Waters Correlations

WAT Stock

USD 375.18 4.46 1.20%

The current 90-days correlation between Waters and Quest Diagnostics Incorporated is 0.24 (i.e., Modest diversification). The correlation of Waters 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.

Waters Correlation With Market

Weak diversification

The correlation between Waters and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Waters and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Waters Stock

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Waters. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

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

Moving together with Waters Stock

0.8	BRKR	Bruker	Pair Corr
0.77	TLK	Telkom Indonesia Tbk	Pair Corr

Moving against Waters Stock

0.7	SEER	Seer Inc	Pair Corr
0.67	MMC	MMC Old Symbol Change	Pair Corr
0.55	ATMV	ATMV Old Symbol Change	Pair Corr
0.49	PTAIF	PT Astra International	Pair Corr
0.39	ELUT	Elutia Inc	Pair Corr

Related Correlations Analysis

	DGX	ILMN	WST	MEDP	LH	ZBH	MTD	STE	INCY	DXCM
DGX		0.07	-0.28	0.46	0.77	-0.18	0.32	0.52	0.39	-0.12	DGX
ILMN	0.07		-0.55	0.18	0.12	-0.62	0.31	0.6	0.48	0.61	ILMN
WST	-0.28	-0.55		-0.11	-0.34	0.68	0.27	-0.35	-0.17	-0.36	WST
MEDP	0.46	0.18	-0.11		0.37	-0.05	0.67	0.3	0.57	0.07	MEDP
LH	0.77	0.12	-0.34	0.37		-0.03	0.17	0.25	0.07	0.28	LH
ZBH	-0.18	-0.62	0.68	-0.05	-0.03		0.07	-0.66	-0.47	-0.16	ZBH
MTD	0.32	0.31	0.27	0.67	0.17	0.07		0.5	0.63	0.09	MTD
STE	0.52	0.6	-0.35	0.3	0.25	-0.66	0.5		0.76	0.05	STE
INCY	0.39	0.48	-0.17	0.57	0.07	-0.47	0.63	0.76		-0.14	INCY
DXCM	-0.12	0.61	-0.36	0.07	0.28	-0.16	0.09	0.05	-0.14		DXCM
	DGX	ILMN	WST	MEDP	LH	ZBH	MTD	STE	INCY	DXCM

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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

LH	+ 0.77	DGX
INCY	+ 0.76	STE
ZBH	+ 0.68	WST
MTD	+ 0.67	MEDP
INCY	+ 0.63	MTD
DXCM	+ 0.61	ILMN

High negative correlations

STE	- 0.66	ZBH
ZBH	- 0.62	ILMN
WST	- 0.55	ILMN
INCY	- 0.47	ZBH
DXCM	- 0.36	WST
STE	- 0.35	WST

Risk-Adjusted Indicators

There is a big difference between Waters Stock performing well and Waters 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 Waters' 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
DGX	0.99	0.01	(0.02)	(0.39)	1.14	(1.15)	2.68	(1.96)	6.29
ILMN	2.14	0.66	0.35	3.27	1.36	(2.67)	4.19	(2.83)	28.04
WST	1.47	(0.38)	0.00	(0.58)	0.00	0.00	2.50	(3.58)	12.18
MEDP	1.21	(0.04)	0.00	(0.09)	0.00	0.00	3.02	(2.33)	10.01
LH	1.16	(0.05)	0.00	(0.20)	0.00	0.00	2.71	(2.13)	5.89
ZBH	1.30	(0.27)	0.00	(0.42)	0.00	0.00	2.92	(2.20)	18.45
MTD	1.11	(0.05)	0.00	(0.22)	0.00	0.00	2.66	(2.37)	7.69
STE	0.96	0.11	0.08	0.24	1.07	(1.09)	1.91	(1.83)	10.91
INCY	1.61	0.17	0.07	3.66	1.76	(1.77)	4.10	(2.92)	14.33
DXCM	1.69	0.05	0.01	0.11	3.28	(1.51)	3.31	(2.87)	14.66

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