Elanco Animal Correlations

ELAN Stock

USD 13.22 0.30 2.32%

The current 90-days correlation between Elanco Animal Health and Agilent Technologies is 0.64 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Elanco Animal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Elanco Animal Health moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Elanco Animal Correlation With Market

Very weak diversification

The correlation between Elanco Animal Health and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elanco Animal Health and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Elanco Animal Health. 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.

Moving together with Elanco Stock

0.67	DRTS	Alpha Tau Medical	Pair Corr
0.65	VIGL	Vigil Neuroscience	Pair Corr

Moving against Elanco Stock

0.56

VRTX

Vertex Pharmaceuticals

Pair Corr

Related Correlations Analysis

	A	EQ	DMAC	VALN	VANI	DNLI	DNTH	VCEL	VCYT	VERV
A		0.86	0.91	0.73	0.86	0.81	0.61	0.94	0.76	0.84	A
EQ	0.86		0.89	0.7	0.8	0.67	0.56	0.89	0.73	0.82	EQ
DMAC	0.91	0.89		0.63	0.78	0.8	0.71	0.87	0.73	0.88	DMAC
VALN	0.73	0.7	0.63		0.74	0.67	0.51	0.73	0.72	0.71	VALN
VANI	0.86	0.8	0.78	0.74		0.78	0.57	0.85	0.82	0.82	VANI
DNLI	0.81	0.67	0.8	0.67	0.78		0.79	0.76	0.88	0.89	DNLI
DNTH	0.61	0.56	0.71	0.51	0.57	0.79		0.53	0.58	0.86	DNTH
VCEL	0.94	0.89	0.87	0.73	0.85	0.76	0.53		0.82	0.8	VCEL
VCYT	0.76	0.73	0.73	0.72	0.82	0.88	0.58	0.82		0.81	VCYT
VERV	0.84	0.82	0.88	0.71	0.82	0.89	0.86	0.8	0.81		VERV
	A	EQ	DMAC	VALN	VANI	DNLI	DNTH	VCEL	VCYT	VERV

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Risk-Adjusted Indicators

There is a big difference between Elanco Stock performing well and Elanco Animal 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 Elanco Animal'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
A	1.79	(0.20)	(0.22)	2.80	(5.45)	14.45
EQ	4.20	(1.01)	(1.50)	6.82	(7.50)	45.25
DMAC	3.42	(0.43)	(0.38)	7.95	(7.73)	22.61
VALN	3.44	(0.26)	(0.26)	7.73	(6.81)	24.10
VANI	1.53	(0.11)	(0.33)	2.68	(3.77)	10.06
DNLI	3.78	(0.43)	(0.34)	6.05	(9.63)	24.75
DNTH	3.67	(0.06)	(0.10)	8.76	(7.42)	23.86
VCEL	2.50	(0.31)	(0.30)	3.63	(5.29)	19.90
VCYT	2.73	(0.36)	(0.38)	4.21	(5.51)	20.22
VERV	5.41	(0.49)	(0.33)	11.28	(11.08)	41.88

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