Retractable Technologies Correlations

RVP Stock

USD 0.76 0 0.52%

The current 90-days correlation between Retractable Technologies and Nexgel Inc is 0.03 (i.e., Significant 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

Average diversification

The correlation between Retractable Technologies and DJI is 0.18 (i.e., Average 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.

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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 services.

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

Moving together with Retractable Stock

0.8	OM	Outset Medical	Pair Corr
0.76	HPQ	HP Inc	Pair Corr

Moving against Retractable Stock

0.75	MRLWF	Marlowe Plc	Pair Corr
0.75	TRV	The Travelers Companies	Pair Corr
0.74	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.73	FTV	Fortive Corp	Pair Corr
0.73	CSCO	Cisco Systems	Pair Corr
0.69	AMPH	Amphastar P	Pair Corr
0.65	MMSI	Merit Medical Systems	Pair Corr
0.64	BAC	Bank of America	Pair Corr
0.63	DHR	Danaher	Pair Corr
0.62	CAT	Caterpillar	Pair Corr
0.59	AXP	American Express	Pair Corr
0.59	JNJ	Johnson Johnson	Pair Corr
0.55	JPM	JPMorgan Chase	Pair Corr
0.54	KO	Coca Cola	Pair Corr
0.5	AA	Alcoa Corp	Pair Corr
0.47	MMM	3M Company	Pair Corr
0.45	PFE	Pfizer Inc	Pair Corr
0.39	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.34	ISRMF	iShares MSCI	Pair Corr
0.31	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	NXGL	HBIO	NXL	NRSN	FEMY	NRXS	SCYX	XCUR	CLGN
NXGL		-0.9	0.77	0.62	-0.49	0.04	0.69	-0.43	0.7	NXGL
HBIO	-0.9		-0.65	-0.62	0.61	-0.19	-0.76	0.38	-0.69	HBIO
NXL	0.77	-0.65		0.6	-0.15	-0.25	0.44	-0.39	0.67	NXL
NRSN	0.62	-0.62	0.6		-0.29	-0.23	0.74	-0.38	0.91	NRSN
FEMY	-0.49	0.61	-0.15	-0.29		-0.53	-0.56	-0.02	-0.29	FEMY
NRXS	0.04	-0.19	-0.25	-0.23	-0.53		0.21	0.35	-0.3	NRXS
SCYX	0.69	-0.76	0.44	0.74	-0.56	0.21		-0.09	0.69	SCYX
XCUR	-0.43	0.38	-0.39	-0.38	-0.02	0.35	-0.09		-0.56	XCUR
CLGN	0.7	-0.69	0.67	0.91	-0.29	-0.3	0.69	-0.56		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

CLGN	+ 0.91	NRSN
NXL	+ 0.77	NXGL
SCYX	+ 0.74	NRSN
CLGN	+ 0.7	NXGL
SCYX	+ 0.69	NXGL
CLGN	+ 0.69	SCYX

High negative correlations

HBIO	- 0.9	NXGL
SCYX	- 0.76	HBIO
CLGN	- 0.69	HBIO
NXL	- 0.65	HBIO
NRSN	- 0.62	HBIO
CLGN	- 0.56	XCUR

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	4.23	(0.45)	0.00	(0.10)	0.00	0.00	12.42	(7.78)	35.89
HBIO	4.70	0.74	0.14	0.49	4.51	(6.81)	12.86	(6.49)	57.46
NXL	6.14	(0.25)	0.00	(0.02)	0.00	0.00	10.53	(11.48)	117.23
NRSN	3.72	(0.62)	0.00	(1.10)	0.00	0.00	8.45	(7.37)	34.62
FEMY	8.51	1.42	0.16	0.52	7.94	(10.62)	33.33	(13.54)	70.00
NRXS	4.11	0.63	0.13	0.42	4.47	(4.82)	9.90	(8.64)	38.80
SCYX	1.94	(0.24)	0.00	2.76	0.00	0.00	5.08	(4.35)	21.87
XCUR	6.25	1.02	0.11	(0.87)	7.57	(7.54)	23.43	(11.81)	63.80
CLGN	3.38	(0.89)	0.00	(0.57)	0.00	0.00	5.71	(7.84)	20.81

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