Penumbra Correlations

Stocks . USA . 
Stock . Penumbra
PEN Stock  USD 251.06  1.32  0.53%   
The current 90-days correlation between Penumbra and Western Midstream Partners is -0.09 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Penumbra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Penumbra moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Penumbra Correlation With Market

Good diversification

The correlation between Penumbra and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Penumbra and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Penumbra Stock
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Penumbra. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.
To learn how to invest in Penumbra Stock, please use our How to Invest in Penumbra guide.

Moving together with Penumbra Stock

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  0.77IVF INVO Fertility, Symbol ChangePairCorr
  0.74MYO Myomo IncPairCorr

Moving against Penumbra Stock

  0.65MDAI Spectral AIPairCorr
  0.62ESTA Establishment LabsPairCorr
  0.5OM Outset MedicalPairCorr
  0.33VREX Varex Imaging CorpPairCorr
  0.71WOK WORK Medical TechnologyPairCorr
  0.66MDAIW Spectral AIPairCorr
  0.46SNN Smith Nephew SNATSPairCorr
  0.46STE STERIS plcPairCorr
  0.45MDT Medtronic PLCPairCorr
  0.44XTNT Xtant Medical HoldingsPairCorr
  0.41NVNO enVVeno Medical CorpPairCorr
  0.33ABT Abbott LaboratoriesPairCorr
  0.33COCHW Envoy MedicalPairCorr

Related Correlations Analysis

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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   
PINS
+ 0.92
WDC
NRG
+ 0.9
WDC
NRG
+ 0.88
PINS
EDN
+ 0.78
TGS
WES
+ 0.69
TGS
NRG
+ 0.68
TGS
  
High negative correlations   
EDN
- 0.13
WDC
PINS
- 0.07
EDN

Risk-Adjusted Indicators

There is a big difference between Penumbra Stock performing well and Penumbra 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 Penumbra'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.

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