Sharps Technology Correlations

STSS Stock

USD 2.03 0.06 2.87%

The current 90-days correlation between Sharps Technology and Pro Dex is 0.05 (i.e., Significant diversification). The correlation of Sharps Technology 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.

Sharps Technology Correlation With Market

Weak diversification

The correlation between Sharps Technology and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sharps Technology and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Sharps Stock

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

For more information on how to buy Sharps Stock please use our How to Invest in Sharps Technology guide.

Moving together with Sharps Stock

0.76	OM	Outset Medical	Pair Corr
0.79	688677	Qingdao NovelBeam	Pair Corr
0.89	VERO	Venus Concept	Pair Corr
0.69	688289	Sansure Biotech	Pair Corr
0.83	IPD	Impedimed	Pair Corr
0.95	VNRX	Volitionrx	Pair Corr
0.64	VTAK	Catheter Precision	Pair Corr
0.96	VVOS	Vivos Therapeutics	Pair Corr
0.67	OTC	Ocumetics Technology Corp	Pair Corr
0.66	ELAB	Elevai Labs, Common	Pair Corr
0.62	EMBC	Embecta Corp	Pair Corr
0.73	ENOV	Enovis Corp	Pair Corr

Moving against Sharps Stock

0.72	688656	HOB Biotech Group	Pair Corr
0.7	EW	Edwards Lifesciences Corp	Pair Corr
0.65	SPEC	Inspecs Group plc	Pair Corr
0.75	ELMD	Electromed	Pair Corr
0.57	BLCO	Bausch Lomb Corp	Pair Corr
0.55	EDAP	EDAP TMS SA	Pair Corr
0.96	ESTA	Establishment Labs	Pair Corr
0.85	FIGS	Figs Inc	Pair Corr
0.63	BB1	Blinklab	Pair Corr
0.59	ALC	Alcon AG	Pair Corr
0.58	601089	Beijing Winsunny Pha	Pair Corr
0.38	688198	Beijing Balance Medical	Pair Corr

Related Correlations Analysis

	PDEX	LUCD	MBOT	SERA	JYNT	RPID	CGTX	IXHL	CCLD	GLSI
PDEX		-0.42	-0.15	0.18	0.55	0.2	-0.32	0.52	0.0	0.35	PDEX
LUCD	-0.42		0.28	0.45	-0.09	-0.6	0.47	-0.14	0.1	-0.04	LUCD
MBOT	-0.15	0.28		-0.07	0.26	-0.21	0.32	0.36	0.64	0.26	MBOT
SERA	0.18	0.45	-0.07		0.53	-0.18	-0.15	0.12	-0.15	0.18	SERA
JYNT	0.55	-0.09	0.26	0.53		0.11	-0.27	0.55	0.26	0.5	JYNT
RPID	0.2	-0.6	-0.21	-0.18	0.11		-0.09	0.11	-0.1	-0.39	RPID
CGTX	-0.32	0.47	0.32	-0.15	-0.27	-0.09		0.25	0.29	-0.42	CGTX
IXHL	0.52	-0.14	0.36	0.12	0.55	0.11	0.25		0.4	0.18	IXHL
CCLD	0.0	0.1	0.64	-0.15	0.26	-0.1	0.29	0.4		0.06	CCLD
GLSI	0.35	-0.04	0.26	0.18	0.5	-0.39	-0.42	0.18	0.06		GLSI
	PDEX	LUCD	MBOT	SERA	JYNT	RPID	CGTX	IXHL	CCLD	GLSI

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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

CCLD	+ 0.64	MBOT
JYNT	+ 0.55	PDEX
IXHL	+ 0.55	JYNT
JYNT	+ 0.53	SERA
IXHL	+ 0.52	PDEX
GLSI	+ 0.5	JYNT

High negative correlations

RPID	- 0.6	LUCD
GLSI	- 0.42	CGTX
LUCD	- 0.42	PDEX
GLSI	- 0.39	RPID
CGTX	- 0.32	PDEX
CGTX	- 0.27	JYNT

Risk-Adjusted Indicators

There is a big difference between Sharps Stock performing well and Sharps Technology 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 Sharps Technology'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
PDEX	3.57	0.29	0.06	0.42	4.72	(4.15)	9.66	(5.08)	26.61
LUCD	2.50	0.05	0.02	0.08	2.83	(3.01)	5.88	(4.31)	24.46
MBOT	3.53	(0.74)	0.00	(0.21)	0.00	0.00	5.68	(8.11)	30.11
SERA	3.55	(0.18)	0.00	(0.02)	0.00	0.00	6.71	(7.10)	27.30
JYNT	1.65	(0.13)	0.00	(0.04)	0.00	0.00	3.44	(3.42)	8.95
RPID	3.82	(0.44)	0.00	(0.12)	0.00	0.00	8.72	(6.88)	22.93
CGTX	4.22	(0.20)	0.00	(0.04)	0.00	0.00	10.80	(8.38)	25.59
IXHL	4.43	(0.43)	0.00	(0.12)	0.00	0.00	11.76	(7.50)	26.74
CCLD	2.38	(0.23)	0.00	(0.12)	0.00	0.00	4.75	(4.32)	21.81
GLSI	4.43	1.14	0.30	0.65	3.41	(5.68)	15.36	(5.61)	31.76

Sharps Technology Corporate Management

Robert Hayes	CEO Director	Profile
Alan Blackman	Chief CoChairman	Profile
Steven MD	Chief Officer	Profile
Ben Scheu	Senior Sales	Profile

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