Bausch Health Correlations

BHC Stock

USD 6.32 0.01 0.16%

The current 90-days correlation between Bausch Health Companies and Teva Pharma Industries is -0.03 (i.e., Good diversification). The correlation of Bausch Health 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.

Bausch Health Correlation With Market

Weak diversification

The correlation between Bausch Health Companies and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Health Companies 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 Bausch Health Companies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Bausch Stock

0.81	NKTR	Nektar Therapeutics	Pair Corr
0.71	MRK	Merck Company Earnings Call This Week	Pair Corr
0.79	PFE	Pfizer Inc	Pair Corr
0.83	KMDA	Kamada	Pair Corr
0.7	CAT	Caterpillar	Pair Corr
0.61	AXP	American Express	Pair Corr
0.65	CSCO	Cisco Systems	Pair Corr
0.81	XOM	Exxon Mobil Corp	Pair Corr
0.71	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.62	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.69	IBM	International Business Earnings Call Tomorrow	Pair Corr

Moving against Bausch Stock

0.59	VZ	Verizon Communications Aggressive Push	Pair Corr
0.47	MSB	Mesabi Trust	Pair Corr
0.42	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	TEVA	ELAN	VTRS	CTRA	BHVN	CPRI	DHR
TEVA		0.51	0.46	0.06	-0.19	0.48	0.03	TEVA
ELAN	0.51		0.91	0.36	-0.55	0.6	0.27	ELAN
VTRS	0.46	0.91		0.34	-0.32	0.45	0.43	VTRS
CTRA	0.06	0.36	0.34		-0.27	-0.1	0.49	CTRA
BHVN	-0.19	-0.55	-0.32	-0.27		-0.55	-0.03	BHVN
CPRI	0.48	0.6	0.45	-0.1	-0.55		0.06	CPRI
DHR	0.03	0.27	0.43	0.49	-0.03	0.06		DHR
	TEVA	ELAN	VTRS	CTRA	BHVN	CPRI	DHR

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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

VTRS	+ 0.91	ELAN
CPRI	+ 0.6	ELAN
ELAN	+ 0.51	TEVA
DHR	+ 0.49	CTRA
CPRI	+ 0.48	TEVA
VTRS	+ 0.46	TEVA

High negative correlations

CPRI	- 0.55	BHVN
BHVN	- 0.55	ELAN
BHVN	- 0.32	VTRS
BHVN	- 0.27	CTRA
BHVN	- 0.19	TEVA
CPRI	- 0.1	CTRA

Risk-Adjusted Indicators

There is a big difference between Bausch Stock performing well and Bausch Health 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 Bausch Health'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
TEVA	1.92	0.31	0.05	(0.81)	2.11	(2.15)	3.73	(3.49)	15.49
ELAN	2.06	0.71	0.55	0.58	0.81	(2.87)	4.20	(2.61)	29.80
VTRS	1.54	0.14	0.08	0.25	1.66	(1.62)	2.96	(3.46)	10.12
CTRA	1.41	(0.16)	0.00	(0.25)	0.00	0.00	3.02	(3.18)	12.38
BHVN	3.46	(0.54)	0.00	29.69	0.00	0.00	6.47	(7.32)	29.11
CPRI	1.96	0.54	0.16	4.40	1.95	(2.16)	4.79	(3.61)	16.59
DHR	1.35	(0.04)	0.00	(0.25)	0.00	0.00	2.26	(3.47)	11.39

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