Shoulder Innovations Correlations

SI Stock

USD 13.27 0.06 0.45%

The current 90-days correlation between Shoulder Innovations and Inogen Inc is -0.03 (i.e., Good diversification). The correlation of Shoulder Innovations 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.

Shoulder Innovations Correlation With Market

Excellent diversification

The correlation between Shoulder Innovations and DJI is -0.53 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shoulder Innovations and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Shoulder Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Shoulder Innovations. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For more detail on how to invest in Shoulder Stock please use our How to Invest in Shoulder Innovations guide.

Moving together with Shoulder Stock

0.66	IL3	Integra LifeSciences Earnings Call This Week	Pair Corr
0.82	EW	Edwards Lifesciences Corp	Pair Corr
0.64	56S1	Sartorius Stedim Biotech	Pair Corr
0.64	56S0	RENAUUNSPARD 15 EO	Pair Corr
0.78	IPD	Impedimed Earnings Call This Week	Pair Corr
0.77	XEJ	Accuray Incorporated	Pair Corr
0.71	ENOV	Enovis Corp Earnings Call This Week	Pair Corr

Moving against Shoulder Stock

0.79	HYB	HOYA	Pair Corr
0.73	EDAP	EDAP TMS SA	Pair Corr
0.71	EKSO	Ekso Bionics Holdings	Pair Corr
0.59	VREX	Varex Imaging Corp	Pair Corr
0.41	SKAN	SKAN Group AG	Pair Corr
0.39	DXCM	DexCom Inc	Pair Corr
0.34	ECOR	Electrocore LLC	Pair Corr
0.71	DRW8	Drgerwerk AG	Pair Corr
0.71	BDX	Becton Dickinson	Pair Corr
0.67	BAX	Baxter International	Pair Corr
0.44	LHU	LeMaitre Vascular Earnings Call This Week	Pair Corr
0.36	BB1	Blinklab	Pair Corr
0.36	QIPT	Quipt Home Medical	Pair Corr
0.34	46K	IRadimed	Pair Corr

Related Correlations Analysis

	INGN	SNWV	MDXH	OM	AARD	NNOX	EPRX	ASMB	ENTA	NAUT
INGN		0.9	-0.39	-0.18	-0.18	0.7	-0.75	0.86	0.3	-0.34	INGN
SNWV	0.9		-0.38	-0.1	-0.4	0.8	-0.85	0.89	0.18	-0.37	SNWV
MDXH	-0.39	-0.38		0.42	0.18	0.04	0.48	-0.4	-0.23	0.27	MDXH
OM	-0.18	-0.1	0.42		0.18	0.14	0.35	-0.23	-0.7	-0.16	OM
AARD	-0.18	-0.4	0.18	0.18		-0.37	0.5	-0.4	0.19	-0.22	AARD
NNOX	0.7	0.8	0.04	0.14	-0.37		-0.67	0.72	-0.02	-0.15	NNOX
EPRX	-0.75	-0.85	0.48	0.35	0.5	-0.67		-0.86	-0.27	0.21	EPRX
ASMB	0.86	0.89	-0.4	-0.23	-0.4	0.72	-0.86		0.27	-0.23	ASMB
ENTA	0.3	0.18	-0.23	-0.7	0.19	-0.02	-0.27	0.27		-0.21	ENTA
NAUT	-0.34	-0.37	0.27	-0.16	-0.22	-0.15	0.21	-0.23	-0.21		NAUT
	INGN	SNWV	MDXH	OM	AARD	NNOX	EPRX	ASMB	ENTA	NAUT

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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

SNWV	+ 0.9	INGN
ASMB	+ 0.89	SNWV
ASMB	+ 0.86	INGN
NNOX	+ 0.8	SNWV
ASMB	+ 0.72	NNOX
NNOX	+ 0.7	INGN

High negative correlations

ASMB	- 0.86	EPRX
EPRX	- 0.85	SNWV
EPRX	- 0.75	INGN
ENTA	- 0.7	OM
EPRX	- 0.67	NNOX
ASMB	- 0.4	AARD

Risk-Adjusted Indicators

There is a big difference between Shoulder Stock performing well and Shoulder Innovations 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 Shoulder Innovations' 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
INGN	1.87	(0.28)	0.00	(0.36)	0.00	0.00	4.40	(3.26)	19.47
SNWV	1.82	(0.50)	0.00	(0.55)	0.00	0.00	3.73	(3.90)	12.41
MDXH	2.84	(0.08)	0.00	0.03	3.56	(3.29)	6.96	(6.55)	17.05
OM	4.43	(0.38)	0.00	(0.14)	0.00	0.00	9.51	(10.41)	38.45
AARD	3.70	0.25	0.09	0.15	4.01	(4.04)	9.35	(7.56)	38.95
NNOX	3.99	(0.26)	0.00	(0.10)	0.00	0.00	9.44	(6.31)	36.87
EPRX	2.78	0.43	0.14	0.99	2.45	(3.51)	6.71	(4.46)	24.61
ASMB	3.13	(0.39)	0.00	(0.20)	0.00	0.00	5.88	(8.75)	19.10
ENTA	2.46	0.19	0.04	0.62	2.75	(2.52)	5.67	(3.78)	15.79
NAUT	4.46	0.88	0.16	(2.68)	4.24	(5.90)	9.85	(7.62)	28.35

Shoulder Innovations Corporate Management

Thomas Dircks	Independent Director	Profile
Scott Reed	Independent Director	Profile
Colleen Sullivan	Independent Director	Profile
Rebecca Rettig	Director	Profile

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