Bristol Myers Correlations

Stocks . USA . 
Stock . Bristol Myers Squibb
BMY Stock  USD 45.45  0.34  0.75%   
The current 90-days correlation between Bristol Myers Squibb and AbbVie Inc is 0.67 (i.e., Poor diversification). The correlation of Bristol Myers 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.

Bristol Myers Correlation With Market

Weak diversification

The correlation between Bristol Myers Squibb and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb 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 Bristol Myers Squibb. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Bristol Stock

  0.74SNY Sanofi ADRPairCorr
  0.75ZTS Zoetis Inc Sell-off TrendPairCorr

Moving against Bristol Stock

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  0.43GRAB Grab HoldingsPairCorr
  0.4RIVN Rivian AutomotivePairCorr
  0.38NIO Nio Class A Aggressive PushPairCorr
  0.37MPW Medical Properties Trust Aggressive PushPairCorr
  0.32PLUG Plug Power TrendingPairCorr
  0.51OXBRW Oxbridge Re HoldingsPairCorr
  0.5SSVFF Southern Silver ExplPairCorr
  0.47RR Richtech Robotics Class TrendingPairCorr
  0.47UI Ubiquiti NetworksPairCorr
  0.44WAFU Wah Fu EducationPairCorr
  0.41KTOS Kratos Defense SecurityPairCorr
  0.39RFIL RF IndustriesPairCorr
  0.39PYTCF Playtech plcPairCorr
  0.36PBNAF Pembina PipelinePairCorr
  0.35DSVSF Discovery Metals CorpPairCorr
  0.31GEV GE Vernova LLCPairCorr

Related Correlations Analysis


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

JNJ
+ 0.88
ABBV
PFE
+ 0.87
MRK
BIIB
+ 0.86
ABBV
BIIB
+ 0.7
JNJ
BIIB
+ 0.66
MRK
BIIB
+ 0.53
PFE
  

High negative correlations

LLY
- 0.58
GILD
AMGN
- 0.52
ABBV
AMGN
- 0.44
JNJ
BIIB
- 0.3
AMGN
LLY
- 0.23
JNJ
AMGN
- 0.13
GILD

Risk-Adjusted Indicators

There is a big difference between Bristol Stock performing well and Bristol Myers 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 Bristol Myers' 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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