Bristol Myers Correlations

BMY Stock

USD 48.98 0.96 2.00%

The current 90-days correlation between Bristol Myers Squibb and Inhibrx Biosciences, is 0.28 (i.e., Modest diversification). The correlation of Bristol Myers 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.

Bristol Myers Correlation With Market

Very weak diversification

The correlation between Bristol Myers Squibb and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bristol Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bristol Myers Squibb. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving against Bristol Stock

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0.39	AXP	American Express	Pair Corr
0.38	MMM	3M Company	Pair Corr
0.36	KMDA	Kamada	Pair Corr
0.36	JPM	JPMorgan Chase	Pair Corr
0.34	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.33	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.31	GE	GE Aerospace	Pair Corr
0.31	IBM	International Business Earnings Call Today	Pair Corr

Related Correlations Analysis

	INBX	PTGX	LRMR	VRDN	KYMR	ITOS	PCVX	RLAY
INBX		0.67	0.79	0.9	0.62	0.67	0.59	0.78	INBX
PTGX	0.67		0.75	0.82	0.92	0.87	0.63	0.68	PTGX
LRMR	0.79	0.75		0.87	0.82	0.69	0.64	0.92	LRMR
VRDN	0.9	0.82	0.87		0.8	0.79	0.71	0.83	VRDN
KYMR	0.62	0.92	0.82	0.8		0.86	0.66	0.8	KYMR
ITOS	0.67	0.87	0.69	0.79	0.86		0.59	0.7	ITOS
PCVX	0.59	0.63	0.64	0.71	0.66	0.59		0.69	PCVX
RLAY	0.78	0.68	0.92	0.83	0.8	0.7	0.69		RLAY
	INBX	PTGX	LRMR	VRDN	KYMR	ITOS	PCVX	RLAY

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Risk-Adjusted Indicators

There is a big difference between Bristol Stock performing well and Bristol Myers 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 Bristol Myers' 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
INBX	3.18	1.08	0.24	3.73	3.13	(3.82)	7.99	(4.71)	21.90
PTGX	1.73	0.19	0.05	0.45	2.27	(1.74)	4.44	(2.84)	14.80
LRMR	5.07	0.75	0.15	0.49	5.70	(5.74)	10.88	(8.41)	40.34
VRDN	2.28	0.28	0.10	0.41	2.60	(2.44)	5.25	(3.67)	14.70
KYMR	3.18	0.88	0.25	0.88	2.80	(3.73)	6.98	(4.46)	48.99
ITOS	2.65	0.94	0.31	(2.34)	1.89	(4.03)	7.68	(3.81)	20.47
PCVX	2.94	0.12	0.06	0.25	3.42	(3.62)	6.93	(4.73)	21.28
RLAY	3.02	0.34	0.10	0.40	3.66	(3.13)	6.14	(6.35)	16.42

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Bristol Myers Correlations

Bristol Myers Correlation With Market

Very weak diversification

Moving against Bristol Stock

Related Correlations Analysis

Risk-Adjusted Indicators

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