Merit Medical Correlations

MMSI Stock

USD 105.03 0.95 0.91%

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

Merit Medical Correlation With Market

Weak diversification

The correlation between Merit Medical Systems and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Merit Medical Systems 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 Merit 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 Merit Stock

0.61	LH	Laboratory	Pair Corr
0.72	CAH	Cardinal Health	Pair Corr
0.76	RDNT	RadNet Inc	Pair Corr

Moving against Merit Stock

0.71	TFX	Teleflex Incorporated	Pair Corr
0.66	AGL	agilon health	Pair Corr
0.62	GCTK	GlucoTrack	Pair Corr
0.57	AWH	Aspira Womens Health	Pair Corr
0.47	IDXX	IDEXX Laboratories	Pair Corr
0.46	ELAB	Elevai Labs, Common	Pair Corr
0.46	FIGS	Figs Inc	Pair Corr
0.4	CVS	CVS Health Corp Aggressive Push	Pair Corr
0.64	AMED	Amedisys	Pair Corr
0.58	EQ	Equillium	Pair Corr
0.57	AIEV	Thunder Power Holdings, Symbol Change	Pair Corr
0.53	ME	23Andme Holding	Pair Corr
0.5	ACHC	Acadia Healthcare	Pair Corr
0.5	ADUS	Addus HomeCare	Pair Corr
0.42	CMAXW	CareMax	Pair Corr
0.41	A	Agilent Technologies Earnings Call This Week	Pair Corr
0.4	ATPC	Agape ATP	Pair Corr
0.38	SNDA	Sonida Senior Living	Pair Corr
0.37	STSS	Sharps Technology Trending	Pair Corr
0.35	MODV	ModivCare	Pair Corr
0.86	VIRX	Viracta Therapeutics	Pair Corr
0.7	VALN	Valneva SE ADR Downward Rally	Pair Corr

Related Correlations Analysis

	TFX	COO	WST	ICUI	ANGO	ATR	HAE	NVST	XRAY	ALC
TFX		0.38	-0.6	-0.05	0.27	-0.75	-0.71	-0.77	0.9	0.89	TFX
COO	0.38		-0.18	0.64	-0.04	0.02	-0.29	-0.11	0.45	0.5	COO
WST	-0.6	-0.18		-0.1	0.28	0.47	0.55	0.63	-0.56	-0.5	WST
ICUI	-0.05	0.64	-0.1		-0.35	0.52	0.13	0.28	0.02	0.15	ICUI
ANGO	0.27	-0.04	0.28	-0.35		-0.45	-0.01	0.04	0.24	0.3	ANGO
ATR	-0.75	0.02	0.47	0.52	-0.45		0.53	0.69	-0.69	-0.62	ATR
HAE	-0.71	-0.29	0.55	0.13	-0.01	0.53		0.55	-0.81	-0.64	HAE
NVST	-0.77	-0.11	0.63	0.28	0.04	0.69	0.55		-0.57	-0.56	NVST
XRAY	0.9	0.45	-0.56	0.02	0.24	-0.69	-0.81	-0.57		0.86	XRAY
ALC	0.89	0.5	-0.5	0.15	0.3	-0.62	-0.64	-0.56	0.86		ALC
	TFX	COO	WST	ICUI	ANGO	ATR	HAE	NVST	XRAY	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

XRAY	+ 0.9	TFX
ALC	+ 0.89	TFX
ALC	+ 0.86	XRAY
NVST	+ 0.69	ATR
ICUI	+ 0.64	COO
NVST	+ 0.63	WST

High negative correlations

XRAY	- 0.81	HAE
NVST	- 0.77	TFX
ATR	- 0.75	TFX
HAE	- 0.71	TFX
XRAY	- 0.69	ATR
ALC	- 0.64	HAE

Risk-Adjusted Indicators

There is a big difference between Merit Stock performing well and Merit 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 Merit 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
TFX	1.13	(0.40)	0.00	(0.44)	0.00	0.00	1.40	(1.92)	17.00
COO	0.89	0.03	(0.03)	0.17	0.98	(0.95)	1.39	(1.79)	13.98
WST	1.76	0.00	0.00	0.09	2.08	(1.96)	4.50	(3.02)	22.42
ICUI	1.23	0.02	0.02	0.10	1.32	(1.31)	2.87	(2.38)	7.25
ANGO	2.12	(0.29)	0.00	(0.07)	0.00	0.00	3.71	(4.03)	19.00
ATR	0.71	0.14	0.09	0.31	0.88	(0.75)	1.47	(1.37)	7.86
HAE	1.46	0.13	0.09	0.22	1.34	(1.72)	4.24	(2.10)	14.50
NVST	1.84	0.16	0.07	0.32	1.76	(2.19)	3.96	(2.68)	13.77
XRAY	1.96	(0.41)	0.00	(0.30)	0.00	0.00	3.05	(3.47)	32.90
ALC	0.88	(0.22)	0.00	(0.42)	0.00	0.00	1.69	(2.03)	8.43

Merit Medical Corporate Management

CPA Parra	CFO Treasurer	Profile
Sarah Comstock	Vice Communications	Profile
JoAnne Alkire	Executive Strategy	Profile
Neil Peterson	Chief Officer	Profile
Joseph Pierce	Chief Officer	Profile

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