Smith Nephew Correlations

SNN Stock

USD 25.66 0.35 1.38%

The current 90-days correlation between Smith Nephew SNATS and CochLear Ltd ADR is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Smith Nephew moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Smith Nephew SNATS moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Smith Nephew Correlation With Market

Good diversification

The correlation between Smith Nephew SNATS and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smith Nephew SNATS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Smith Stock

0.85	TFX	Teleflex Incorporated	Pair Corr
0.63	GCTK	GlucoTrack	Pair Corr
0.65	ACET	Adicet Bio	Pair Corr
0.63	FLGC	Flora Growth Corp	Pair Corr

Moving against Smith Stock

0.62	HSTM	HealthStream	Pair Corr
0.53	LNSR	LENSAR Inc	Pair Corr
0.5	CAH	Cardinal Health	Pair Corr
0.48	HQY	HealthEquity	Pair Corr
0.35	AHG	Akso Health Group	Pair Corr
0.71	ATEC	Alphatec Holdings	Pair Corr
0.71	CTKB	Cytek Biosciences	Pair Corr
0.55	TMCI	Treace Medical Concepts	Pair Corr
0.53	PRVA	Privia Health Group	Pair Corr
0.53	STRM	Streamline Health	Pair Corr
0.48	ENSC	Ensysce Biosciences	Pair Corr
0.78	MDGL	Madrigal Pharmaceuticals	Pair Corr
0.52	BMY	Bristol Myers Squibb Earnings Call This Week	Pair Corr

Related Correlations Analysis

	CHEOY	ITGR	CFMS	MOTS	OFIX	NUVA	GKOS	HSKA	BRKR	GMED
CHEOY		0.54	-0.1	0.01	0.66	-0.08	0.01	0.07	-0.17	0.38	CHEOY
ITGR	0.54		0.07	-0.51	0.76	-0.25	0.53	0.68	-0.02	0.85	ITGR
CFMS	-0.1	0.07		-0.52	-0.29	0.49	0.66	0.15	0.28	0.45	CFMS
MOTS	0.01	-0.51	-0.52		-0.11	0.02	-0.72	-0.64	-0.19	-0.71	MOTS
OFIX	0.66	0.76	-0.29	-0.11		-0.41	0.16	0.45	-0.24	0.54	OFIX
NUVA	-0.08	-0.25	0.49	0.02	-0.41		0.18	-0.43	-0.1	-0.05	NUVA
GKOS	0.01	0.53	0.66	-0.72	0.16	0.18		0.63	0.09	0.83	GKOS
HSKA	0.07	0.68	0.15	-0.64	0.45	-0.43	0.63		-0.13	0.77	HSKA
BRKR	-0.17	-0.02	0.28	-0.19	-0.24	-0.1	0.09	-0.13		-0.01	BRKR
GMED	0.38	0.85	0.45	-0.71	0.54	-0.05	0.83	0.77	-0.01		GMED
	CHEOY	ITGR	CFMS	MOTS	OFIX	NUVA	GKOS	HSKA	BRKR	GMED

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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

GMED	+ 0.85	ITGR
GMED	+ 0.83	GKOS
GMED	+ 0.77	HSKA
OFIX	+ 0.76	ITGR
HSKA	+ 0.68	ITGR
OFIX	+ 0.66	CHEOY

High negative correlations

GKOS	- 0.72	MOTS
GMED	- 0.71	MOTS
HSKA	- 0.64	MOTS
MOTS	- 0.52	CFMS
MOTS	- 0.51	ITGR
HSKA	- 0.43	NUVA

Risk-Adjusted Indicators

There is a big difference between Smith Stock performing well and Smith Nephew 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 Smith Nephew'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
CHEOY	1.26	0.05	(0.01)	0.27	1.54	(1.38)	2.50	(2.75)	7.56
ITGR	1.09	0.16	0.08	0.43	1.23	(1.19)	1.88	(1.86)	9.03
CFMS	4.06	1.09	0.20	(0.43)	3.21	(5.83)	5.56	(8.57)	87.99
MOTS	3.80	(0.32)	0.00	(0.14)	0.00	0.00	9.09	(5.63)	56.89
OFIX	1.44	0.24	0.10	0.52	1.69	(1.52)	3.14	(3.15)	12.11
NUVA	1.23	(0.03)	0.00	(0.46)	0.00	0.00	3.31	(2.75)	7.19
GKOS	1.76	0.36	0.14	(0.72)	1.61	(2.14)	4.77	(2.98)	13.23
HSKA	1.18	0.62	0.90	(1.73)	0.00	(1.25)	3.63	(0.71)	21.36
BRKR	2.15	(0.15)	0.00	(0.27)	0.00	0.00	4.74	(4.20)	16.69
GMED	1.06	0.34	0.26	2.11	0.67	(1.26)	2.11	(1.74)	11.43

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