AngioDynamics Correlations

ANGO Stock

USD 9.11 0.10 1.09%

The current 90-days correlation between AngioDynamics and AtriCure is 0.35 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AngioDynamics moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AngioDynamics moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AngioDynamics Correlation With Market

Weak diversification

The correlation between AngioDynamics 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 AngioDynamics and DJI in the same portfolio, assuming nothing else is changed.

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

To learn how to invest in AngioDynamics Stock, please use our How to Invest in AngioDynamics guide.

Moving against AngioDynamics Stock

0.42	TMCI	Treace Medical Concepts	Pair Corr
0.41	LNSR	LENSAR Inc	Pair Corr
0.31	AHG	Akso Health Group	Pair Corr

Related Correlations Analysis

	AKYA	ATRC	ICUI	HAE	CNMD	MMSI	OFIX
AKYA		-0.43	-0.08	0.48	-0.26	-0.32	-0.15	AKYA
ATRC	-0.43		0.18	-0.11	0.38	0.53	-0.04	ATRC
ICUI	-0.08	0.18		-0.3	0.61	0.72	0.59	ICUI
HAE	0.48	-0.11	-0.3		-0.07	-0.24	-0.74	HAE
CNMD	-0.26	0.38	0.61	-0.07		0.73	0.04	CNMD
MMSI	-0.32	0.53	0.72	-0.24	0.73		0.3	MMSI
OFIX	-0.15	-0.04	0.59	-0.74	0.04	0.3		OFIX
	AKYA	ATRC	ICUI	HAE	CNMD	MMSI	OFIX

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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

MMSI	+ 0.73	CNMD
MMSI	+ 0.72	ICUI
CNMD	+ 0.61	ICUI
OFIX	+ 0.59	ICUI
MMSI	+ 0.53	ATRC
HAE	+ 0.48	AKYA

High negative correlations

OFIX	- 0.74	HAE
ATRC	- 0.43	AKYA
MMSI	- 0.32	AKYA
HAE	- 0.3	ICUI
CNMD	- 0.26	AKYA
MMSI	- 0.24	HAE

Risk-Adjusted Indicators

There is a big difference between AngioDynamics Stock performing well and AngioDynamics 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 AngioDynamics' 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
AKYA	4.10	0.16	0.00	0.61	5.25	(4.36)	9.73	(8.80)	32.35
ATRC	1.91	(0.33)	0.00	(0.04)	0.00	0.00	3.88	(3.04)	17.56
ICUI	1.75	(0.35)	0.00	(0.06)	0.00	0.00	3.76	(3.98)	11.56
HAE	1.29	0.11	0.11	0.32	1.18	(1.51)	2.92	(2.26)	9.24
CNMD	1.96	(0.33)	(0.06)	0.05	2.17	(2.20)	4.29	(4.06)	20.87
MMSI	1.15	(0.29)	0.00	(0.10)	0.00	0.00	2.53	(2.15)	14.94
OFIX	1.88	(0.62)	0.00	(0.10)	0.00	0.00	4.03	(3.75)	14.80

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