Axonics Modulation Correlations

AXNX Stock

USD 70.28 0.01 0.01%

The current 90-days correlation between Axonics Modulation and Orthofix Medical is 0.01 (i.e., Significant diversification). The correlation of Axonics Modulation 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.

Axonics Modulation Correlation With Market

Modest diversification

The correlation between Axonics Modulation Technologie and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axonics Modulation Technologie 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 Axonics Modulation 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 board of governors.

Moving together with Axonics Stock

0.82	DOCS	Doximity	Pair Corr
0.61	CVS	CVS Health Corp	Pair Corr
0.79	EXAS	EXACT Sciences	Pair Corr
0.65	EXEL	Exelixis Earnings Call This Week	Pair Corr
0.88	BMY	Bristol Myers Squibb Earnings Call This Week	Pair Corr
0.82	GILD	Gilead Sciences	Pair Corr
0.61	MNOV	MediciNova	Pair Corr

Moving against Axonics Stock

0.86	VCNX	Vaccinex Trending	Pair Corr
0.81	AMN	AMN Healthcare Services	Pair Corr
0.81	FORA	Forian Inc	Pair Corr
0.74	ENOV	Enovis Corp	Pair Corr
0.69	ACON	Aclarion	Pair Corr
0.66	DRMA	Dermata Therapeutics	Pair Corr
0.58	ELEV	Elevation Oncology	Pair Corr
0.76	CGC	Canopy Growth Corp	Pair Corr
0.75	INAB	In8bio Inc	Pair Corr
0.68	MRK	Merck Company Earnings Call This Week	Pair Corr
0.6	CRL	Charles River Labora	Pair Corr
0.49	ACB	Aurora Cannabis	Pair Corr
0.87	ABVC	ABVC Biopharma	Pair Corr
0.85	AKTX	Akari Therapeutics PLC	Pair Corr
0.81	KALA	Kala Pharmaceuticals Trending	Pair Corr
0.81	NUVB	Nuvation Bio Earnings Call This Week	Pair Corr
0.49	SBFM	Sunshine Biopharma	Pair Corr
0.47	LFCR	Lifecore Biomedical	Pair Corr

Related Correlations Analysis

	OFIX	NUVA	GKOS	HSKA	BRKR	ITGR	CNMD	LIVN	IRTC
OFIX		-0.42	0.2	-0.03	-0.15	-0.01	0.42	-0.36	0.25	OFIX
NUVA	-0.42		-0.49	-0.43	-0.27	-0.29	-0.5	0.29	0.19	NUVA
GKOS	0.2	-0.49		0.79	0.02	0.81	0.1	0.26	-0.44	GKOS
HSKA	-0.03	-0.43	0.79		0.03	0.75	0.07	0.15	-0.7	HSKA
BRKR	-0.15	-0.27	0.02	0.03		0.21	0.53	0.3	0.23	BRKR
ITGR	-0.01	-0.29	0.81	0.75	0.21		0.21	0.58	-0.37	ITGR
CNMD	0.42	-0.5	0.1	0.07	0.53	0.21		-0.05	0.37	CNMD
LIVN	-0.36	0.29	0.26	0.15	0.3	0.58	-0.05		0.13	LIVN
IRTC	0.25	0.19	-0.44	-0.7	0.23	-0.37	0.37	0.13		IRTC
	OFIX	NUVA	GKOS	HSKA	BRKR	ITGR	CNMD	LIVN	IRTC

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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

ITGR	+ 0.81	GKOS
HSKA	+ 0.79	GKOS
ITGR	+ 0.75	HSKA
LIVN	+ 0.58	ITGR
CNMD	+ 0.53	BRKR
CNMD	+ 0.42	OFIX

High negative correlations

IRTC	- 0.7	HSKA
CNMD	- 0.5	NUVA
GKOS	- 0.49	NUVA
IRTC	- 0.44	GKOS
HSKA	- 0.43	NUVA
NUVA	- 0.42	OFIX

Risk-Adjusted Indicators

There is a big difference between Axonics Stock performing well and Axonics Modulation 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 Axonics Modulation'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
OFIX	2.09	(0.13)	0.00	(0.01)	0.00	0.00	3.93	(4.27)	24.29
NUVA	1.23	(0.06)	0.00	(0.06)	0.00	0.00	3.31	(2.75)	7.19
GKOS	1.44	(0.03)	(0.01)	0.05	1.64	(1.52)	3.30	(2.83)	9.83
HSKA	1.18	0.58	0.91	2.34	0.00	(1.25)	3.63	(0.71)	21.36
BRKR	1.65	(0.15)	0.00	(0.04)	0.00	0.00	4.02	(2.98)	8.33
ITGR	1.35	(0.06)	(0.03)	0.01	2.01	(1.26)	2.65	(2.46)	7.12
CNMD	1.70	(0.30)	0.00	(0.21)	0.00	0.00	4.56	(3.84)	10.64
LIVN	1.26	(0.12)	0.00	(0.04)	0.00	0.00	3.03	(2.77)	8.15
IRTC	2.93	(0.48)	0.00	(0.23)	0.00	0.00	4.14	(6.69)	13.10

Axonics Modulation Corporate Management

JD Esq	General VP	Profile
Alfred Ford	Chief Commercial Officer	Profile
Danny Dearen	Chief Operating and Financial Officer	Profile
MD MAS	Chief Officer	Profile
Rinda Sama	Chief Officer	Profile
Aaron Pettit	General Officer	Profile

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