STERIS Plc Correlations

STE Stock

USD 220.28 0.78 0.35%

The current 90-days correlation between STERIS plc and Bruker is 0.22 (i.e., Modest 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

Modest diversification

The correlation between STERIS plc and DJI is 0.2 (i.e., Modest 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.

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 estimate.

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

Moving together with STERIS Stock

0.79	CVS	CVS Health Corp Earnings Call This Week	Pair Corr
0.68	MOH	Molina Healthcare Earnings Call This Week	Pair Corr
0.62	TFX	Teleflex Incorporated	Pair Corr
0.73	VMD	Viemed Healthcare	Pair Corr
0.7	JYNT	Joint Corp	Pair Corr
0.7	MASS	908 Devices	Pair Corr
0.61	ACET	Adicet Bio	Pair Corr
0.74	ERNA	Eterna Therapeutics	Pair Corr

Moving against STERIS Stock

0.59	AHG	Akso Health Group	Pair Corr
0.43	LNSR	LENSAR Inc Trending	Pair Corr
0.31	XYLO	Xylo Technologies Symbol Change	Pair Corr
0.61	STRM	Streamline Health	Pair Corr
0.52	TNDM	Tandem Diabetes Care	Pair Corr
0.37	CTKB	Cytek Biosciences Downward Rally	Pair Corr
0.33	MBOT	Microbot Medical	Pair Corr
0.47	XFOR	X4 Pharmaceuticals	Pair Corr
0.43	MLAB	Mesa Laboratories Earnings Call This Week	Pair Corr

Related Correlations Analysis

	OFIX	NUVA	GKOS	HSKA	BRKR	CNMD	ANIK	ITGR	ZIMV	SYK
OFIX		0.0	0.16	0.0	0.06	0.84	0.44	0.76	0.16	0.78	OFIX
NUVA	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	NUVA
GKOS	0.16	0.0		0.0	0.27	-0.05	-0.59	0.53	-0.14	0.22	GKOS
HSKA	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	HSKA
BRKR	0.06	0.0	0.27	0.0		0.24	-0.27	0.21	0.32	-0.16	BRKR
CNMD	0.84	0.0	-0.05	0.0	0.24		0.46	0.54	0.09	0.58	CNMD
ANIK	0.44	0.0	-0.59	0.0	-0.27	0.46		0.17	0.4	0.44	ANIK
ITGR	0.76	0.0	0.53	0.0	0.21	0.54	0.17		0.21	0.77	ITGR
ZIMV	0.16	0.0	-0.14	0.0	0.32	0.09	0.4	0.21		0.24	ZIMV
SYK	0.78	0.0	0.22	0.0	-0.16	0.58	0.44	0.77	0.24		SYK
	OFIX	NUVA	GKOS	HSKA	BRKR	CNMD	ANIK	ITGR	ZIMV	SYK

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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

CNMD	+ 0.84	OFIX
SYK	+ 0.78	OFIX
SYK	+ 0.77	ITGR
ITGR	+ 0.76	OFIX
SYK	+ 0.58	CNMD
ITGR	+ 0.54	CNMD

High negative correlations

ANIK	- 0.59	GKOS
ANIK	- 0.27	BRKR
SYK	- 0.16	BRKR
ZIMV	- 0.14	GKOS
CNMD	- 0.05	GKOS
SYK	- 0.0	HSKA

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
OFIX	1.44	0.24	0.10	0.52	1.69	(1.52)	3.14	(3.15)	12.11
NUVA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	1.76	0.36	0.14	(0.72)	1.61	(2.14)	4.77	(2.98)	13.23
HSKA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRKR	2.22	(0.08)	0.00	(0.06)	0.00	0.00	4.74	(4.20)	16.69
CNMD	1.64	0.14	0.06	0.26	1.82	(1.74)	4.46	(2.69)	10.91
ANIK	1.48	(0.02)	(0.04)	(0.02)	1.72	(1.78)	3.02	(3.02)	9.44
ITGR	1.09	0.16	0.08	0.43	1.23	(1.19)	1.88	(1.86)	9.03
ZIMV	1.32	0.04	0.01	0.14	1.67	(1.26)	2.70	(2.83)	6.36
SYK	1.03	0.10	0.03	0.55	1.07	(1.18)	2.51	(1.88)	6.19

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