Bio Rad Correlations

BIO Stock

USD 310.01 0.95 0.31%

The current 90-days correlation between Bio Rad Laboratories and Globus Medical is 0.53 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bio Rad moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bio Rad Laboratories moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bio Rad Correlation With Market

Very weak diversification

The correlation between Bio Rad Laboratories and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bio Rad Laboratories and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bio Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bio Rad Laboratories. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Bio Stock

0.86	A	Agilent Technologies Earnings Call This Week	Pair Corr
0.95	CRL	Charles River Labora Downward Rally	Pair Corr
0.62	FTRE	Fortrea Holdings Upward Rally	Pair Corr
0.93	IQV	IQVIA Holdings	Pair Corr
0.88	MTD	Mettler Toledo Inter Earnings Call Today	Pair Corr
0.62	TEM	Tempus AI, Class Earnings Call Today	Pair Corr
0.93	TMO	Thermo Fisher Scientific	Pair Corr
0.9	WAT	Waters	Pair Corr
0.81	MEDP	Medpace Holdings	Pair Corr
0.72	CTE	Cryosite	Pair Corr
0.86	MLAB	Mesa Laboratories Earnings Call Today	Pair Corr
0.74	MRVI	Maravai Lifesciences Earnings Call Today	Pair Corr
0.83	PACB	Pacific Biosciences Earnings Call Today	Pair Corr
0.8	PSNL	Personalis	Pair Corr

Moving against Bio Stock

0.7	603882	Guangzhou Kingmed	Pair Corr
0.68	603108	Shanghai Runda Med	Pair Corr
0.58	CDT	Conduit Pharmaceuticals Earnings Call This Week	Pair Corr
0.54	PRM	Proteome Sciences PLC	Pair Corr
0.42	OBD	Oxford Biodynamics PLC	Pair Corr
0.75	NAGE	Niagen Bioscience, Symbol Change	Pair Corr
0.71	300347	Hangzhou Tigermed	Pair Corr
0.62	300463	Maccura Biotechnology	Pair Corr
0.57	BLUEJET	Blue Jet Healthcare	Pair Corr
0.54	300404	Guangzhou Boji Medical	Pair Corr
0.5	NOTV	Inotiv Inc	Pair Corr
0.37	ADO	Anteotech	Pair Corr
0.33	BNGO	Bionano Genomics	Pair Corr

Related Correlations Analysis

	GMED	ALGN	ATR	HSIC	GRFS	HQY	CRL	PEN	DVA	MASI
GMED		0.53	-0.14	0.04	-0.2	-0.1	0.58	0.03	0.04	0.16	GMED
ALGN	0.53		0.38	0.39	0.42	-0.45	-0.01	0.06	0.4	0.29	ALGN
ATR	-0.14	0.38		0.36	0.78	-0.47	-0.55	0.58	0.83	0.16	ATR
HSIC	0.04	0.39	0.36		0.3	-0.28	-0.57	0.4	0.51	-0.16	HSIC
GRFS	-0.2	0.42	0.78	0.3		-0.43	-0.58	0.24	0.6	0.37	GRFS
HQY	-0.1	-0.45	-0.47	-0.28	-0.43		0.19	-0.24	-0.41	-0.22	HQY
CRL	0.58	-0.01	-0.55	-0.57	-0.58	0.19		-0.28	-0.4	0.2	CRL
PEN	0.03	0.06	0.58	0.4	0.24	-0.24	-0.28		0.65	-0.05	PEN
DVA	0.04	0.4	0.83	0.51	0.6	-0.41	-0.4	0.65		0.1	DVA
MASI	0.16	0.29	0.16	-0.16	0.37	-0.22	0.2	-0.05	0.1		MASI
	GMED	ALGN	ATR	HSIC	GRFS	HQY	CRL	PEN	DVA	MASI

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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

DVA	+ 0.83	ATR
GRFS	+ 0.78	ATR
DVA	+ 0.65	PEN
DVA	+ 0.6	GRFS
CRL	+ 0.58	GMED
PEN	+ 0.58	ATR

High negative correlations

CRL	- 0.58	GRFS
CRL	- 0.57	HSIC
CRL	- 0.55	ATR
HQY	- 0.47	ATR
HQY	- 0.45	ALGN
HQY	- 0.43	GRFS

Risk-Adjusted Indicators

There is a big difference between Bio Stock performing well and Bio Rad 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 Bio Rad'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
GMED	1.58	0.04	0.07	0.12	1.66	(1.85)	3.36	(2.56)	13.57
ALGN	1.65	(0.23)	0.00	(0.01)	0.00	0.00	3.74	(3.38)	10.94
ATR	0.83	(0.33)	0.00	(0.69)	0.00	0.00	1.23	(2.19)	9.11
HSIC	1.24	0.08	0.05	0.20	1.16	(1.44)	2.30	(2.11)	6.29
GRFS	1.26	(0.33)	0.00	(0.62)	0.00	0.00	2.25	(3.35)	6.65
HQY	1.53	0.00	(0.02)	0.10	2.01	(1.56)	3.19	(2.67)	13.90
CRL	1.92	(0.14)	(0.02)	0.02	2.76	(2.02)	4.22	(4.14)	13.10
PEN	1.41	(0.16)	0.00	(0.11)	0.00	0.00	3.78	(3.52)	10.58
DVA	1.30	(0.31)	0.00	(0.22)	0.00	0.00	2.19	(2.51)	9.04
MASI	1.66	(0.30)	0.00	(0.19)	0.00	0.00	3.06	(3.91)	11.73

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