Milestone Scientific Correlations

MLSS Stock

USD 0.87 0.05 5.43%

The current 90-days correlation between Milestone Scientific and The Cooper Companies, is 0.2 (i.e., Modest diversification). The correlation of Milestone Scientific 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.

Milestone Scientific Correlation With Market

Modest diversification

The correlation between Milestone Scientific and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Milestone Scientific and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Milestone Scientific. 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.

For more information on how to buy Milestone Stock please use our How to Invest in Milestone Scientific guide.

Moving together with Milestone Stock

0.67	DH	Definitive Healthcare	Pair Corr
0.66	DXCM	DexCom Inc	Pair Corr
0.82	ELMD	Electromed	Pair Corr
0.8	ENOV	Enovis Corp	Pair Corr
0.61	ENSG	Ensign Group	Pair Corr
0.62	AMS	American Shared Hospital	Pair Corr
0.78	XAIR	Beyond Air	Pair Corr

Moving against Milestone Stock

0.5	CI	Cigna Corp	Pair Corr
0.5	ESTA	Establishment Labs	Pair Corr
0.43	FEMY	Femasys	Pair Corr
0.74	BKD	Brookdale Senior Living	Pair Corr
0.46	CHE	Chemed Corp	Pair Corr
0.38	DGX	Quest Diagnostics	Pair Corr
0.37	CVS	CVS Health Corp	Pair Corr
0.35	BAX	Baxter International	Pair Corr

Related Correlations Analysis

	COO	HOLX	TFX	WST	HAE	ICUI	MMSI	ANGO	ATR	ALC
COO		0.76	0.77	0.74	0.4	0.78	0.41	0.61	0.6	-0.08	COO
HOLX	0.76		0.83	0.88	0.8	0.74	-0.04	0.56	0.82	-0.5	HOLX
TFX	0.77	0.83		0.75	0.54	0.9	0.2	0.66	0.58	-0.48	TFX
WST	0.74	0.88	0.75		0.67	0.7	0.09	0.65	0.75	-0.48	WST
HAE	0.4	0.8	0.54	0.67		0.43	-0.49	0.31	0.73	-0.67	HAE
ICUI	0.78	0.74	0.9	0.7	0.43		0.34	0.74	0.55	-0.36	ICUI
MMSI	0.41	-0.04	0.2	0.09	-0.49	0.34		0.42	0.04	0.55	MMSI
ANGO	0.61	0.56	0.66	0.65	0.31	0.74	0.42		0.55	-0.24	ANGO
ATR	0.6	0.82	0.58	0.75	0.73	0.55	0.04	0.55		-0.23	ATR
ALC	-0.08	-0.5	-0.48	-0.48	-0.67	-0.36	0.55	-0.24	-0.23		ALC
	COO	HOLX	TFX	WST	HAE	ICUI	MMSI	ANGO	ATR	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

ICUI	+ 0.9	TFX
WST	+ 0.88	HOLX
TFX	+ 0.83	HOLX
ATR	+ 0.82	HOLX
HAE	+ 0.8	HOLX
ICUI	+ 0.78	COO

High negative correlations

ALC	- 0.67	HAE
ALC	- 0.5	HOLX
MMSI	- 0.49	HAE
ALC	- 0.48	WST
ALC	- 0.48	TFX
ALC	- 0.36	ICUI

Risk-Adjusted Indicators

There is a big difference between Milestone Stock performing well and Milestone Scientific 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 Milestone Scientific'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
COO	1.55	(0.16)	0.00	(0.33)	0.00	0.00	2.23	(5.63)	9.15
HOLX	1.19	(0.22)	0.00	(1.36)	0.00	0.00	1.87	(2.07)	12.53
TFX	1.55	(0.30)	0.00	(0.67)	0.00	0.00	2.59	(3.21)	24.93
WST	2.17	(0.50)	0.00	(1.48)	0.00	0.00	3.56	(3.13)	40.71
HAE	1.76	(0.23)	0.00	(0.59)	0.00	0.00	3.37	(4.20)	15.77
ICUI	1.75	(0.02)	0.00	(0.19)	0.00	0.00	3.10	(3.61)	11.84
MMSI	1.38	0.16	0.00	(0.04)	0.00	0.00	2.95	(2.84)	7.42
ANGO	3.23	0.40	0.09	0.10	3.54	(3.97)	6.44	(7.23)	47.24
ATR	1.02	(0.03)	0.00	(0.20)	0.00	0.00	1.71	(1.78)	10.88
ALC	1.33	0.15	0.08	(0.01)	1.85	(1.37)	2.48	(2.74)	9.22

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