Sphere Entertainment Correlations

SPHR Stock

41.39 0.14 0.34%

The current 90-days correlation between Sphere Entertainment and Envista Holdings Corp is 0.1 (i.e., Average diversification). The correlation of Sphere Entertainment 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.

Sphere Entertainment Correlation With Market

Significant diversification

The correlation between Sphere Entertainment Co and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sphere Entertainment Co 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 Sphere Entertainment Co. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Sphere Stock

0.61	TV	Grupo Televisa SAB	Pair Corr
0.71	DLPN	Dolphin Entertainment	Pair Corr
0.65	VSME	VS Media Holdings	Pair Corr
0.78	ADD	Color Star Technology	Pair Corr
0.65	DUO	Fangdd Network Group	Pair Corr
0.72	GTN	Gray Television	Pair Corr
0.67	HHS	Harte Hanks	Pair Corr

Moving against Sphere Stock

0.77	DIS	Walt Disney	Pair Corr
0.72	SE	Sea	Pair Corr
0.7	FOXA	Fox Corp Class	Pair Corr
0.65	CTV	Innovid Corp	Pair Corr
0.57	CNK	Cinemark Holdings	Pair Corr
0.8	PSO	Pearson PLC ADR	Pair Corr
0.77	LYV	Live Nation Entertainment	Pair Corr
0.75	MCS	Marcus	Pair Corr
0.75	NWS	News Corp B	Pair Corr
0.72	FOX	Fox Corp Class	Pair Corr
0.64	EDR	Endeavor Group Holdings	Pair Corr
0.63	EVC	Entravision Communications	Pair Corr
0.62	LVO	LiveOne	Pair Corr
0.6	EEX	Emerald Expositions	Pair Corr

Related Correlations Analysis

	FEMY	NVST	DEI	CEIX	OPINL	INFU	BTNY
FEMY		-0.2	0.0	-0.41	0.49	-0.68	0.0	FEMY
NVST	-0.2		0.35	0.64	-0.54	0.39	0.0	NVST
DEI	0.0	0.35		0.5	0.02	0.46	0.0	DEI
CEIX	-0.41	0.64	0.5		-0.37	0.69	0.0	CEIX
OPINL	0.49	-0.54	0.02	-0.37		-0.5	0.0	OPINL
INFU	-0.68	0.39	0.46	0.69	-0.5		0.0	INFU
BTNY	0.0	0.0	0.0	0.0	0.0	0.0		BTNY
	FEMY	NVST	DEI	CEIX	OPINL	INFU	BTNY

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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

INFU	+ 0.69	CEIX
CEIX	+ 0.64	NVST
CEIX	+ 0.5	DEI
OPINL	+ 0.49	FEMY
INFU	+ 0.46	DEI
INFU	+ 0.39	NVST

High negative correlations

INFU	- 0.68	FEMY
OPINL	- 0.54	NVST
INFU	- 0.5	OPINL
CEIX	- 0.41	FEMY
OPINL	- 0.37	CEIX
NVST	- 0.2	FEMY

Risk-Adjusted Indicators

There is a big difference between Sphere Stock performing well and Sphere Entertainment 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 Sphere Entertainment'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
FEMY	2.97	0.10	0.02	(0.21)	3.40	(3.87)	6.56	(5.26)	18.52
NVST	1.80	0.17	0.07	0.40	2.10	(2.04)	3.72	(4.09)	15.55
DEI	1.69	(0.03)	0.00	(0.02)	0.00	0.00	2.77	(4.39)	11.24
CEIX	1.57	(0.09)	0.00	1.46	0.00	0.00	3.05	(3.57)	17.96
OPINL	1.90	(0.16)	0.00	(0.47)	0.00	0.00	3.95	(3.43)	20.32
INFU	2.61	0.30	0.09	2.49	2.80	(2.99)	5.63	(4.38)	24.94
BTNY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Sphere Entertainment Corporate Management

Ray Casazza	Executive Administration	Profile
Ari CFA	Financial Relations	Profile
Mikyl Cordova	Executive Marketing	Profile
Richard Constable	Executive Impact	Profile
James Claffey	Executive Management	Profile

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