Becton Dickinson Correlations

BDX Stock

USD 178.85 2.05 1.13%

The current 90-days correlation between Becton Dickinson and ResMed Inc is 0.17 (i.e., Average diversification). The correlation of Becton Dickinson 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.

Becton Dickinson Correlation With Market

Weak diversification

The correlation between Becton Dickinson and and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Becton Dickinson and 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 Becton Dickinson and. 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.

Moving together with Becton Stock

0.63	DRIO	DarioHealth Corp	Pair Corr
0.7	ICCM	Icecure Medical	Pair Corr

Moving against Becton Stock

0.69	DXCM	DexCom Inc Earnings Call This Week	Pair Corr
0.63	MD	Mednax Inc	Pair Corr
0.58	LH	Laboratory Earnings Call This Week	Pair Corr
0.53	OM	Outset Medical	Pair Corr
0.42	VEEV	Veeva Systems Class	Pair Corr
0.4	DH	Definitive Healthcare	Pair Corr
0.65	ENSG	Ensign Group Earnings Call This Week	Pair Corr
0.47	EHAB	Enhabit	Pair Corr
0.41	ABT	Abbott Laboratories	Pair Corr
0.4	FIGS	Figs Inc	Pair Corr
0.5	NAKA	Kindly MD, Symbol Change	Pair Corr
0.37	MHUA	Meihua International	Pair Corr
0.34	NEOG	Neogen	Pair Corr
0.33	NEUE	NeueHealth	Pair Corr

Related Correlations Analysis

	HAE	COO	ICUI	ANGO	WST	HOLX	XRAY	TFX	RMD	RGEN
HAE		-0.55	-0.36	0.16	0.71	0.55	0.67	-0.7	0.62	-0.22	HAE
COO	-0.55		0.59	-0.54	-0.44	-0.74	-0.32	0.65	-0.46	0.43	COO
ICUI	-0.36	0.59		-0.03	-0.14	-0.37	-0.01	0.68	-0.13	0.38	ICUI
ANGO	0.16	-0.54	-0.03		0.31	0.45	0.26	0.01	0.18	-0.03	ANGO
WST	0.71	-0.44	-0.14	0.31		0.73	0.45	-0.36	0.53	0.01	WST
HOLX	0.55	-0.74	-0.37	0.45	0.73		0.5	-0.47	0.59	-0.33	HOLX
XRAY	0.67	-0.32	-0.01	0.26	0.45	0.5		-0.46	0.81	-0.57	XRAY
TFX	-0.7	0.65	0.68	0.01	-0.36	-0.47	-0.46		-0.56	0.58	TFX
RMD	0.62	-0.46	-0.13	0.18	0.53	0.59	0.81	-0.56		-0.55	RMD
RGEN	-0.22	0.43	0.38	-0.03	0.01	-0.33	-0.57	0.58	-0.55		RGEN
	HAE	COO	ICUI	ANGO	WST	HOLX	XRAY	TFX	RMD	RGEN

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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

RMD	+ 0.81	XRAY
HOLX	+ 0.73	WST
WST	+ 0.71	HAE
TFX	+ 0.68	ICUI
XRAY	+ 0.67	HAE
TFX	+ 0.65	COO

High negative correlations

HOLX	- 0.74	COO
TFX	- 0.7	HAE
RGEN	- 0.57	XRAY
RMD	- 0.56	TFX
RGEN	- 0.55	RMD
COO	- 0.55	HAE

Risk-Adjusted Indicators

There is a big difference between Becton Stock performing well and Becton Dickinson 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 Becton Dickinson'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
HAE	1.34	0.16	0.11	0.27	1.32	(1.54)	2.92	(2.42)	9.24
COO	1.46	(0.22)	0.00	(0.12)	0.00	0.00	2.32	(2.52)	17.24
ICUI	1.68	(0.32)	0.00	(0.19)	0.00	0.00	3.69	(3.98)	11.56
ANGO	2.17	(0.31)	0.00	(0.11)	0.00	0.00	5.05	(4.32)	23.06
WST	1.42	(0.13)	(0.05)	0.03	1.73	(1.63)	3.00	(3.01)	8.75
HOLX	1.38	0.07	0.04	0.20	1.57	(1.59)	2.48	(2.87)	16.64
XRAY	1.72	0.19	0.12	0.26	1.65	(1.92)	4.16	(3.36)	21.58
TFX	1.38	(0.39)	0.00	(0.24)	0.00	0.00	2.58	(2.95)	10.62
RMD	0.82	0.25	0.28	0.58	0.25	(1.09)	1.46	(1.08)	12.16
RGEN	2.24	(0.46)	0.00	(0.07)	0.00	0.00	3.72	(5.78)	15.31

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