Agilent Technologies Correlations

A Stock

USD 120.18 0.17 0.14%

The current 90-days correlation between Agilent Technologies and IDEXX Laboratories is 0.41 (i.e., Very weak diversification). The correlation of Agilent Technologies 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.

Agilent Technologies Correlation With Market

Poor diversification

The correlation between Agilent Technologies and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Agilent Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Agilent Technologies. 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 information on how to trade Agilent Stock refer to our How to Trade Agilent Stock guide.

Moving together with Agilent Stock

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0.74	DRTS	Alpha Tau Medical	Pair Corr
0.72	VIGL	Vigil Neuroscience	Pair Corr
0.66	VNDA	Vanda Pharmaceuticals Earnings Call This Week	Pair Corr
0.68	VRCA	Verrica Pharmaceuticals Downward Rally	Pair Corr
0.71	VRDN	Viridian Therapeutics	Pair Corr
0.77	VRNA	Verona Pharma PLC Earnings Call This Week	Pair Corr
0.88	VTRS	Viatris Aggressive Push	Pair Corr
0.71	VTYX	Ventyx Biosciences	Pair Corr
0.72	EDIT	Editas Medicine Earnings Call This Week	Pair Corr

Moving against Agilent Stock

0.7	EQ	Equillium	Pair Corr
0.67	CDIOW	Cardio Diagnostics	Pair Corr
0.62	VCYT	Veracyte Buyout Trend	Pair Corr
0.62	DRMA	Dermata Therapeutics	Pair Corr
0.56	DTIL	Precision BioSciences	Pair Corr
0.53	DRUG	Bright Minds Biosciences Trending	Pair Corr
0.4	VALN	Valneva SE ADR	Pair Corr
0.32	DNTH	Dianthus Therapeutics	Pair Corr
0.72	VSTM	Verastem Upward Rally	Pair Corr
0.71	VTVT	vTv Therapeutics	Pair Corr
0.68	DYAI	Dyadic International	Pair Corr
0.56	VRAX	Virax Biolabs Group	Pair Corr
0.53	KTTAW	Pasithea Therapeutics	Pair Corr
0.48	SRZNW	Surrozen Warrant	Pair Corr
0.47	DWTX	Dogwood Therapeutics, Symbol Change	Pair Corr
0.31	VIVS	VivoSim Labs, Symbol Change	Pair Corr

Related Correlations Analysis

	DHR	IDXX	ILMN	TMO	WAT
DHR		0.27	0.48	0.54	0.15	DHR
IDXX	0.27		0.77	0.03	-0.09	IDXX
ILMN	0.48	0.77		0.46	-0.48	ILMN
TMO	0.54	0.03	0.46		-0.39	TMO
WAT	0.15	-0.09	-0.48	-0.39		WAT
	DHR	IDXX	ILMN	TMO	WAT

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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

ILMN	+ 0.77	IDXX
TMO	+ 0.54	DHR
ILMN	+ 0.48	DHR
TMO	+ 0.46	ILMN
IDXX	+ 0.27	DHR
WAT	+ 0.15	DHR

High negative correlations

WAT	- 0.48	ILMN
WAT	- 0.39	TMO
WAT	- 0.09	IDXX

Risk-Adjusted Indicators

There is a big difference between Agilent Stock performing well and Agilent Technologies 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 Agilent Technologies' 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
DHR	1.40	(0.23)	(0.04)	0.07	2.15	(1.27)	2.51	(3.47)	11.39
IDXX	1.08	0.23	0.25	0.42	0.50	(1.33)	2.98	(1.23)	12.10
ILMN	1.82	0.23	0.18	0.32	1.86	(2.12)	3.82	(3.62)	13.42
TMO	1.61	(0.19)	(0.02)	0.09	1.97	(1.64)	3.95	(3.61)	12.65
WAT	1.72	(0.49)	0.00	(0.06)	0.00	0.00	2.54	(3.80)	20.38

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