Envista Holdings Correlations

NVST Stock

USD 15.48 0.62 3.85%

The current 90-days correlation between Envista Holdings Corp and The Cooper Companies, is 0.39 (i.e., Weak diversification). The correlation of Envista Holdings 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.

Envista Holdings Correlation With Market

Poor diversification

The correlation between Envista Holdings Corp 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 Envista Holdings Corp 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 Envista Holdings Corp. 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 Envista Stock

0.93	DH	Definitive Healthcare	Pair Corr
0.93	DXCM	DexCom Inc	Pair Corr
0.62	VREX	Varex Imaging Corp	Pair Corr
0.83	ECOR	Electrocore LLC	Pair Corr
0.73	ELAB	Elevai Labs, Common	Pair Corr
0.78	ELMD	Electromed	Pair Corr
0.8	ENOV	Enovis Corp	Pair Corr
0.68	WORX	Scworx Corp	Pair Corr
0.66	FIGS	Figs Inc	Pair Corr
0.64	AMS	American Shared Hospital	Pair Corr
0.8	XAIR	Beyond Air	Pair Corr

Moving against Envista Stock

0.66	CI	Cigna Corp	Pair Corr
0.41	ESTA	Establishment Labs	Pair Corr
0.31	EHAB	Enhabit	Pair Corr
0.7	BKD	Brookdale Senior Living	Pair Corr
0.7	CHE	Chemed Corp	Pair Corr
0.59	COR	Cencora	Pair Corr
0.47	AGL	agilon health	Pair Corr
0.46	DXR	Daxor	Pair Corr
0.37	CVS	CVS Health Corp	Pair Corr
0.34	CAH	Cardinal Health	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	-0.23	COO
HOLX	0.76		0.82	0.89	0.8	0.72	-0.04	0.56	0.8	-0.56	HOLX
TFX	0.77	0.82		0.75	0.54	0.9	0.2	0.66	0.58	-0.59	TFX
WST	0.74	0.89	0.75		0.71	0.7	0.09	0.65	0.75	-0.53	WST
HAE	0.4	0.8	0.54	0.71		0.45	-0.47	0.35	0.75	-0.73	HAE
ICUI	0.78	0.72	0.9	0.7	0.45		0.34	0.74	0.55	-0.51	ICUI
MMSI	0.41	-0.04	0.2	0.09	-0.47	0.34		0.42	0.04	0.47	MMSI
ANGO	0.61	0.56	0.66	0.65	0.35	0.74	0.42		0.55	-0.33	ANGO
ATR	0.6	0.8	0.58	0.75	0.75	0.55	0.04	0.55		-0.34	ATR
ALC	-0.23	-0.56	-0.59	-0.53	-0.73	-0.51	0.47	-0.33	-0.34		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	+ 0.89	HOLX
TFX	+ 0.82	HOLX
HAE	+ 0.8	HOLX
ATR	+ 0.8	HOLX
ICUI	+ 0.78	COO

High negative correlations

ALC	- 0.73	HAE
ALC	- 0.59	TFX
ALC	- 0.56	HOLX
ALC	- 0.53	WST
ALC	- 0.51	ICUI
MMSI	- 0.47	HAE

Risk-Adjusted Indicators

There is a big difference between Envista Stock performing well and Envista Holdings 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 Envista Holdings' 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	1.18	(0.26)	0.00	1.77	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	1.75	(0.29)	0.00	(2.07)	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	1.25	0.06	0.16	(1.01)	1.43	(1.37)	2.48	(2.35)	8.35

Envista Holdings Corporate Management

Scott Huennekens	Independent Chairman of the Board	Profile
Stephen Keller	Vice Relations	Profile
Vivek Jain	Independent Director	Profile
Mischa Reis	Senior Vice President - Strategy and Corporate Development	Profile
Andrew Chen	Chief Officer	Profile

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