Aldeyra Correlations

ALDX Stock

USD 5.39 0.36 7.16%

The current 90-days correlation between Aldeyra and Aclaris Therapeutics is 0.27 (i.e., Modest diversification). The correlation of Aldeyra 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.

Aldeyra Correlation With Market

Weak diversification

The correlation between Aldeyra and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aldeyra and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Aldeyra Stock

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

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

Moving together with Aldeyra Stock

0.64	JNJ	Johnson Johnson	Pair Corr
0.64	MRK	Merck Company Earnings Call This Week	Pair Corr
0.79	PFE	Pfizer Inc	Pair Corr
0.83	KMDA	Kamada	Pair Corr
0.86	NKTR	Nektar Therapeutics	Pair Corr
0.79	FNMFO	Federal National Mortgage Earnings Call This Week	Pair Corr
0.72	KB	KB Financial Group	Pair Corr
0.84	SHG	Shinhan Financial Earnings Call This Week	Pair Corr
0.91	WF	Woori Financial Group Earnings Call Tomorrow	Pair Corr
0.96	BAC-PL	Bank of America	Pair Corr
0.85	WFC-PL	Wells Fargo	Pair Corr
0.71	CSCO	Cisco Systems	Pair Corr
0.8	INTC	Intel Earnings Call This Week	Pair Corr
0.69	IBM	International Business Earnings Call Tomorrow	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.69	MSFT	Microsoft Aggressive Push	Pair Corr
0.86	CVX	Chevron Corp	Pair Corr
0.67	AXP	American Express	Pair Corr

Moving against Aldeyra Stock

0.52	BCH	Banco De Chile Earnings Call This Week	Pair Corr
0.7	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.42	KO	Coca Cola Earnings Call Today	Pair Corr
0.41	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	VRCA	VRNA	GRTX	ARQT	PLX	ARDX	ACRS
VRCA		0.78	0.0	0.32	-0.67	0.02	0.63	VRCA
VRNA	0.78		0.0	0.33	-0.7	-0.14	0.88	VRNA
GRTX	0.0	0.0		0.0	0.0	0.0	0.0	GRTX
ARQT	0.32	0.33	0.0		0.12	0.41	0.32	ARQT
PLX	-0.67	-0.7	0.0	0.12		0.57	-0.57	PLX
ARDX	0.02	-0.14	0.0	0.41	0.57		-0.11	ARDX
ACRS	0.63	0.88	0.0	0.32	-0.57	-0.11		ACRS
	VRCA	VRNA	GRTX	ARQT	PLX	ARDX	ACRS

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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

ACRS	+ 0.88	VRNA
VRNA	+ 0.78	VRCA
ACRS	+ 0.63	VRCA
ARDX	+ 0.57	PLX
ARDX	+ 0.41	ARQT
ARQT	+ 0.33	VRNA

High negative correlations

PLX	- 0.7	VRNA
PLX	- 0.67	VRCA
ACRS	- 0.57	PLX
ARDX	- 0.14	VRNA
ACRS	- 0.11	ARDX
ACRS	- 0.0	GRTX

Risk-Adjusted Indicators

There is a big difference between Aldeyra Stock performing well and Aldeyra 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 Aldeyra'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
VRCA	4.71	0.69	0.13	0.67	4.50	(6.23)	13.21	(8.89)	28.86
VRNA	2.22	0.82	0.36	1.13	1.41	(2.61)	5.15	(4.17)	20.77
GRTX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ARQT	2.32	0.00	0.01	0.13	2.71	(2.49)	5.93	(4.61)	12.62
PLX	3.80	(0.68)	0.00	(0.64)	0.00	0.00	6.21	(5.33)	53.03
ARDX	3.22	(0.04)	(0.02)	0.07	5.76	(3.09)	5.61	(6.33)	29.98
ACRS	3.17	0.57	0.14	1.11	3.07	(3.93)	8.18	(4.29)	19.29

Aldeyra Corporate Management

David Burke	Head Relations	Profile
Michael Alfieri	Principal Officer	Profile
Kelly Mizer	Vice Operations	Profile
Laura Nichols	Operations Manager	Profile

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