Sharps Technology Correlations

STSS Stock

USD 2.55 0.07 2.82%

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

Very weak diversification

The correlation between Sharps Technology and DJI is 0.42 (i.e., Very 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 population.

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

Moving together with Sharps Stock

0.92	OM	Outset Medical	Pair Corr
0.75	GOOD	Gladstone Commercial	Pair Corr
0.7	PG	Procter Gamble	Pair Corr
0.61	T	ATT Inc	Pair Corr
0.78	HPQ	HP Inc	Pair Corr

Moving against Sharps Stock

0.92	CSCO	Cisco Systems	Pair Corr
0.9	MRLWF	Marlowe Plc	Pair Corr
0.86	FTV	Fortive Corp	Pair Corr
0.83	JNJ	Johnson Johnson	Pair Corr
0.82	DHR	Danaher	Pair Corr
0.82	CAT	Caterpillar	Pair Corr
0.81	AXP	American Express	Pair Corr
0.81	BAC	Bank of America Earnings Call This Week	Pair Corr
0.78	XOM	Exxon Mobil Corp	Pair Corr
0.69	KO	Coca Cola	Pair Corr
0.68	AA	Alcoa Corp	Pair Corr
0.67	WMT	Walmart Common Stock	Pair Corr
0.66	MMSI	Merit Medical Systems	Pair Corr
0.66	TRV	The Travelers Companies	Pair Corr
0.59	AMPH	Amphastar P	Pair Corr
0.56	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.49	MMM	3M Company	Pair Corr
0.4	ISRMF	iShares MSCI	Pair Corr
0.36	VMD	Viemed Healthcare	Pair Corr
0.34	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	PDEX	LUCD	MBOT	SERA	JYNT	RPID	CGTX	IXHL	CCLD	GLSI
PDEX		-0.39	-0.28	0.14	0.57	0.17	-0.36	0.52	-0.09	0.4	PDEX
LUCD	-0.39		0.35	0.44	-0.07	-0.6	0.42	-0.13	0.11	0.02	LUCD
MBOT	-0.28	0.35		0.07	0.15	-0.08	0.67	0.47	0.63	-0.1	MBOT
SERA	0.14	0.44	0.07		0.45	-0.16	-0.09	0.1	-0.06	0.07	SERA
JYNT	0.57	-0.07	0.15	0.45		0.07	-0.34	0.55	0.13	0.55	JYNT
RPID	0.17	-0.6	-0.08	-0.16	0.07		-0.05	0.1	-0.02	-0.37	RPID
CGTX	-0.36	0.42	0.67	-0.09	-0.34	-0.05		0.2	0.48	-0.5	CGTX
IXHL	0.52	-0.13	0.47	0.1	0.55	0.1	0.2		0.4	0.19	IXHL
CCLD	-0.09	0.11	0.63	-0.06	0.13	-0.02	0.48	0.4		-0.21	CCLD
GLSI	0.4	0.02	-0.1	0.07	0.55	-0.37	-0.5	0.19	-0.21		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

CGTX	+ 0.67	MBOT
CCLD	+ 0.63	MBOT
JYNT	+ 0.57	PDEX
IXHL	+ 0.55	JYNT
GLSI	+ 0.55	JYNT
IXHL	+ 0.52	PDEX

High negative correlations

RPID	- 0.6	LUCD
GLSI	- 0.5	CGTX
LUCD	- 0.39	PDEX
GLSI	- 0.37	RPID
CGTX	- 0.36	PDEX
CGTX	- 0.34	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	3.55	0.31	0.06	0.39	4.60	(4.16)	9.66	(5.08)	26.61
LUCD	2.49	0.17	0.06	0.19	2.76	(3.01)	5.88	(4.31)	24.45
MBOT	3.50	(0.64)	0.00	(0.16)	0.00	0.00	5.68	(8.11)	30.11
SERA	3.60	0.00	0.01	0.06	4.96	(3.54)	8.96	(7.10)	27.30
JYNT	1.61	(0.12)	0.00	(0.02)	0.00	0.00	3.44	(3.42)	8.95
RPID	3.94	(0.24)	0.00	(0.03)	0.00	0.00	10.11	(6.88)	22.93
CGTX	4.27	(0.06)	0.00	0.03	4.70	(5.11)	10.80	(8.38)	25.59
IXHL	4.46	(0.34)	0.00	(0.06)	0.00	0.00	11.76	(7.50)	26.74
CCLD	2.36	(0.19)	0.00	(0.11)	0.00	0.00	4.75	(4.31)	21.81
GLSI	4.83	1.38	0.34	1.23	3.43	(6.28)	18.12	(5.91)	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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