Inspire Medical Correlations

INSP Stock

USD 150.21 3.30 2.25%

The current 90-days correlation between Inspire Medical Systems and TransMedics Group is 0.53 (i.e., Very weak diversification). The correlation of Inspire Medical 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.

Inspire Medical Correlation With Market

Very good diversification

The correlation between Inspire Medical Systems and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Inspire Medical Systems and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Inspire Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Inspire Medical Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Inspire Stock

0.77	DH	Definitive Healthcare	Pair Corr
0.85	ELMD	Electromed	Pair Corr
0.9	FIGS	Figs Inc	Pair Corr
0.75	AHG	Akso Health Group	Pair Corr
0.78	XAIR	Beyond Air	Pair Corr
0.68	TFX	Teleflex Incorporated	Pair Corr
0.78	XTNT	Xtant Medical Holdings	Pair Corr
0.77	VMD	Viemed Healthcare	Pair Corr
0.71	GMED	Globus Medical	Pair Corr
0.8	INFU	InfuSystems Holdings	Pair Corr
0.82	INGN	Inogen Inc	Pair Corr
0.8	IRMD	Iradimed	Pair Corr
0.77	ISRG	Intuitive Surgical	Pair Corr
0.69	ITGR	Integer Holdings Corp Earnings Call This Week	Pair Corr
0.75	LIVN	LivaNova PLC	Pair Corr

Moving against Inspire Stock

0.73	ELV	Elevance Health	Pair Corr
0.64	CI	Cigna Corp	Pair Corr
0.61	XYLO	Xylo Technologies	Pair Corr
0.59	MOH	Molina Healthcare Earnings Call This Week	Pair Corr
0.5	CAH	Cardinal Health	Pair Corr
0.5	CVS	CVS Health Corp	Pair Corr
0.31	UNH	UnitedHealth Group	Pair Corr
0.85	MASS	908 Devices	Pair Corr
0.77	MNDR	Mobile health Network	Pair Corr
0.68	LNSR	LENSAR Inc	Pair Corr
0.66	NUTX	Nutex Health Trending	Pair Corr

Related Correlations Analysis

	TMDX	NARI	INMD	PODD	SWAV	GKOS	TNDM	DXCM	PEN	OM
TMDX		0.05	-0.37	-0.18	0.0	-0.32	-0.28	-0.2	0.26	0.1	TMDX
NARI	0.05		-0.01	0.14	0.0	0.39	0.39	0.43	-0.05	0.04	NARI
INMD	-0.37	-0.01		0.42	0.0	0.32	0.27	0.52	0.35	0.09	INMD
PODD	-0.18	0.14	0.42		0.0	0.85	0.84	0.84	0.29	0.72	PODD
SWAV	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	SWAV
GKOS	-0.32	0.39	0.32	0.85	0.0		0.96	0.88	0.03	0.7	GKOS
TNDM	-0.28	0.39	0.27	0.84	0.0	0.96		0.87	-0.01	0.7	TNDM
DXCM	-0.2	0.43	0.52	0.84	0.0	0.88	0.87		0.29	0.61	DXCM
PEN	0.26	-0.05	0.35	0.29	0.0	0.03	-0.01	0.29		0.24	PEN
OM	0.1	0.04	0.09	0.72	0.0	0.7	0.7	0.61	0.24		OM
	TMDX	NARI	INMD	PODD	SWAV	GKOS	TNDM	DXCM	PEN	OM

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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

TNDM	+ 0.96	GKOS
DXCM	+ 0.88	GKOS
DXCM	+ 0.87	TNDM
GKOS	+ 0.85	PODD
TNDM	+ 0.84	PODD
DXCM	+ 0.84	PODD

High negative correlations

INMD	- 0.37	TMDX
GKOS	- 0.32	TMDX
TNDM	- 0.28	TMDX
DXCM	- 0.2	TMDX
PODD	- 0.18	TMDX
PEN	- 0.05	NARI

Risk-Adjusted Indicators

There is a big difference between Inspire Stock performing well and Inspire Medical 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 Inspire Medical'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
TMDX	3.13	0.76	0.27	(10.66)	2.89	(3.63)	7.77	(4.64)	18.92
NARI	0.08	0.02	1.54	3.18	0.00	(0.11)	0.29	(0.14)	0.50
INMD	1.99	(0.21)	0.00	0.56	0.00	0.00	2.77	(3.83)	15.56
PODD	1.76	(0.21)	0.00	0.39	0.00	0.00	3.50	(4.58)	12.16
SWAV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	3.00	(0.84)	0.00	2.16	0.00	0.00	5.23	(7.96)	24.99
TNDM	2.79	(1.01)	0.00	57.15	0.00	0.00	4.92	(6.14)	40.60
DXCM	2.01	(0.34)	0.00	5.09	0.00	0.00	3.23	(3.69)	15.23
PEN	1.79	0.06	0.10	(0.62)	2.01	(2.25)	3.63	(3.56)	18.42
OM	4.89	0.16	0.04	0.17	5.58	(5.80)	11.25	(10.90)	48.31

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