Haemonetics Correlations

HAE Stock

USD 62.22 1.82 2.84%

The current 90-days correlation between Haemonetics and Merit Medical Systems is 0.16 (i.e., Average diversification). The correlation of Haemonetics 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.

Haemonetics Correlation With Market

Modest diversification

The correlation between Haemonetics and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Haemonetics. 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.

For information on how to trade Haemonetics Stock refer to our How to Trade Haemonetics Stock guide.

Moving together with Haemonetics Stock

0.61	OM	Outset Medical	Pair Corr
0.68	VVOS	Vivos Therapeutics	Pair Corr
0.78	EMBC	Embecta Corp	Pair Corr
0.71	FIGS	Figs Inc	Pair Corr
0.62	AWH	Aspira Womens Health	Pair Corr

Moving against Haemonetics Stock

0.79	VEEV	Veeva Systems Class	Pair Corr
0.77	EHAB	Enhabit	Pair Corr
0.73	DOCS	Doximity	Pair Corr
0.67	CI	Cigna Corp	Pair Corr
0.64	GH	Guardant Health	Pair Corr
0.62	MD	Mednax Inc	Pair Corr
0.6	FEMY	Femasys	Pair Corr
0.38	EDAP	EDAP TMS SA	Pair Corr
0.37	LH	Laboratory	Pair Corr
0.83	ABT	Abbott Laboratories Sell-off Trend	Pair Corr
0.83	CVS	CVS Health Corp	Pair Corr
0.75	BSX	Boston Scientific Corp	Pair Corr
0.73	ALC	Alcon AG	Pair Corr
0.68	CAH	Cardinal Health	Pair Corr
0.61	DGX	Quest Diagnostics	Pair Corr
0.53	AGL	agilon health	Pair Corr
0.52	BAX	Baxter International	Pair Corr
0.42	CON	Concentra Group Holdings	Pair Corr
0.36	FORA	Forian Inc	Pair Corr

Related Correlations Analysis

	MMSI	ANGO	ATR	NVST	HOLX	ICUI	COO	TFX	WST	ALC
MMSI		0.41	-0.06	0.51	-0.12	0.3	0.34	0.14	0.07	0.54	MMSI
ANGO	0.41		0.5	0.52	0.51	0.73	0.59	0.62	0.61	-0.24	ANGO
ATR	-0.06	0.5		0.26	0.82	0.52	0.57	0.57	0.7	-0.31	ATR
NVST	0.51	0.52	0.26		0.5	0.79	0.81	0.76	0.46	-0.08	NVST
HOLX	-0.12	0.51	0.82	0.5		0.72	0.76	0.83	0.86	-0.56	HOLX
ICUI	0.3	0.73	0.52	0.79	0.72		0.77	0.89	0.7	-0.41	ICUI
COO	0.34	0.59	0.57	0.81	0.76	0.77		0.77	0.76	-0.16	COO
TFX	0.14	0.62	0.57	0.76	0.83	0.89	0.77		0.75	-0.54	TFX
WST	0.07	0.61	0.7	0.46	0.86	0.7	0.76	0.75		-0.53	WST
ALC	0.54	-0.24	-0.31	-0.08	-0.56	-0.41	-0.16	-0.54	-0.53		ALC
	MMSI	ANGO	ATR	NVST	HOLX	ICUI	COO	TFX	WST	ALC

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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

TFX	+ 0.89	ICUI
WST	+ 0.86	HOLX
TFX	+ 0.83	HOLX
HOLX	+ 0.82	ATR
COO	+ 0.81	NVST
ICUI	+ 0.79	NVST

High negative correlations

ALC	- 0.56	HOLX
ALC	- 0.54	TFX
ALC	- 0.53	WST
ALC	- 0.41	ICUI
ALC	- 0.31	ATR
ALC	- 0.24	ANGO

Risk-Adjusted Indicators

There is a big difference between Haemonetics Stock performing well and Haemonetics 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 Haemonetics' 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
MMSI	1.23	0.19	0.13	0.11	1.35	(1.34)	2.95	(2.72)	7.42
ANGO	3.16	0.43	0.11	0.19	3.32	(3.89)	6.44	(5.30)	46.09
ATR	0.94	(0.02)	0.00	(0.13)	0.00	0.00	1.71	(1.66)	10.88
NVST	2.08	(0.06)	0.00	(0.13)	0.00	0.00	3.37	(4.80)	11.81
HOLX	1.18	(0.22)	0.00	(1.35)	0.00	0.00	1.87	(2.07)	12.53
ICUI	1.73	(0.03)	0.00	(0.13)	0.00	0.00	3.10	(3.61)	11.84
COO	1.47	(0.16)	0.00	(0.27)	0.00	0.00	2.23	(3.77)	9.15
TFX	1.49	(0.30)	0.00	(0.66)	0.00	0.00	2.59	(2.85)	24.93
WST	2.06	(0.44)	0.00	(2.28)	0.00	0.00	3.56	(2.83)	40.71
ALC	1.25	0.16	0.11	0.08	1.43	(1.37)	2.48	(2.35)	8.35

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