Zomedica Pharmaceuticals Correlations

ZOM Stock

USD 0.12 0 3.58%

The current 90-days correlation between Zomedica Pharmaceuticals and Emergent Biosolutions is -0.09 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Zomedica Pharmaceuticals moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Zomedica Pharmaceuticals Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Zomedica Pharmaceuticals Correlation With Market

Average diversification

The correlation between Zomedica Pharmaceuticals Corp and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Zomedica Pharmaceuticals Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Zomedica Stock

0.43	ALVO	Alvotech	Pair Corr
0.41	ABBV	AbbVie Inc	Pair Corr
0.41	SNDL	SNDL Inc	Pair Corr
0.39	AVDL	Avadel Pharmaceuticals	Pair Corr
0.38	AQST	Aquestive Therapeutics	Pair Corr
0.34	FLGC	Flora Growth Corp	Pair Corr
0.35	SSY	SunLink Health Systems	Pair Corr
0.33	VMD	Viemed Healthcare	Pair Corr
0.32	MASS	908 Devices	Pair Corr
0.32	SNDA	Sonida Senior Living	Pair Corr

Related Correlations Analysis

	EBS	BHC	NBIX	TEVA	HLN	TAK	ITCI	CTLT	AMPH	ALVO
EBS		0.48	0.36	-0.19	-0.64	-0.58	0.58	0.01	-0.03	0.63	EBS
BHC	0.48		0.12	-0.03	-0.46	-0.37	0.55	-0.25	0.3	0.62	BHC
NBIX	0.36	0.12		-0.28	-0.59	-0.58	0.82	0.28	-0.36	-0.2	NBIX
TEVA	-0.19	-0.03	-0.28		0.4	0.44	-0.31	-0.26	0.69	0.16	TEVA
HLN	-0.64	-0.46	-0.59	0.4		0.87	-0.83	0.07	0.32	-0.44	HLN
TAK	-0.58	-0.37	-0.58	0.44	0.87		-0.72	-0.02	0.37	-0.35	TAK
ITCI	0.58	0.55	0.82	-0.31	-0.83	-0.72		-0.06	-0.2	0.24	ITCI
CTLT	0.01	-0.25	0.28	-0.26	0.07	-0.02	-0.06		-0.49	-0.36	CTLT
AMPH	-0.03	0.3	-0.36	0.69	0.32	0.37	-0.2	-0.49		0.4	AMPH
ALVO	0.63	0.62	-0.2	0.16	-0.44	-0.35	0.24	-0.36	0.4		ALVO
	EBS	BHC	NBIX	TEVA	HLN	TAK	ITCI	CTLT	AMPH	ALVO

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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

TAK	+ 0.87	HLN
ITCI	+ 0.82	NBIX
AMPH	+ 0.69	TEVA
ALVO	+ 0.63	EBS
ALVO	+ 0.62	BHC
ITCI	+ 0.58	EBS

High negative correlations

ITCI	- 0.83	HLN
ITCI	- 0.72	TAK
HLN	- 0.64	EBS
HLN	- 0.59	NBIX
TAK	- 0.58	NBIX
TAK	- 0.58	EBS

Risk-Adjusted Indicators

There is a big difference between Zomedica Stock performing well and Zomedica Pharmaceuticals 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 Zomedica Pharmaceuticals' 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
EBS	4.49	0.03	0.04	0.12	5.42	(4.57)	11.40	(8.45)	39.28
BHC	2.29	0.34	0.09	7.88	2.36	(2.85)	6.30	(3.83)	19.18
NBIX	1.13	(0.01)	0.00	0.10	1.33	(1.22)	2.74	(2.01)	11.43
TEVA	1.33	0.07	(0.06)	0.00	1.88	(1.30)	2.63	(2.23)	12.42
HLN	0.74	(0.13)	0.00	(1.03)	0.00	0.00	1.10	(1.40)	4.53
TAK	0.75	(0.10)	0.00	1.58	0.00	0.00	1.28	(2.02)	4.86
ITCI	1.33	0.11	0.06	0.24	1.52	(1.47)	3.04	(2.53)	16.17
CTLT	0.46	0.04	(0.08)	0.21	0.31	(0.53)	1.12	(0.69)	3.39
AMPH	1.58	(0.13)	(0.04)	0.00	2.84	(1.64)	3.37	(2.51)	17.30
ALVO	1.19	0.07	(0.04)	(0.34)	1.42	(1.38)	3.15	(2.82)	8.63

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