Modular Medical Correlations

MODD Stock

USD 0.70 0.01 2.08%

The correlation of Modular 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.

Modular Medical Correlation With Market

Good diversification

The correlation between Modular Medical and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Modular Medical and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Modular Stock

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

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

Moving together with Modular Stock

0.68	EDAP	EDAP TMS SA	Pair Corr
0.89	EKSO	Ekso Bionics Holdings	Pair Corr
0.84	EMBC	Embecta Corp	Pair Corr
0.75	MLSS	Milestone Scientific	Pair Corr
0.71	MNDR	Mobile health Network	Pair Corr

Moving against Modular Stock

0.74	VNRX	Volitionrx	Pair Corr
0.68	VEEV	Veeva Systems Class	Pair Corr
0.67	DH	Definitive Healthcare	Pair Corr
0.58	GH	Guardant Health	Pair Corr
0.56	OM	Outset Medical	Pair Corr
0.43	LH	Laboratory Earnings Call Next Week	Pair Corr
0.81	MDAI	Spectral AI	Pair Corr
0.7	FIGS	Figs Inc Sell-off Trend	Pair Corr
0.53	ENSG	Ensign Group Earnings Call This Week	Pair Corr
0.43	VVOS	Vivos Therapeutics	Pair Corr
0.34	EUDAW	EUDA Health Holdings	Pair Corr
0.31	ABT	Abbott Laboratories Earnings Call Tomorrow	Pair Corr
0.74	MODV	ModivCare	Pair Corr
0.57	MHUA	Meihua International	Pair Corr
0.48	NAKA	Kindly MD, Symbol Change	Pair Corr
0.35	MGRM	Monogram Orthopaedics Trending	Pair Corr

Related Correlations Analysis

	NPCE	NXL	SSKN	NMRD	IRIX	NVNO	PETV	TLIS	TNON
NPCE		-0.04	0.26	0.0	0.07	0.01	0.0	0.0	0.34	NPCE
NXL	-0.04		0.57	0.0	0.58	-0.86	0.0	0.0	0.57	NXL
SSKN	0.26	0.57		0.0	0.49	-0.61	0.0	0.0	0.73	SSKN
NMRD	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	NMRD
IRIX	0.07	0.58	0.49	0.0		-0.37	0.0	0.0	0.66	IRIX
NVNO	0.01	-0.86	-0.61	0.0	-0.37		0.0	0.0	-0.6	NVNO
PETV	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	PETV
TLIS	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	TLIS
TNON	0.34	0.57	0.73	0.0	0.66	-0.6	0.0	0.0		TNON
	NPCE	NXL	SSKN	NMRD	IRIX	NVNO	PETV	TLIS	TNON

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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

TNON	+ 0.73	SSKN
TNON	+ 0.66	IRIX
IRIX	+ 0.58	NXL
SSKN	+ 0.57	NXL
TNON	+ 0.57	NXL
IRIX	+ 0.49	SSKN

High negative correlations

NVNO	- 0.86	NXL
NVNO	- 0.61	SSKN
TNON	- 0.6	NVNO
NVNO	- 0.37	IRIX
NXL	- 0.04	NPCE
TNON	- 0.0	TLIS

Risk-Adjusted Indicators

There is a big difference between Modular Stock performing well and Modular 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 Modular 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
NPCE	3.26	(0.23)	0.00	(0.54)	0.00	0.00	5.22	(6.39)	48.86
NXL	2.73	(0.85)	0.00	(0.75)	0.00	0.00	5.71	(5.88)	31.41
SSKN	2.73	(0.14)	0.00	(1.65)	0.00	0.00	5.93	(6.42)	21.66
NMRD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IRIX	2.68	0.12	0.01	0.49	3.43	(3.02)	5.94	(5.10)	21.16
NVNO	3.56	0.77	0.24	0.54	3.01	(4.18)	10.06	(5.43)	19.40
PETV	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TLIS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TNON	2.46	(0.32)	0.00	(0.08)	0.00	0.00	4.46	(5.77)	26.41

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