Cognex Correlations

CGNX Stock

USD 30.10 0.42 1.42%

The current 90-days correlation between Cognex and Vontier Corp is 0.8 (i.e., Very poor diversification). The correlation of Cognex 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.

Cognex Correlation With Market

Very poor diversification

The correlation between Cognex and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cognex 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 Cognex. 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 Cognex Stock please use our How to Invest in Cognex guide.

Moving together with Cognex Stock

0.94	ST	Sensata Technologies	Pair Corr
0.62	WATT	Energous	Pair Corr
0.73	WRAP	Wrap Technologies	Pair Corr
0.61	ESE	ESCO Technologies	Pair Corr
0.92	FTV	Fortive Corp	Pair Corr
0.65	KNW	Know Labs	Pair Corr
0.86	TDY	Teledyne Technologies	Pair Corr
0.84	VNT	Vontier Corp	Pair Corr
0.78	GRMN	Garmin	Pair Corr
0.85	KEYS	Keysight Technologies Sell-off Trend	Pair Corr
0.77	MIND	Mind Technology	Pair Corr
0.9	MKSI	MKS Instruments	Pair Corr
0.82	MLAB	Mesa Laboratories	Pair Corr
0.92	NOVT	Novanta	Pair Corr
0.69	BKSY	Blacksky Technology	Pair Corr
0.93	TRMB	Trimble	Pair Corr
0.78	COHR	Coherent	Pair Corr
0.81	S	SentinelOne	Pair Corr
0.84	DT	Dynatrace Holdings LLC	Pair Corr
0.85	IT	Gartner	Pair Corr
0.78	JG	Aurora Mobile Tech Boost	Pair Corr
0.82	KD	Kyndryl Holdings	Pair Corr
0.89	KE	Kimball Electronics	Pair Corr
0.9	MU	Micron Technology	Pair Corr

Related Correlations Analysis

	VNT	TDY	ESE	MKSI	ST	FTV	NOVT	COHR	IIVI	MLAB
VNT		0.8	0.72	0.93	0.81	0.84	0.74	0.96	0.0	0.78	VNT
TDY	0.8		0.58	0.84	0.85	0.84	0.82	0.74	0.0	0.67	TDY
ESE	0.72	0.58		0.61	0.59	0.42	0.47	0.75	0.0	0.38	ESE
MKSI	0.93	0.84	0.61		0.9	0.92	0.82	0.91	0.0	0.82	MKSI
ST	0.81	0.85	0.59	0.9		0.91	0.96	0.74	0.0	0.84	ST
FTV	0.84	0.84	0.42	0.92	0.91		0.92	0.76	0.0	0.91	FTV
NOVT	0.74	0.82	0.47	0.82	0.96	0.92		0.65	0.0	0.89	NOVT
COHR	0.96	0.74	0.75	0.91	0.74	0.76	0.65		0.0	0.67	COHR
IIVI	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	IIVI
MLAB	0.78	0.67	0.38	0.82	0.84	0.91	0.89	0.67	0.0		MLAB
	VNT	TDY	ESE	MKSI	ST	FTV	NOVT	COHR	IIVI	MLAB

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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

COHR	+ 0.96	VNT
NOVT	+ 0.96	ST
MKSI	+ 0.93	VNT
FTV	+ 0.92	MKSI
NOVT	+ 0.92	FTV
COHR	+ 0.91	MKSI

High negative correlations

MLAB	- 0.0	IIVI
IIVI	- 0.0	COHR
IIVI	- 0.0	NOVT
IIVI	- 0.0	FTV
IIVI	- 0.0	ST
IIVI	- 0.0	MKSI

Risk-Adjusted Indicators

There is a big difference between Cognex Stock performing well and Cognex 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 Cognex'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
VNT	1.77	(0.03)	0.00	(0.11)	0.00	0.00	3.29	(4.22)	16.11
TDY	1.23	0.07	0.00	(0.02)	0.00	0.00	2.37	(2.73)	10.34
ESE	2.02	0.20	0.12	(3.90)	2.29	(2.36)	3.42	(3.74)	12.37
MKSI	3.86	0.09	0.00	(0.06)	0.00	0.00	8.03	(6.74)	36.77
ST	2.75	(0.04)	0.00	(0.46)	0.00	0.00	7.59	(6.43)	24.94
FTV	1.60	(0.10)	0.00	(0.18)	0.00	0.00	2.77	(4.18)	14.17
NOVT	2.05	(0.13)	0.00	1.31	0.00	0.00	4.52	(3.53)	20.60
COHR	3.93	0.23	0.02	0.00	5.59	(4.19)	7.64	(9.20)	34.73
IIVI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MLAB	2.27	(0.32)	0.00	2.94	0.00	0.00	3.69	(6.04)	17.14

Cognex Corporate Management

Jrg Kchen	Senior Products	Profile
Mark Fennell	Secretary	Profile
Didier Lacroix	Senior Marketing	Profile
Richard CPA	Secretary	Profile

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