Utah Medical Correlations

UTMD Stock

USD 65.29 0.72 1.12%

The current 90-days correlation between Utah Medical Products and Repro Med Systems is -0.15 (i.e., Good diversification). The correlation of Utah Medical 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.

Utah Medical Correlation With Market

Poor diversification

The correlation between Utah Medical Products and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Utah Medical Products 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 Utah Medical Products. 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.

Moving together with Utah Stock

0.67	DH	Definitive Healthcare	Pair Corr
0.68	CYRX	Cryoport	Pair Corr

Moving against Utah Stock

0.4	SSY	SunLink Health Systems	Pair Corr
0.37	VMD	Viemed Healthcare	Pair Corr
0.39	EWTX	Edgewise Therapeutics	Pair Corr
0.38	KZR	Kezar Life Sciences	Pair Corr
0.35	KTTAW	Pasithea Therapeutics	Pair Corr
0.34	EXAS	EXACT Sciences Sell-off Trend	Pair Corr
0.32	BMY	Bristol Myers Squibb Aggressive Push	Pair Corr

Related Correlations Analysis

	POCI	KRMD	INFU	MLSS	PDEX	LMAT	ANGO	ATRC	AKYA
POCI		0.02	-0.05	0.49	-0.19	0.0	0.65	-0.22	-0.42	POCI
KRMD	0.02		0.82	-0.73	0.85	0.85	-0.18	0.79	-0.2	KRMD
INFU	-0.05	0.82		-0.76	0.83	0.86	-0.24	0.72	-0.08	INFU
MLSS	0.49	-0.73	-0.76		-0.86	-0.71	0.43	-0.82	-0.16	MLSS
PDEX	-0.19	0.85	0.83	-0.86		0.91	-0.22	0.93	0.08	PDEX
LMAT	0.0	0.85	0.86	-0.71	0.91		-0.11	0.87	-0.05	LMAT
ANGO	0.65	-0.18	-0.24	0.43	-0.22	-0.11		-0.13	-0.23	ANGO
ATRC	-0.22	0.79	0.72	-0.82	0.93	0.87	-0.13		0.14	ATRC
AKYA	-0.42	-0.2	-0.08	-0.16	0.08	-0.05	-0.23	0.14		AKYA
	POCI	KRMD	INFU	MLSS	PDEX	LMAT	ANGO	ATRC	AKYA

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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

ATRC	+ 0.93	PDEX
LMAT	+ 0.91	PDEX
ATRC	+ 0.87	LMAT
LMAT	+ 0.86	INFU
PDEX	+ 0.85	KRMD
LMAT	+ 0.85	KRMD

High negative correlations

PDEX	- 0.86	MLSS
ATRC	- 0.82	MLSS
MLSS	- 0.76	INFU
MLSS	- 0.73	KRMD
LMAT	- 0.71	MLSS
AKYA	- 0.42	POCI

Risk-Adjusted Indicators

There is a big difference between Utah Stock performing well and Utah Medical 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 Utah Medical'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
POCI	3.45	(0.08)	(0.02)	0.05	4.06	(4.12)	7.48	(6.99)	18.59
KRMD	2.62	0.75	0.21	12.99	2.32	(3.10)	6.37	(4.40)	18.56
INFU	3.05	0.47	0.17	0.36	2.71	(3.52)	7.64	(4.81)	22.10
MLSS	2.97	(0.44)	0.00	(0.33)	0.00	0.00	8.45	(7.89)	27.59
PDEX	4.07	1.20	0.22	0.92	4.38	(4.56)	10.44	(9.00)	30.21
LMAT	1.48	0.18	0.15	0.24	1.21	(1.77)	3.15	(2.19)	10.31
ANGO	2.15	(0.31)	0.00	(0.05)	0.00	0.00	3.71	(4.03)	19.00
ATRC	1.92	0.47	0.26	0.50	1.39	(2.28)	4.67	(3.12)	23.09
AKYA	3.96	(0.31)	0.00	(0.01)	0.00	0.00	9.32	(4.96)	40.94

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