Agilent Technologies Correlations

A Stock

USD 133.67 0.19 0.14%

The current 90-days correlation between Agilent Technologies and IDEXX Laboratories is 0.39 (i.e., 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

Modest diversification

The correlation between Agilent Technologies and DJI is 0.22 (i.e., Modest 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.

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 against Agilent Stock

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0.49	VANI	Vivani Medical	Pair Corr
0.47	VERV	Verve Therapeutics Sell-off Trend	Pair Corr
0.4	EQ	Equillium	Pair Corr
0.33	DRRX	Durect	Pair Corr
0.52	KTTAW	Pasithea Therapeutics	Pair Corr
0.39	SABSW	SAB Biotherapeutics	Pair Corr
0.39	VIGL	Vigil Neuroscience	Pair Corr
0.36	SRZNW	Surrozen Warrant	Pair Corr
0.34	DVAX	Dynavax Technologies	Pair Corr
0.32	VRNA	Verona Pharma PLC	Pair Corr
0.53	ENGN	enGene Holdings Common	Pair Corr
0.5	VYNE	Vyne Therapeutics	Pair Corr

Related Correlations Analysis

	DHR	IDXX	GH	MTD	CRL
DHR		0.85	-0.03	0.78	0.14	DHR
IDXX	0.85		0.14	0.64	0.26	IDXX
GH	-0.03	0.14		-0.04	0.68	GH
MTD	0.78	0.64	-0.04		0.11	MTD
CRL	0.14	0.26	0.68	0.11		CRL
	DHR	IDXX	GH	MTD	CRL

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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

IDXX	+ 0.85	DHR
MTD	+ 0.78	DHR
CRL	+ 0.68	GH
MTD	+ 0.64	IDXX
CRL	+ 0.26	IDXX
CRL	+ 0.14	DHR

High negative correlations

MTD	- 0.04	GH
GH	- 0.03	DHR

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	0.89	(0.25)	0.00	(0.30)	0.00	0.00	1.47	(2.02)	7.35
IDXX	1.19	(0.33)	0.00	(0.17)	0.00	0.00	2.26	(2.56)	13.04
GH	2.64	(0.21)	(0.05)	0.01	2.97	(3.03)	7.53	(5.16)	14.96
MTD	1.32	(0.22)	0.00	(0.22)	0.00	0.00	2.88	(2.87)	12.16
CRL	1.60	(0.20)	0.01	0.08	1.63	(1.83)	2.78	(2.89)	15.35

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