Mesa Laboratories Correlations

MLAB Stock

USD 115.00 1.96 1.73%

The current 90-days correlation between Mesa Laboratories and Vishay Precision Group is 0.63 (i.e., Poor diversification). The correlation of Mesa Laboratories 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.

Mesa Laboratories Correlation With Market

Poor diversification

The correlation between Mesa Laboratories and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mesa Laboratories and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Mesa Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Mesa Laboratories. 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 Mesa Stock refer to our How to Trade Mesa Stock guide.

Moving together with Mesa Stock

0.81	VKTX	Viking Therapeutics	Pair Corr
0.87	ELEV	Elevation Oncology	Pair Corr
0.69	ERNA	Eterna Therapeutics	Pair Corr
0.91	FLGC	Flora Growth Corp	Pair Corr
0.83	XFOR	X4 Pharmaceuticals	Pair Corr
0.89	PTN	Palatin Technologies	Pair Corr
0.66	RNA	Avidity Biosciences	Pair Corr
0.82	XWEL	XWELL Inc	Pair Corr
0.82	GERN	Geron Earnings Call This Week	Pair Corr
0.74	GLUE	Monte Rosa Therapeutics	Pair Corr
0.68	GNFT	Genfit SA	Pair Corr
0.76	HEPA	Hepion Pharmaceuticals	Pair Corr
0.62	ZURA	Zura Bio Limited	Pair Corr
0.69	IMMX	Immix Biopharma	Pair Corr
0.81	KYMR	Kymera Therapeutics Earnings Call This Week	Pair Corr
0.87	MEDP	Medpace Holdings	Pair Corr
0.69	BIAFW	BioAffinity Technologies	Pair Corr
0.88	NRIX	Nurix Therapeutics	Pair Corr
0.87	PASG	Passage Bio	Pair Corr
0.82	PDSB	PDS Biotechnology Corp	Pair Corr
0.81	REGN	Regeneron Pharmaceuticals Earnings Call This Week	Pair Corr
0.81	ABOS	Acumen Pharmaceuticals	Pair Corr
0.88	RVMD	Revolution Medicines	Pair Corr
0.9	AGIO	Agios Pharm Earnings Call This Week	Pair Corr
0.89	ALVO	Alvotech	Pair Corr

Moving against Mesa Stock

0.62	PTGX	Protagonist Therapeutics	Pair Corr
0.71	TGTX	TG Therapeutics Earnings Call This Week	Pair Corr

Related Correlations Analysis

	NOVT	ITRI	FTV	VPG	COHR	ESE	ST	SEPJF	FCUV	BMI
NOVT		0.47	0.97	0.61	0.83	-0.07	0.89	0.91	0.57	0.9	NOVT
ITRI	0.47		0.34	0.05	0.23	-0.13	0.35	0.3	0.34	0.29	ITRI
FTV	0.97	0.34		0.7	0.83	0.01	0.9	0.92	0.51	0.88	FTV
VPG	0.61	0.05	0.7		0.57	0.21	0.68	0.57	0.38	0.55	VPG
COHR	0.83	0.23	0.83	0.57		-0.32	0.65	0.8	0.73	0.8	COHR
ESE	-0.07	-0.13	0.01	0.21	-0.32		0.2	-0.03	-0.4	-0.07	ESE
ST	0.89	0.35	0.9	0.68	0.65	0.2		0.79	0.44	0.75	ST
SEPJF	0.91	0.3	0.92	0.57	0.8	-0.03	0.79		0.45	0.85	SEPJF
FCUV	0.57	0.34	0.51	0.38	0.73	-0.4	0.44	0.45		0.5	FCUV
BMI	0.9	0.29	0.88	0.55	0.8	-0.07	0.75	0.85	0.5		BMI
	NOVT	ITRI	FTV	VPG	COHR	ESE	ST	SEPJF	FCUV	BMI

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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

FTV	+ 0.97	NOVT
SEPJF	+ 0.92	FTV
SEPJF	+ 0.91	NOVT
BMI	+ 0.9	NOVT
ST	+ 0.9	FTV
ST	+ 0.89	NOVT

High negative correlations

FCUV	- 0.4	ESE
ESE	- 0.32	COHR
ESE	- 0.13	ITRI
BMI	- 0.07	ESE
ESE	- 0.07	NOVT
SEPJF	- 0.03	ESE

Risk-Adjusted Indicators

There is a big difference between Mesa Stock performing well and Mesa Laboratories 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 Mesa Laboratories' 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
NOVT	1.77	(0.44)	0.00	2.94	0.00	0.00	2.03	(3.53)	20.60
ITRI	1.70	(0.04)	0.00	0.19	0.00	0.00	3.89	(3.84)	16.02
FTV	1.41	(0.29)	0.00	3.10	0.00	0.00	1.90	(3.20)	14.17
VPG	2.80	0.24	0.00	(0.01)	0.00	0.00	8.08	(5.93)	44.34
COHR	4.33	(0.54)	0.00	(1.45)	0.00	0.00	6.71	(9.47)	34.73
ESE	2.02	0.18	0.14	(2.46)	2.11	(2.33)	3.16	(3.24)	27.03
ST	2.46	(0.54)	0.00	6.11	0.00	0.00	3.00	(6.40)	26.79
SEPJF	2.69	(0.15)	0.00	(0.39)	0.00	0.00	5.47	(7.29)	23.85
FCUV	6.98	0.06	0.02	0.03	7.62	(9.23)	16.21	(11.33)	83.91
BMI	1.58	(0.11)	0.00	0.37	0.00	0.00	2.54	(3.92)	9.55

Mesa Laboratories Corporate Management

Peter Dansky	Pres Genomics	Profile
Brian Archbold	Senior Improvement	Profile
Bryan Leo	VP Operations	Profile
Garrett Krushefski	VP Operations	Profile

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