Evolent Health Correlations

EVH Stock

USD 8.65 0.16 1.88%

The correlation of Evolent Health 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.

Evolent Health Correlation With Market

Weak diversification

The correlation between Evolent Health and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Evolent Health and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Evolent Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Evolent 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 real.

For more detail on how to invest in Evolent Stock please use our How to Invest in Evolent Health guide.

Moving together with Evolent Stock

0.74	EKSO	Ekso Bionics Holdings	Pair Corr
0.73	ELMD	Electromed	Pair Corr
0.77	EMBC	Embecta Corp	Pair Corr
0.73	WGRX	Wellgistics Health,	Pair Corr
0.62	WORX	Scworx Corp	Pair Corr
0.72	AGL	agilon health	Pair Corr
0.79	AMS	American Shared Hospital	Pair Corr

Moving against Evolent Stock

0.71	OM	Outset Medical	Pair Corr
0.64	ENSG	Ensign Group	Pair Corr
0.59	EHAB	Enhabit	Pair Corr
0.58	DH	Definitive Healthcare	Pair Corr
0.53	DXCM	DexCom Inc	Pair Corr
0.5	EW	Edwards Lifesciences Corp	Pair Corr
0.48	VEEV	Veeva Systems Class Sell-off Trend	Pair Corr
0.36	LH	Laboratory	Pair Corr
0.65	FLGT	Fulgent Genetics	Pair Corr
0.59	AHG	Akso Health Group	Pair Corr
0.57	CAH	Cardinal Health	Pair Corr
0.52	FONR	Fonar	Pair Corr
0.44	ABT	Abbott Laboratories	Pair Corr
0.43	COR	Cencora	Pair Corr
0.41	CCM	Concord Medical Services	Pair Corr
0.39	BKD	Brookdale Senior Living	Pair Corr

Related Correlations Analysis

	AGTI	CMAX	CERT	RCM	DH	NRC	SLP	PRVA	FORA
AGTI		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AGTI
CMAX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	CMAX
CERT	0.0	0.0		0.0	-0.14	-0.51	0.79	0.39	-0.02	CERT
RCM	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	RCM
DH	0.0	0.0	-0.14	0.0		0.76	-0.31	0.11	0.38	DH
NRC	0.0	0.0	-0.51	0.0	0.76		-0.66	-0.08	0.45	NRC
SLP	0.0	0.0	0.79	0.0	-0.31	-0.66		0.45	0.01	SLP
PRVA	0.0	0.0	0.39	0.0	0.11	-0.08	0.45		0.2	PRVA
FORA	0.0	0.0	-0.02	0.0	0.38	0.45	0.01	0.2		FORA
	AGTI	CMAX	CERT	RCM	DH	NRC	SLP	PRVA	FORA

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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

SLP	+ 0.79	CERT
NRC	+ 0.76	DH
FORA	+ 0.45	NRC
PRVA	+ 0.45	SLP
PRVA	+ 0.39	CERT
FORA	+ 0.38	DH

High negative correlations

SLP	- 0.66	NRC
NRC	- 0.51	CERT
SLP	- 0.31	DH
DH	- 0.14	CERT
PRVA	- 0.08	NRC
FORA	- 0.02	CERT

Risk-Adjusted Indicators

There is a big difference between Evolent Stock performing well and Evolent Health 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 Evolent Health'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
AGTI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CMAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CERT	2.72	0.00	0.00	0.02	3.13	(3.48)	7.51	(4.40)	33.87
RCM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DH	2.74	0.63	0.17	0.96	2.77	(3.26)	5.69	(4.85)	36.59
NRC	2.68	0.22	0.06	0.28	3.45	(2.62)	5.53	(5.53)	15.47
SLP	3.14	(0.41)	0.00	(0.70)	0.00	0.00	5.36	(4.89)	51.01
PRVA	1.48	(0.09)	0.00	(0.14)	0.00	0.00	2.60	(2.94)	10.54
FORA	3.12	0.13	0.03	0.24	3.36	(3.96)	6.12	(5.50)	28.73

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