SurModics Correlations

SRDX Stock

USD 42.98 0.00 0.00%

The current 90-days correlation between SurModics and Orthopediatrics Corp is -0.13 (i.e., Good diversification). The correlation of SurModics 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.

SurModics Correlation With Market

Modest diversification

The correlation between SurModics and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SurModics and DJI in the same portfolio, assuming nothing else is changed.

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Moving together with SurModics Stock

0.8

EDAP

EDAP TMS SA

Pair Corr

Moving against SurModics Stock

0.6	688606	Hangzhou Alltest Biotech	Pair Corr
0.52	688289	Sansure Biotech	Pair Corr
0.41	300061	QITIAN Technology	Pair Corr
0.39	688677	Qingdao NovelBeam	Pair Corr
0.7	ELAB	Elevai Labs, Common	Pair Corr
0.56	300453	Jiangxi Sanxin Medtec	Pair Corr
0.45	ENOV	Enovis Corp	Pair Corr
0.42	EMBC	Embecta Corp	Pair Corr
0.37	ECOR	Electrocore LLC	Pair Corr
0.37	OTC	Ocumetics Technology Corp	Pair Corr
0.72	300482	Guangzhou Wondfo Biotech	Pair Corr
0.63	605186	Shanghai General Healthy	Pair Corr
0.57	AHC	Austco Healthcare	Pair Corr
0.54	301367	BMC Medical	Pair Corr
0.52	688317	Shanghai ZJ Bio	Pair Corr
0.48	688338	Beijing Succeeder	Pair Corr

Related Correlations Analysis

	KIDS	TMCI	CBLL	SMLR	RXST	XOMA	CCRN	LAB	TCMD	BVS
KIDS		-0.12	0.34	-0.06	0.35	0.08	-0.16	0.48	0.06	0.13	KIDS
TMCI	-0.12		-0.78	0.8	-0.83	0.76	0.84	-0.5	-0.93	-0.7	TMCI
CBLL	0.34	-0.78		-0.84	0.89	-0.85	-0.95	0.78	0.82	0.63	CBLL
SMLR	-0.06	0.8	-0.84		-0.74	0.87	0.86	-0.6	-0.79	-0.58	SMLR
RXST	0.35	-0.83	0.89	-0.74		-0.78	-0.88	0.69	0.86	0.73	RXST
XOMA	0.08	0.76	-0.85	0.87	-0.78		0.87	-0.55	-0.84	-0.67	XOMA
CCRN	-0.16	0.84	-0.95	0.86	-0.88	0.87		-0.68	-0.86	-0.62	CCRN
LAB	0.48	-0.5	0.78	-0.6	0.69	-0.55	-0.68		0.47	0.38	LAB
TCMD	0.06	-0.93	0.82	-0.79	0.86	-0.84	-0.86	0.47		0.83	TCMD
BVS	0.13	-0.7	0.63	-0.58	0.73	-0.67	-0.62	0.38	0.83		BVS
	KIDS	TMCI	CBLL	SMLR	RXST	XOMA	CCRN	LAB	TCMD	BVS

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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

RXST	+ 0.89	CBLL
XOMA	+ 0.87	SMLR
CCRN	+ 0.87	XOMA
CCRN	+ 0.86	SMLR
TCMD	+ 0.86	RXST
CCRN	+ 0.84	TMCI

High negative correlations

CCRN	- 0.95	CBLL
TCMD	- 0.93	TMCI
CCRN	- 0.88	RXST
TCMD	- 0.86	CCRN
XOMA	- 0.85	CBLL
TCMD	- 0.84	XOMA

Risk-Adjusted Indicators

There is a big difference between SurModics Stock performing well and SurModics 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 SurModics' 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
KIDS	1.86	(0.11)	(0.02)	0.00	2.57	(1.92)	4.68	(3.29)	13.88
TMCI	3.30	(1.43)	0.00	(0.91)	0.00	0.00	5.46	(5.71)	33.84
CBLL	2.82	0.94	0.31	0.61	2.40	(3.36)	7.04	(5.90)	16.78
SMLR	5.02	(0.89)	0.00	(0.25)	0.00	0.00	8.55	(9.07)	44.64
RXST	2.99	0.21	0.07	0.17	3.70	(3.08)	7.90	(5.79)	23.38
XOMA	2.58	(0.46)	0.00	(1.10)	0.00	0.00	4.17	(4.97)	29.87
CCRN	2.78	(0.86)	0.00	(0.35)	0.00	0.00	5.51	(6.07)	28.70
LAB	2.95	(0.08)	(0.01)	0.00	3.98	(3.05)	4.90	(7.04)	18.53
TCMD	2.55	1.24	0.81	4.05	0.41	(3.28)	7.40	(2.18)	43.88
BVS	2.15	0.16	0.06	0.23	2.14	(2.66)	5.11	(3.31)	22.05

SurModics Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with SurModics stock to make a market-neutral strategy. Peer analysis of SurModics could also be used in its relative valuation, which is a method of valuing SurModics by comparing valuation metrics with similar companies.

Orthopediatrics Corp Treace Medical Concepts CeriBell, Semler Scientific Rxsight XOMA Corp Cross Country Healthcare Standard Biotools Tactile Systems Technology Bioventus American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

Correlation

SurModics Corporate Management

Charles Olson	Sr. VP and General Manager of Medical Device	Profile
Timothy Arens	VP of Corporate Devel. and Strategy	Profile
Joseph Stich	VP and General Manager of In-Vitro Diagnostics	Profile
Gordon JD	General Legal	Profile
Gordon Weber	General Legal	Profile

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