STERIS Plc Correlations

STE Stock

USD 245.80 0.40 0.16%

The current 90-days correlation between STERIS plc and DexCom Inc is 0.02 (i.e., Significant diversification). The correlation of STERIS Plc 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.

STERIS Plc Correlation With Market

Significant diversification

The correlation between STERIS plc and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding STERIS plc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with STERIS Stock

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

For information on how to trade STERIS Stock refer to our How to Trade STERIS Stock guide.

Moving against STERIS Stock

0.36	XTNT	Xtant Medical Holdings	Pair Corr
0.38	NSPR	InspireMD	Pair Corr

Related Correlations Analysis

	DXCM	PODD	ZBH	PHG	SNN	WAT	WST	LH	BIIB	DGX
DXCM		-0.85	-0.3	0.36	0.16	0.31	-0.53	0.32	0.57	-0.05	DXCM
PODD	-0.85		0.44	-0.33	-0.31	0.01	0.63	-0.31	-0.51	0.04	PODD
ZBH	-0.3	0.44		-0.3	0.13	0.23	0.64	-0.22	0.19	-0.11	ZBH
PHG	0.36	-0.33	-0.3		0.35	0.18	-0.38	0.45	0.09	0.38	PHG
SNN	0.16	-0.31	0.13	0.35		-0.34	-0.19	0.16	-0.01	0.08	SNN
WAT	0.31	0.01	0.23	0.18	-0.34		0.11	0.23	0.57	0.13	WAT
WST	-0.53	0.63	0.64	-0.38	-0.19	0.11		-0.64	-0.14	-0.41	WST
LH	0.32	-0.31	-0.22	0.45	0.16	0.23	-0.64		0.19	0.86	LH
BIIB	0.57	-0.51	0.19	0.09	-0.01	0.57	-0.14	0.19		0.01	BIIB
DGX	-0.05	0.04	-0.11	0.38	0.08	0.13	-0.41	0.86	0.01		DGX
	DXCM	PODD	ZBH	PHG	SNN	WAT	WST	LH	BIIB	DGX

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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

DGX	+ 0.86	LH
WST	+ 0.64	ZBH
WST	+ 0.63	PODD
BIIB	+ 0.57	DXCM
BIIB	+ 0.57	WAT
LH	+ 0.45	PHG

High negative correlations

PODD	- 0.85	DXCM
LH	- 0.64	WST
WST	- 0.53	DXCM
BIIB	- 0.51	PODD
DGX	- 0.41	WST
WST	- 0.38	PHG

Risk-Adjusted Indicators

There is a big difference between STERIS Stock performing well and STERIS Plc 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 STERIS Plc'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
DXCM	1.40	0.16	0.07	0.32	1.60	(1.43)	3.29	(2.78)	8.87
PODD	1.57	(0.45)	0.00	(0.51)	0.00	0.00	3.24	(3.62)	13.53
ZBH	1.28	(0.24)	0.00	(0.30)	0.00	0.00	2.27	(2.20)	15.15
PHG	1.13	(0.02)	0.00	0.07	1.70	(1.03)	2.43	(2.04)	8.74
SNN	1.18	(0.15)	0.00	(0.09)	0.00	0.00	2.40	(1.73)	11.72
WAT	1.14	0.13	0.06	0.51	0.96	(1.44)	3.35	(1.94)	8.85
WST	1.59	(0.35)	0.00	(0.11)	0.00	0.00	2.76	(3.58)	12.18
LH	0.98	0.08	0.04	0.26	0.95	(1.15)	2.71	(1.62)	5.89
BIIB	1.51	0.45	0.19	(5.19)	1.48	(1.73)	4.38	(2.55)	9.61
DGX	1.03	0.10	0.02	0.60	1.04	(1.22)	2.68	(1.85)	6.29

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