3.84	0.60	0.09	(1.01)	4.61	(4.29)	7.88	(8.64)	38.80
SCYX	2.14	0.10	0.03	0.23	1.91	(4.30)	5.08	(4.17)	21.87
XCUR	5.77	0.70	0.06	(0.36)	7.99	(6.72)	21.22	(11.81)	63.80
CLGN	3.62	(0.23)	0.00	(53.01)	0.00	0.00	8.51	(7.84)	20.81

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