Sharps Technology Correlations

STSS Stock

USD 1.80 0.04 2.27%

The current 90-days correlation between Sharps Technology and Pro Dex is 0.02 (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

Pay attention - limited upside

The correlation between Sharps Technology and DJI is -0.78 (i.e., Pay attention - limited upside) 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 main economic indicators.

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

Moving together with Sharps Stock

0.64	EW	Edwards Lifesciences Corp	Pair Corr
0.61	SI	Shoulder Innovations	Pair Corr
0.75	IPD	Impedimed Earnings Call This Week	Pair Corr
0.75	OTC	Ocumetics Technology Corp	Pair Corr
0.67	ELAB	Elevai Labs Common	Pair Corr
0.68	EMBC	Embecta Corp	Pair Corr
0.82	XEJ	Accuray Incorporated	Pair Corr
0.64	UK2	Shandong Weigao Group	Pair Corr
0.8	EUDA	EUDA Health Holdings	Pair Corr

Moving against Sharps Stock

0.75	EKSO	Ekso Bionics Holdings	Pair Corr
0.73	HYB	HOYA	Pair Corr
0.72	VREX	Varex Imaging Corp	Pair Corr
0.67	DXCM	DexCom Inc	Pair Corr
0.55	EDAP	EDAP TMS SA	Pair Corr
0.54	SKAN	SKAN Group AG	Pair Corr
0.4	7D2A	SEDANA MEDICAL AB	Pair Corr
0.36	BLCO	Bausch Lomb Corp	Pair Corr
0.83	QIPT	Quipt Home Medical	Pair Corr
0.68	BDX	Becton Dickinson	Pair Corr
0.6	46K	IRadimed	Pair Corr
0.48	DRW8	Drgerwerk AG	Pair Corr
0.48	AVR	Anteris Technologies	Pair Corr
0.39	ALC	Alcon AG	Pair Corr
0.37	ESTA	Establishment Labs	Pair Corr
0.36	BAX	Baxter International	Pair Corr

Related Correlations Analysis

	PDEX	LUCD	MBOT	SERA	JYNT	RPID	CGTX	IXHL	CCLD	GLSI
PDEX		-0.31	0.36	0.26	0.48	-0.34	0.36	0.33	0.15	0.33	PDEX
LUCD	-0.31		-0.39	-0.42	0.18	0.24	-0.74	-0.57	-0.52	0.36	LUCD
MBOT	0.36	-0.39		0.38	-0.37	-0.22	0.69	0.69	0.56	-0.47	MBOT
SERA	0.26	-0.42	0.38		0.03	-0.34	0.6	0.71	0.78	-0.35	SERA
JYNT	0.48	0.18	-0.37	0.03		0.1	-0.24	-0.23	-0.27	0.76	JYNT
RPID	-0.34	0.24	-0.22	-0.34	0.1		-0.25	-0.44	-0.26	-0.01	RPID
CGTX	0.36	-0.74	0.69	0.6	-0.24	-0.25		0.8	0.74	-0.54	CGTX
IXHL	0.33	-0.57	0.69	0.71	-0.23	-0.44	0.8		0.86	-0.53	IXHL
CCLD	0.15	-0.52	0.56	0.78	-0.27	-0.26	0.74	0.86		-0.64	CCLD
GLSI	0.33	0.36	-0.47	-0.35	0.76	-0.01	-0.54	-0.53	-0.64		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	+ 0.86	IXHL
IXHL	+ 0.8	CGTX
CCLD	+ 0.78	SERA
GLSI	+ 0.76	JYNT
CCLD	+ 0.74	CGTX
IXHL	+ 0.71	SERA

High negative correlations

CGTX	- 0.74	LUCD
GLSI	- 0.64	CCLD
IXHL	- 0.57	LUCD
GLSI	- 0.54	CGTX
GLSI	- 0.53	IXHL
CCLD	- 0.52	LUCD

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	2.62	0.25	0.09	0.23	3.07	(2.84)	5.94	(5.08)	18.63
LUCD	2.75	0.48	0.12	(1.47)	2.76	(3.36)	6.09	(4.72)	18.00
MBOT	3.58	(0.04)	0.01	0.05	3.63	(4.84)	8.64	(6.90)	30.11
SERA	3.27	(0.27)	0.00	(0.11)	0.00	0.00	6.97	(7.10)	23.27
JYNT	1.74	0.15	0.06	0.23	2.24	(1.87)	3.44	(4.25)	11.00
RPID	4.10	(0.02)	(0.01)	0.04	4.32	(5.05)	9.41	(6.58)	31.73
CGTX	3.90	(0.60)	0.00	(0.48)	0.00	0.00	6.54	(7.47)	25.11
IXHL	3.76	(0.42)	0.00	(0.07)	0.00	0.00	10.00	(7.14)	25.00
CCLD	2.22	(0.46)	0.00	(0.26)	0.00	0.00	4.44	(5.23)	15.83
GLSI	6.59	1.76	0.26	0.70	6.09	(7.48)	19.77	(11.54)	36.51

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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