Quest Diagnostics Correlations

DGX Stock

USD 180.08 0.65 0.36%

The current 90-days correlation between Quest Diagnostics and IQVIA Holdings is 0.51 (i.e., Very weak diversification). The correlation of Quest Diagnostics 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.

Quest Diagnostics Correlation With Market

Very weak diversification

The correlation between Quest Diagnostics Incorporated 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 Quest Diagnostics Incorporated and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Quest Diagnostics Incorporated. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with Quest Stock

0.62	ENSG	Ensign Group	Pair Corr
0.8	EHC	Encompass Health Corp	Pair Corr
0.61	HCA	HCA Holdings	Pair Corr
0.67	NHC	National HealthCare	Pair Corr
0.68	THC	Tenet Healthcare	Pair Corr
0.65	PNTG	Pennant Group	Pair Corr
0.7	ADUS	Addus HomeCare	Pair Corr
0.89	AMED	Amedisys	Pair Corr
0.63	SNDA	Sonida Senior Living	Pair Corr
0.7	INCR	INC Research Holdings	Pair Corr
0.63	FORTIS	Fortis Healthcare	Pair Corr
0.7	ASTERDM	Aster DM Healthcare	Pair Corr
0.67	LOTUSEYE	Lotus Eye Hospital	Pair Corr

Moving against Quest Stock

0.63	ACHC	Acadia Healthcare	Pair Corr
0.59	BMY	Bristol Myers Squibb	Pair Corr
0.58	ABP	ABPRO P Symbol Change	Pair Corr
0.56	DVA	DaVita HealthCare	Pair Corr
0.48	OPCH	Option Care Health Sell-off Trend	Pair Corr
0.33	SEM	Select Medical Holdings	Pair Corr
0.6	MEDANTA	Global Health Limited	Pair Corr
0.56	45687AAN2	INGERSOLL RAND GLOBAL	Pair Corr

Related Correlations Analysis

	IQV	MTD	TWST	WAT	ICLR	IDXX	CRL	RVTY	SHC
IQV		0.5	0.75	0.6	0.97	-0.38	0.67	0.95	-0.03	IQV
MTD	0.5		-0.06	0.88	0.35	0.51	0.87	0.48	0.58	MTD
TWST	0.75	-0.06		0.09	0.83	-0.75	0.07	0.75	-0.45	TWST
WAT	0.6	0.88	0.09		0.48	0.3	0.8	0.61	0.65	WAT
ICLR	0.97	0.35	0.83	0.48		-0.57	0.54	0.96	-0.19	ICLR
IDXX	-0.38	0.51	-0.75	0.3	-0.57		0.28	-0.47	0.67	IDXX
CRL	0.67	0.87	0.07	0.8	0.54	0.28		0.62	0.43	CRL
RVTY	0.95	0.48	0.75	0.61	0.96	-0.47	0.62		-0.07	RVTY
SHC	-0.03	0.58	-0.45	0.65	-0.19	0.67	0.43	-0.07		SHC
	IQV	MTD	TWST	WAT	ICLR	IDXX	CRL	RVTY	SHC

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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

ICLR	+ 0.97	IQV
RVTY	+ 0.96	ICLR
RVTY	+ 0.95	IQV
WAT	+ 0.88	MTD
CRL	+ 0.87	MTD
ICLR	+ 0.83	TWST

High negative correlations

IDXX	- 0.75	TWST
IDXX	- 0.57	ICLR
RVTY	- 0.47	IDXX
SHC	- 0.45	TWST
IDXX	- 0.38	IQV
SHC	- 0.19	ICLR

Risk-Adjusted Indicators

There is a big difference between Quest Stock performing well and Quest Diagnostics 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 Quest Diagnostics' 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
IQV	2.13	(0.30)	0.00	(0.19)	0.00	0.00	3.69	(5.57)	17.46
MTD	2.23	(0.12)	0.00	(0.05)	0.00	0.00	4.37	(5.78)	15.19
TWST	3.40	(0.20)	0.00	(0.08)	0.00	0.00	6.78	(8.44)	23.51
WAT	2.04	(0.17)	0.00	(0.10)	0.00	0.00	3.46	(4.83)	15.86
ICLR	2.14	(0.36)	0.00	(0.28)	0.00	0.00	4.37	(5.54)	17.38
IDXX	1.55	0.33	0.17	0.32	1.61	(1.74)	3.63	(3.74)	13.83
CRL	2.91	(0.19)	0.00	(0.08)	0.00	0.00	6.20	(5.56)	40.64
RVTY	2.08	(0.26)	0.00	(0.16)	0.00	0.00	3.25	(5.60)	18.61
SHC	2.06	(0.08)	0.00	(0.03)	0.00	0.00	4.11	(4.20)	21.87

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