Waters Correlations

WAT Stock

USD 379.83 4.16 1.08%

The current 90-days correlation between Waters and Quest Diagnostics Incorporated is -0.02 (i.e., Good 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 0.32 (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

0.64	A	Agilent Technologies	Pair Corr
0.66	FTRE	Fortrea Holdings	Pair Corr
0.91	IQV	IQVIA Holdings	Pair Corr
0.88	MTD	Mettler Toledo Inter	Pair Corr
0.91	TMO	Thermo Fisher Scientific	Pair Corr
0.93	TXG	10X Genomics	Pair Corr
0.84	HBIO	Harvard Bioscience	Pair Corr
0.88	ILMN	Illumina	Pair Corr
0.69	MEDP	Medpace Holdings	Pair Corr
0.61	CTE	Cryosite	Pair Corr
0.74	MLAB	Mesa Laboratories	Pair Corr
0.64	MRVI	Maravai Lifesciences	Pair Corr
0.61	CNTGF	Centogene NV	Pair Corr
0.74	PACB	Pacific Biosciences Buyout Trend	Pair Corr

Moving against Waters Stock

0.89	CDT	Conduit Pharmaceuticals	Pair Corr
0.88	OSL	Oncosil Medical	Pair Corr
0.85	OBD	Oxford Biodynamics PLC	Pair Corr
0.82	603259	WuXi AppTec	Pair Corr
0.75	PRTC	PureTech Health plc	Pair Corr
0.67	TEM	Tempus AI, Class	Pair Corr
0.84	CDXS	Codexis	Pair Corr
0.82	NOTV	Inotiv Inc	Pair Corr
0.8	NAGE	Niagen Bioscience, Symbol Change	Pair Corr
0.78	IXI	IXICO PLC	Pair Corr
0.78	SEER	Seer Inc	Pair Corr
0.76	ADO	Anteotech	Pair Corr
0.74	ATLN	Atlantic International	Pair Corr
0.63	300347	Hangzhou Tigermed	Pair Corr
0.59	AVTR	Avantor Sell-off Trend	Pair Corr
0.59	BNGO	Bionano Genomics	Pair Corr

Related Correlations Analysis

	DGX	ILMN	WST	MEDP	LH	ZBH	MTD	STE	INCY	DXCM
DGX		-0.21	-0.28	-0.03	0.59	0.11	-0.07	0.26	0.02	-0.26	DGX
ILMN	-0.21		0.09	0.54	-0.71	-0.71	0.69	0.76	0.8	-0.32	ILMN
WST	-0.28	0.09		0.51	-0.15	0.34	0.54	-0.05	0.17	0.22	WST
MEDP	-0.03	0.54	0.51		-0.55	-0.31	0.88	0.5	0.81	-0.48	MEDP
LH	0.59	-0.71	-0.15	-0.55		0.63	-0.54	-0.4	-0.68	0.38	LH
ZBH	0.11	-0.71	0.34	-0.31	0.63		-0.33	-0.68	-0.68	0.54	ZBH
MTD	-0.07	0.69	0.54	0.88	-0.54	-0.33		0.6	0.82	-0.34	MTD
STE	0.26	0.76	-0.05	0.5	-0.4	-0.68	0.6		0.8	-0.47	STE
INCY	0.02	0.8	0.17	0.81	-0.68	-0.68	0.82	0.8		-0.67	INCY
DXCM	-0.26	-0.32	0.22	-0.48	0.38	0.54	-0.34	-0.47	-0.67		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

MTD	+ 0.88	MEDP
INCY	+ 0.82	MTD
INCY	+ 0.81	MEDP
INCY	+ 0.8	ILMN
INCY	+ 0.8	STE
STE	+ 0.76	ILMN

High negative correlations

ZBH	- 0.71	ILMN
LH	- 0.71	ILMN
INCY	- 0.68	ZBH
STE	- 0.68	ZBH
INCY	- 0.68	LH
DXCM	- 0.67	INCY

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	0.95	(0.12)	0.00	(0.37)	0.00	0.00	1.94	(2.86)	5.64
ILMN	2.20	0.54	0.28	0.50	1.53	(2.67)	4.23	(2.87)	27.65
WST	1.50	0.04	0.02	0.10	1.59	(1.70)	3.46	(2.89)	14.90
MEDP	1.38	0.16	0.10	0.24	1.41	(1.60)	4.51	(2.33)	14.62
LH	1.10	(0.18)	0.00	(0.31)	0.00	0.00	1.74	(2.34)	7.53
ZBH	1.23	(0.12)	0.00	(0.19)	0.00	0.00	3.30	(1.93)	18.60
MTD	1.27	0.19	0.15	0.28	1.04	(1.55)	3.78	(2.37)	7.75
STE	0.83	0.03	(0.02)	0.17	1.04	(0.90)	1.79	(1.83)	9.76
INCY	1.43	0.24	0.13	0.45	1.40	(1.60)	3.39	(2.32)	14.33
DXCM	1.65	(0.03)	(0.01)	0.03	3.55	(1.36)	3.10	(3.11)	17.38

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