Tilray Correlations

TLRY Stock

USD 7.58 0.53 7.52%

The current 90-days correlation between Tilray Inc and Evotec SE ADR is -0.01 (i.e., Good diversification). The correlation of Tilray 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.

Tilray Correlation With Market

Very good diversification

The correlation between Tilray Inc and DJI is -0.34 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tilray Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Tilray Stock

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

Moving against Tilray Stock

0.65	MRK	Merck Company Aggressive Push	Pair Corr
0.61	JNJ	Johnson Johnson	Pair Corr
0.57	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.57	CSCO	Cisco Systems Earnings Call This Week	Pair Corr
0.52	NVR	NVR Inc	Pair Corr
0.49	RBGPF	Reckitt Benckiser	Pair Corr
0.48	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.43	LPCN	Lipocine	Pair Corr
0.42	AA	Alcoa Corp	Pair Corr
0.42	VZ	Verizon Communications Aggressive Push	Pair Corr
0.36	BA	Boeing	Pair Corr
0.31	MCD	McDonalds Earnings Call This Week	Pair Corr

Related Correlations Analysis

	EVO	ALVO	HROW	PAHC	NEOG	DVAX	AMPH	IMNM	MAZE	NTLA
EVO		-0.3	0.05	0.03	0.69	0.6	0.31	0.42	0.37	0.78	EVO
ALVO	-0.3		-0.26	0.23	-0.1	-0.23	-0.29	-0.03	-0.14	-0.02	ALVO
HROW	0.05	-0.26		-0.49	0.37	0.55	0.41	0.52	0.65	0.0	HROW
PAHC	0.03	0.23	-0.49		0.02	-0.19	0.16	-0.2	-0.32	0.02	PAHC
NEOG	0.69	-0.1	0.37	0.02		0.82	0.41	0.84	0.71	0.76	NEOG
DVAX	0.6	-0.23	0.55	-0.19	0.82		0.46	0.72	0.65	0.56	DVAX
AMPH	0.31	-0.29	0.41	0.16	0.41	0.46		0.35	0.46	0.03	AMPH
IMNM	0.42	-0.03	0.52	-0.2	0.84	0.72	0.35		0.92	0.6	IMNM
MAZE	0.37	-0.14	0.65	-0.32	0.71	0.65	0.46	0.92		0.45	MAZE
NTLA	0.78	-0.02	0.0	0.02	0.76	0.56	0.03	0.6	0.45		NTLA
	EVO	ALVO	HROW	PAHC	NEOG	DVAX	AMPH	IMNM	MAZE	NTLA

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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

MAZE	+ 0.92	IMNM
IMNM	+ 0.84	NEOG
DVAX	+ 0.82	NEOG
NTLA	+ 0.78	EVO
NTLA	+ 0.76	NEOG
IMNM	+ 0.72	DVAX

High negative correlations

PAHC	- 0.49	HROW
MAZE	- 0.32	PAHC
ALVO	- 0.3	EVO
AMPH	- 0.29	ALVO
HROW	- 0.26	ALVO
DVAX	- 0.23	ALVO

Risk-Adjusted Indicators

There is a big difference between Tilray Stock performing well and Tilray 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 Tilray'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
EVO	2.71	(0.21)	0.00	(0.13)	0.00	0.00	5.72	(6.09)	16.20
ALVO	2.88	0.02	0.00	0.11	3.17	(3.37)	7.89	(5.51)	19.51
HROW	2.89	0.31	0.14	0.22	2.65	(3.53)	9.67	(4.79)	21.82
PAHC	2.32	0.32	0.11	0.63	2.48	(2.74)	4.58	(4.49)	12.56
NEOG	2.53	0.78	0.31	0.54	1.89	(2.94)	5.96	(3.70)	34.17
DVAX	1.70	0.66	0.45	0.89	0.51	(2.32)	2.76	(1.46)	39.08
AMPH	1.91	0.12	0.07	0.16	2.09	(2.16)	4.12	(3.98)	15.04
IMNM	3.62	0.58	0.13	0.49	4.13	(4.17)	7.87	(6.71)	31.45
MAZE	2.92	0.48	0.13	1.04	2.99	(3.24)	6.77	(4.83)	20.03
NTLA	4.31	(0.16)	0.00	0.02	6.05	(4.53)	10.73	(8.64)	33.96

Tilray Corporate Executives

Elected by the shareholders, the Tilray's board of directors comprises two types of representatives: Tilray inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Tilray. The board's role is to monitor Tilray's management team and ensure that shareholders' interests are well served. Tilray's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Tilray's outside directors are responsible for providing unbiased perspectives on the board's policies.

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