IDEXX Laboratories Correlations

IDXX Stock

USD 647.09 0.06 0.01%

The current 90-days correlation between IDEXX Laboratories and Waters is 0.1 (i.e., Average 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

Very good diversification

The correlation between IDEXX Laboratories and DJI is -0.27 (i.e., Very good 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 national income and product accounts.

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

Moving together with IDEXX Stock

0.76	HUM	Humana Inc	Pair Corr
0.73	INFU	InfuSystems Holdings	Pair Corr
0.71	MBOT	Microbot Medical	Pair Corr
0.63	NVST	Envista Holdings Corp	Pair Corr
0.87	ATEC	Alphatec Holdings	Pair Corr
0.65	CTKB	Cytek Biosciences	Pair Corr

Moving against IDEXX Stock

0.72	HAE	Haemonetics	Pair Corr
0.71	ISRG	Intuitive Surgical Sell-off Trend	Pair Corr
0.7	XAIR	Beyond Air	Pair Corr
0.65	CAH	Cardinal Health	Pair Corr
0.64	MOH	Molina Healthcare	Pair Corr
0.64	JYNT	Joint Corp	Pair Corr
0.61	CI	Cigna Corp	Pair Corr
0.58	ELV	Elevance Health	Pair Corr
0.54	CNC	Centene Corp	Pair Corr
0.45	GCTK	GlucoTrack	Pair Corr
0.44	UNH	UnitedHealth Group	Pair Corr
0.31	HIMS	Hims Hers Health	Pair Corr
0.75	NYXH	Nyxoah	Pair Corr
0.72	TNDM	Tandem Diabetes Care Buyout Trend	Pair Corr
0.5	MASS	908 Devices	Pair Corr
0.47	MMSI	Merit Medical Systems	Pair Corr

Related Correlations Analysis

	WAT	IQV	CRL	RVTY	MTD	A	TMO	ILMN	DHR	TWST
WAT		-0.7	-0.44	0.59	-0.56	0.13	-0.71	-0.54	-0.15	0.54	WAT
IQV	-0.7		0.77	-0.29	0.89	0.15	0.91	0.72	0.56	-0.49	IQV
CRL	-0.44	0.77		0.14	0.55	0.32	0.65	0.81	0.38	0.05	CRL
RVTY	0.59	-0.29	0.14		-0.32	0.41	-0.37	0.19	0.02	0.83	RVTY
MTD	-0.56	0.89	0.55	-0.32		0.19	0.9	0.57	0.72	-0.62	MTD
A	0.13	0.15	0.32	0.41	0.19		0.24	0.43	0.53	0.23	A
TMO	-0.71	0.91	0.65	-0.37	0.9	0.24		0.73	0.73	-0.57	TMO
ILMN	-0.54	0.72	0.81	0.19	0.57	0.43	0.73		0.52	0.06	ILMN
DHR	-0.15	0.56	0.38	0.02	0.72	0.53	0.73	0.52		-0.3	DHR
TWST	0.54	-0.49	0.05	0.83	-0.62	0.23	-0.57	0.06	-0.3		TWST
	WAT	IQV	CRL	RVTY	MTD	A	TMO	ILMN	DHR	TWST

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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

TMO	+ 0.91	IQV
TMO	+ 0.9	MTD
MTD	+ 0.89	IQV
TWST	+ 0.83	RVTY
ILMN	+ 0.81	CRL
CRL	+ 0.77	IQV

High negative correlations

TMO	- 0.71	WAT
IQV	- 0.7	WAT
TWST	- 0.62	MTD
TWST	- 0.57	TMO
MTD	- 0.56	WAT
ILMN	- 0.54	WAT

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
WAT	1.54	(0.20)	0.00	(0.96)	0.00	0.00	2.84	(3.16)	16.10
IQV	1.69	0.47	0.23	3.57	1.22	(2.03)	3.59	(2.97)	21.38
CRL	1.65	0.28	0.07	0.87	2.36	(1.69)	3.42	(3.16)	19.30
RVTY	1.80	0.03	(0.04)	(0.01)	2.51	(1.73)	3.45	(3.13)	14.29
MTD	1.32	0.22	0.04	(0.50)	1.47	(1.40)	2.90	(2.73)	7.45
A	1.41	0.01	0.05	0.12	1.61	(1.49)	3.24	(2.46)	9.19
TMO	1.48	0.33	0.12	3.17	1.57	(1.59)	3.36	(2.48)	12.89
ILMN	1.63	0.33	0.10	3.71	2.00	(1.74)	3.82	(3.41)	15.46
DHR	1.24	0.11	0.00	1.33	1.71	(1.21)	2.49	(2.66)	7.75
TWST	2.79	(0.07)	0.00	0.20	0.00	0.00	5.79	(5.89)	16.11

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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