Avanos Medical Correlations

AVNS Stock

USD 18.68 0.47 2.45%

The current 90-days correlation between Avanos Medical and Artivion is 0.41 (i.e., Very weak diversification). The correlation of Avanos Medical 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.

Avanos Medical Correlation With Market

Very weak diversification

The correlation between Avanos Medical and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avanos Medical 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 Avanos Medical. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more information on how to buy Avanos Stock please use our How to Invest in Avanos Medical guide.

Moving together with Avanos Stock

0.74	CI	Cigna Corp	Pair Corr
0.7	AGL	agilon health	Pair Corr
0.88	TFX	Teleflex Incorporated	Pair Corr
0.63	XTNT	Xtant Medical Holdings	Pair Corr
0.85	GCTK	GlucoTrack	Pair Corr
0.83	ACHC	Acadia Healthcare	Pair Corr
0.67	ADUS	Addus HomeCare	Pair Corr
0.81	TNDM	Tandem Diabetes Care	Pair Corr
0.73	ME	23Andme Holding	Pair Corr
0.63	XFOR	X4 Pharmaceuticals	Pair Corr

Moving against Avanos Stock

0.74	LNSR	LENSAR Inc	Pair Corr
0.65	VMD	Viemed Healthcare	Pair Corr
0.65	ATEC	Alphatec Holdings	Pair Corr
0.56	XAIR	Beyond Air	Pair Corr
0.51	CAH	Cardinal Health	Pair Corr
0.46	BSX	Boston Scientific Corp	Pair Corr
0.38	MMSI	Merit Medical Systems	Pair Corr
0.36	CTKB	Cytek Biosciences	Pair Corr
0.78	BMY	Bristol Myers Squibb Aggressive Push	Pair Corr
0.69	ESPR	Esperion Therapeutics	Pair Corr
0.67	GILD	Gilead Sciences	Pair Corr
0.64	LPCN	Lipocine	Pair Corr
0.62	REPL	Replimune Group Downward Rally	Pair Corr
0.61	ELVN	Enliven Therapeutics	Pair Corr
0.48	PLRX	Pliant Therapeutics	Pair Corr
0.47	NVCT	Nuvectis Pharma	Pair Corr
0.44	MRSN	Mersana Therapeutics	Pair Corr
0.4	VRDN	Viridian Therapeutics	Pair Corr

Related Correlations Analysis

	AORT	ANIK	SGHT	OFIX	AXGN	SRDX	FNA	GKOS	KIDS	CNMD
AORT		-0.67	-0.64	0.57	0.22	-0.51	-0.06	0.77	-0.23	0.05	AORT
ANIK	-0.67		0.79	-0.66	-0.16	0.5	-0.11	-0.61	0.25	-0.3	ANIK
SGHT	-0.64	0.79		-0.4	-0.01	0.68	0.16	-0.62	0.65	0.22	SGHT
OFIX	0.57	-0.66	-0.4		-0.13	0.05	0.57	0.7	0.24	0.53	OFIX
AXGN	0.22	-0.16	-0.01	-0.13		-0.45	-0.46	-0.03	-0.04	0.15	AXGN
SRDX	-0.51	0.5	0.68	0.05	-0.45		0.64	-0.35	0.6	0.34	SRDX
FNA	-0.06	-0.11	0.16	0.57	-0.46	0.64		0.21	0.46	0.62	FNA
GKOS	0.77	-0.61	-0.62	0.7	-0.03	-0.35	0.21		-0.19	0.11	GKOS
KIDS	-0.23	0.25	0.65	0.24	-0.04	0.6	0.46	-0.19		0.49	KIDS
CNMD	0.05	-0.3	0.22	0.53	0.15	0.34	0.62	0.11	0.49		CNMD
	AORT	ANIK	SGHT	OFIX	AXGN	SRDX	FNA	GKOS	KIDS	CNMD

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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

SGHT	+ 0.79	ANIK
GKOS	+ 0.77	AORT
GKOS	+ 0.7	OFIX
SRDX	+ 0.68	SGHT
KIDS	+ 0.65	SGHT
FNA	+ 0.64	SRDX

High negative correlations

ANIK	- 0.67	AORT
OFIX	- 0.66	ANIK
SGHT	- 0.64	AORT
GKOS	- 0.62	SGHT
GKOS	- 0.61	ANIK
SRDX	- 0.51	AORT

Risk-Adjusted Indicators

There is a big difference between Avanos Stock performing well and Avanos Medical 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 Avanos Medical's 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
AORT	1.35	(0.03)	0.01	0.11	1.47	(1.55)	2.74	(2.63)	9.51
ANIK	1.85	(0.73)	0.00	(0.28)	0.00	0.00	3.27	(3.39)	35.08
SGHT	3.31	(0.99)	0.00	(0.15)	0.00	0.00	6.96	(7.84)	18.22
OFIX	1.88	(0.02)	0.03	0.12	2.01	(2.14)	4.28	(3.85)	10.38
AXGN	2.44	0.10	0.04	0.20	3.71	(2.52)	5.35	(5.50)	21.60
SRDX	0.47	(0.11)	0.00	(0.13)	0.00	0.00	0.92	(1.01)	3.22
FNA	4.00	0.24	0.13	0.20	3.92	(4.64)	7.83	(6.30)	22.11
GKOS	1.59	(0.02)	0.04	0.12	1.65	(1.65)	3.30	(2.86)	10.98
KIDS	2.73	(0.34)	0.00	(0.06)	0.00	0.00	5.44	(5.08)	21.53
CNMD	1.75	(0.02)	(0.01)	0.11	2.20	(1.81)	4.57	(3.83)	10.64

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