Becton Dickinson Correlations

BDX Stock

USD 170.90 0.67 0.39%

The current 90-days correlation between Becton Dickinson and ResMed Inc is 0.36 (i.e., Weak diversification). The correlation of Becton Dickinson 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.

Becton Dickinson Correlation With Market

Very weak diversification

The correlation between Becton Dickinson and and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Becton Dickinson and and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Becton Dickinson and. 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.

Moving together with Becton Stock

0.71

TFX

Teleflex Incorporated

Pair Corr

Moving against Becton Stock

0.73	EHC	Encompass Health Corp	Pair Corr
0.7	CAH	Cardinal Health	Pair Corr
0.7	THC	Tenet Healthcare	Pair Corr
0.65	ENSG	Ensign Group	Pair Corr
0.65	INNV	InnovAge Holding Corp Downward Rally	Pair Corr
0.62	DH	Definitive Healthcare	Pair Corr
0.62	HCA	HCA Holdings	Pair Corr
0.61	NHC	National HealthCare	Pair Corr
0.58	VEEV	Veeva Systems Class	Pair Corr
0.56	EHAB	Enhabit	Pair Corr
0.52	FIGS	Figs Inc	Pair Corr
0.65	RDNT	RadNet Inc	Pair Corr
0.63	PNTG	Pennant Group	Pair Corr
0.63	ADUS	Addus HomeCare	Pair Corr
0.63	SNDA	Sonida Senior Living	Pair Corr
0.57	AMED	Amedisys	Pair Corr
0.57	USPH	US Physicalrapy	Pair Corr
0.46	NUTX	Nutex Health	Pair Corr

Related Correlations Analysis

	HAE	COO	ICUI	ANGO	WST	HOLX	XRAY	TFX	RMD	RGEN
HAE		-0.4	-0.38	0.58	0.49	0.44	0.87	-0.55	0.92	-0.13	HAE
COO	-0.4		0.57	-0.57	0.05	-0.54	-0.11	0.64	-0.33	0.44	COO
ICUI	-0.38	0.57		-0.22	0.17	-0.1	-0.11	0.73	-0.51	0.12	ICUI
ANGO	0.58	-0.57	-0.22		0.58	0.78	0.5	-0.2	0.41	-0.04	ANGO
WST	0.49	0.05	0.17	0.58		0.6	0.52	0.22	0.29	0.26	WST
HOLX	0.44	-0.54	-0.1	0.78	0.6		0.36	-0.04	0.18	-0.23	HOLX
XRAY	0.87	-0.11	-0.11	0.5	0.52	0.36		-0.29	0.75	-0.16	XRAY
TFX	-0.55	0.64	0.73	-0.2	0.22	-0.04	-0.29		-0.68	0.33	TFX
RMD	0.92	-0.33	-0.51	0.41	0.29	0.18	0.75	-0.68		0.02	RMD
RGEN	-0.13	0.44	0.12	-0.04	0.26	-0.23	-0.16	0.33	0.02		RGEN
	HAE	COO	ICUI	ANGO	WST	HOLX	XRAY	TFX	RMD	RGEN

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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

RMD	+ 0.92	HAE
XRAY	+ 0.87	HAE
HOLX	+ 0.78	ANGO
RMD	+ 0.75	XRAY
TFX	+ 0.73	ICUI
TFX	+ 0.64	COO

High negative correlations

RMD	- 0.68	TFX
ANGO	- 0.57	COO
TFX	- 0.55	HAE
HOLX	- 0.54	COO
RMD	- 0.51	ICUI
COO	- 0.4	HAE

Risk-Adjusted Indicators

There is a big difference between Becton Stock performing well and Becton Dickinson 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 Becton Dickinson'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
HAE	1.53	0.18	0.10	0.23	1.67	(1.71)	2.99	(2.88)	11.79
COO	1.77	(0.25)	0.00	(0.21)	0.00	0.00	2.77	(3.65)	23.56
ICUI	2.00	(0.17)	0.00	(0.12)	0.00	0.00	4.37	(4.42)	21.09
ANGO	2.50	0.05	0.02	0.08	3.16	(2.61)	5.82	(4.90)	22.00
WST	1.68	(0.07)	0.00	(0.03)	0.00	0.00	3.41	(3.48)	11.16
HOLX	1.60	0.05	0.02	0.15	1.96	(1.74)	2.48	(3.08)	16.13
XRAY	2.17	0.05	0.02	0.08	3.02	(2.14)	5.62	(4.38)	21.57
TFX	1.53	(0.28)	0.00	(0.28)	0.00	0.00	2.46	(3.85)	14.47
RMD	1.16	0.22	0.14	0.33	1.40	(1.32)	1.78	(2.72)	12.16
RGEN	2.82	(0.16)	0.00	(0.06)	0.00	0.00	5.54	(6.99)	21.20

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