Retractable Technologies Correlations

RVP Stock

USD 0.66 0.01 1.49%

The current 90-days correlation between Retractable Technologies and Nexgel Inc is -0.05 (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

Pay attention - limited upside

The correlation between Retractable Technologies and DJI is -0.74 (i.e., Pay attention - limited upside) 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 manufacturing.

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

Moving together with Retractable Stock

0.66	IL3	Integra LifeSciences	Pair Corr
0.77	EW	Edwards Lifesciences Corp	Pair Corr
0.83	IPD	Impedimed Earnings Call This Week	Pair Corr
0.75	VVOS	Vivos Therapeutics	Pair Corr
0.63	OTC	Ocumetics Technology Corp	Pair Corr
0.81	ELAB	Elevai Labs Common	Pair Corr
0.62	EMBC	Embecta Corp	Pair Corr
0.88	XEJ	Accuray Incorporated	Pair Corr
0.87	ENOV	Enovis Corp	Pair Corr

Moving against Retractable Stock

0.9	EDAP	EDAP TMS SA	Pair Corr
0.89	EKSO	Ekso Bionics Holdings	Pair Corr
0.85	VREX	Varex Imaging Corp	Pair Corr
0.76	HYB	HOYA	Pair Corr
0.75	SKAN	SKAN Group AG	Pair Corr
0.68	DXCM	DexCom Inc	Pair Corr
0.53	ECOR	Electrocore LLC	Pair Corr
0.41	7D2A	SEDANA MEDICAL AB	Pair Corr
0.82	DRW8	Drgerwerk AG	Pair Corr
0.82	BDX	Becton Dickinson	Pair Corr
0.76	BAX	Baxter International	Pair Corr
0.66	AVR	Anteris Technologies	Pair Corr
0.65	QIPT	Quipt Home Medical	Pair Corr
0.59	46K	IRadimed	Pair Corr
0.55	BB1	Blinklab	Pair Corr

Related Correlations Analysis

	NXGL	HBIO	NXL	NRSN	FEMY	NRXS	SCYX	XCUR	CLGN
NXGL		0.36	0.72	0.09	0.64	-0.48	-0.57	-0.03	0.51	NXGL
HBIO	0.36		0.46	0.0	0.66	-0.56	-0.51	0.42	0.35	HBIO
NXL	0.72	0.46		0.38	0.9	-0.88	-0.57	-0.22	0.71	NXL
NRSN	0.09	0.0	0.38		0.3	-0.28	0.15	-0.26	0.39	NRSN
FEMY	0.64	0.66	0.9	0.3		-0.87	-0.53	-0.03	0.68	FEMY
NRXS	-0.48	-0.56	-0.88	-0.28	-0.87		0.52	0.21	-0.62	NRXS
SCYX	-0.57	-0.51	-0.57	0.15	-0.53	0.52		-0.2	-0.31	SCYX
XCUR	-0.03	0.42	-0.22	-0.26	-0.03	0.21	-0.2		-0.12	XCUR
CLGN	0.51	0.35	0.71	0.39	0.68	-0.62	-0.31	-0.12		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

FEMY	+ 0.9	NXL
NXL	+ 0.72	NXGL
CLGN	+ 0.71	NXL
CLGN	+ 0.68	FEMY
FEMY	+ 0.66	HBIO
FEMY	+ 0.64	NXGL

High negative correlations

NRXS	- 0.88	NXL
NRXS	- 0.87	FEMY
CLGN	- 0.62	NRXS
SCYX	- 0.57	NXL
SCYX	- 0.57	NXGL
NRXS	- 0.56	HBIO

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	4.13	(0.89)	0.00	(0.35)	0.00	0.00	12.42	(9.24)	35.89
HBIO	4.05	(0.09)	0.00	0.02	4.43	(4.83)	12.86	(7.41)	25.63
NXL	4.29	(1.55)	0.00	(1.21)	0.00	0.00	8.77	(11.11)	34.88
NRSN	4.46	0.28	0.05	0.83	4.48	(6.19)	12.82	(7.37)	34.62
FEMY	4.87	(1.00)	0.00	(0.48)	0.00	0.00	8.43	(11.11)	29.08
NRXS	3.78	1.06	0.22	1.07	3.96	(4.41)	7.88	(5.86)	38.80
SCYX	2.71	0.37	0.12	0.70	2.12	(4.68)	8.00	(4.05)	22.21
XCUR	5.93	0.63	0.05	(0.40)	8.30	(6.67)	21.22	(11.88)	63.80
CLGN	5.01	(1.11)	0.00	(0.55)	0.00	0.00	8.61	(8.70)	77.60

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