IDEXX Laboratories Correlations

IDXX Stock

USD 714.10 3.37 0.47%

The current 90-days correlation between IDEXX Laboratories and Ping An Insurance is 0.08 (i.e., Significant diversification). The correlation of IDEXX Laboratories 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.

IDEXX Laboratories Correlation With Market

Modest diversification

The correlation between IDEXX Laboratories and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDEXX Laboratories and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IDEXX Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in IDEXX 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 median.

For more information on how to buy IDEXX Stock please use our How to Invest in IDEXX Laboratories guide.

Moving together with IDEXX Stock

0.79	SPEC	Inspecs Group plc	Pair Corr
0.8	EW	Edwards Lifesciences Corp	Pair Corr
0.79	688656	HOB Biotech Group	Pair Corr
0.73	BLCO	Bausch Lomb Corp	Pair Corr
0.82	BB1	Blinklab	Pair Corr
0.78	ESTA	Establishment Labs	Pair Corr

Moving against IDEXX Stock

0.8	OM	Outset Medical	Pair Corr
0.74	VERO	Venus Concept	Pair Corr
0.66	VNRX	Volitionrx	Pair Corr
0.66	VTAK	Catheter Precision	Pair Corr
0.59	301363	MeHow Innovative	Pair Corr
0.56	DXCM	DexCom Inc	Pair Corr
0.53	600055	Beijing Wandong Medical	Pair Corr
0.48	688677	Qingdao NovelBeam	Pair Corr
0.47	300061	QITIAN Technology	Pair Corr
0.47	IPD	Impedimed	Pair Corr
0.46	DYNT	Dynatronics	Pair Corr
0.76	OTC	Ocumetics Technology Corp	Pair Corr
0.7	VVOS	Vivos Therapeutics	Pair Corr
0.6	POLX	Polarean Imaging Plc	Pair Corr
0.38	ENOV	Enovis Corp	Pair Corr
0.35	EMBC	Embecta Corp	Pair Corr
0.75	XAIR	Beyond Air	Pair Corr
0.62	QIPT	Quipt Home Medical	Pair Corr
0.56	AHG	Akso Health Group	Pair Corr
0.52	688317	Shanghai ZJ Bio	Pair Corr
0.52	ABT	Abbott Laboratories	Pair Corr

Related Correlations Analysis

	SBET	AINSF	WGRFF	PIAIF	EVVTY	BDN	TOYRF
SBET		0.58	0.0	-0.78	0.87	0.83	0.0	SBET
AINSF	0.58		0.0	-0.44	0.52	0.46	0.0	AINSF
WGRFF	0.0	0.0		0.0	0.0	0.0	1.0	WGRFF
PIAIF	-0.78	-0.44	0.0		-0.6	-0.5	0.0	PIAIF
EVVTY	0.87	0.52	0.0	-0.6		0.98	0.0	EVVTY
BDN	0.83	0.46	0.0	-0.5	0.98		0.0	BDN
TOYRF	0.0	0.0	1.0	0.0	0.0	0.0		TOYRF
	SBET	AINSF	WGRFF	PIAIF	EVVTY	BDN	TOYRF

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

TOYRF	+ 1.0	WGRFF
BDN	+ 0.98	EVVTY
EVVTY	+ 0.87	SBET
BDN	+ 0.83	SBET
AINSF	+ 0.58	SBET
EVVTY	+ 0.52	AINSF

High negative correlations

PIAIF	- 0.78	SBET
EVVTY	- 0.6	PIAIF
BDN	- 0.5	PIAIF
PIAIF	- 0.44	AINSF
TOYRF	- 0.0	BDN
TOYRF	- 0.0	EVVTY

Risk-Adjusted Indicators

There is a big difference between IDEXX Stock performing well and IDEXX Laboratories 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 IDEXX Laboratories' 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
SBET	4.02	(0.67)	0.00	(0.14)	0.00	0.00	7.07	(7.91)	19.15
AINSF	2.27	0.11	0.02	0.31	2.37	(4.09)	6.15	(4.55)	23.15
WGRFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PIAIF	1.63	0.17	0.01	(0.14)	2.20	(3.48)	3.85	(4.68)	15.02
EVVTY	1.31	(0.39)	0.00	(0.44)	0.00	0.00	2.28	(2.92)	11.17
BDN	1.54	(0.50)	0.00	(0.79)	0.00	0.00	2.80	(3.72)	8.78
TOYRF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

IDEXX Laboratories Corporate Management

Jeffrey Carr	GM VP	Profile
Sharon JD	General VP	Profile
Nimrata PE	Executive Commercial	Profile
Julie Godon	Senior Officer	Profile
Emilia Bostater	Officer Architecture	Profile

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