InnovAge Holding Correlations

INNV Stock

USD 3.97 0.08 2.06%

The current 90-days correlation between InnovAge Holding Corp and Enhabit is 0.48 (i.e., Very weak diversification). The correlation of InnovAge Holding 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.

InnovAge Holding Correlation With Market

Weak diversification

The correlation between InnovAge Holding Corp and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding InnovAge Holding Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with InnovAge Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in InnovAge Holding Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with InnovAge Stock

0.94	EHAB	Enhabit	Pair Corr
0.89	ENSG	Ensign Group	Pair Corr
0.79	EHC	Encompass Health Corp	Pair Corr
0.9	HCA	HCA Holdings	Pair Corr
0.92	NHC	National HealthCare	Pair Corr
0.88	THC	Tenet Healthcare	Pair Corr
0.85	PNTG	Pennant Group	Pair Corr
0.74	ADUS	Addus HomeCare	Pair Corr
0.86	SNDA	Sonida Senior Living	Pair Corr
0.86	USPH	US Physicalrapy	Pair Corr
0.75	FLGC	Flora Growth Corp	Pair Corr
0.66	INCR	INC Research Holdings	Pair Corr
0.63	FORTIS	Fortis Healthcare	Pair Corr
0.72	ASTERDM	Aster DM Healthcare	Pair Corr
0.72	MEDIASSIST	MEDI ASSIST HEALTHCARE	Pair Corr

Moving against InnovAge Stock

0.68	CVS	CVS Health Corp	Pair Corr
0.58	SEM	Select Medical Holdings	Pair Corr
0.52	BMY	Bristol Myers Squibb	Pair Corr
0.48	DVA	DaVita HealthCare	Pair Corr
0.46	ABP	ABPRO P Symbol Change	Pair Corr
0.45	PRFX	Painreform	Pair Corr
0.43	LLY	Eli Lilly	Pair Corr
0.42	MRK	Merck Company	Pair Corr
0.37	OPCH	Option Care Health	Pair Corr
0.34	ACHC	Acadia Healthcare	Pair Corr
0.73	45687AAN2	INGERSOLL RAND GLOBAL	Pair Corr
0.52	MEDANTA	Global Health Limited	Pair Corr
0.42	INLX	Intellinetics	Pair Corr
0.34	YAMHF	Yamaha Motor	Pair Corr

Related Correlations Analysis

	ENSG	SEM	EHC	EHAB	PNTG	NHC	MODV	CCEL
ENSG		-0.64	0.84	0.86	0.87	0.93	0.5	-0.53	ENSG
SEM	-0.64		-0.54	-0.54	-0.67	-0.6	-0.11	0.62	SEM
EHC	0.84	-0.54		0.69	0.89	0.88	0.26	-0.78	EHC
EHAB	0.86	-0.54	0.69		0.8	0.85	0.33	-0.36	EHAB
PNTG	0.87	-0.67	0.89	0.8		0.92	0.19	-0.73	PNTG
NHC	0.93	-0.6	0.88	0.85	0.92		0.32	-0.64	NHC
MODV	0.5	-0.11	0.26	0.33	0.19	0.32		0.05	MODV
CCEL	-0.53	0.62	-0.78	-0.36	-0.73	-0.64	0.05		CCEL
	ENSG	SEM	EHC	EHAB	PNTG	NHC	MODV	CCEL

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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

NHC	+ 0.93	ENSG
NHC	+ 0.92	PNTG
PNTG	+ 0.89	EHC
NHC	+ 0.88	EHC
PNTG	+ 0.87	ENSG
EHAB	+ 0.86	ENSG

High negative correlations

CCEL	- 0.78	EHC
CCEL	- 0.73	PNTG
PNTG	- 0.67	SEM
CCEL	- 0.64	NHC
SEM	- 0.64	ENSG
NHC	- 0.6	SEM

Risk-Adjusted Indicators

There is a big difference between InnovAge Stock performing well and InnovAge Holding 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 InnovAge Holding'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
ENSG	1.17	0.24	0.12	0.41	1.64	(1.23)	2.53	(2.07)	10.77
SEM	1.99	(0.15)	0.00	(0.18)	0.00	0.00	3.96	(3.16)	29.71
EHC	1.12	0.30	0.15	0.50	1.56	(1.17)	2.94	(1.54)	13.34
EHAB	1.86	0.01	0.00	0.04	2.18	(2.09)	3.16	(3.62)	22.56
PNTG	1.54	0.21	0.10	0.31	1.83	(1.73)	3.43	(3.03)	10.04
NHC	1.32	0.18	0.11	0.43	1.38	(1.49)	3.18	(2.24)	8.45
MODV	11.56	1.61	0.18	0.67	8.20	(17.45)	32.00	(13.33)	109.16
CCEL	2.33	(0.20)	0.00	14.95	0.00	0.00	5.29	(4.72)	18.14

InnovAge Holding Corporate Management

Maria Lozzano	Chief Officer	Profile
Robin Doerr	Chief Officer	Profile
JD Kennedy	Independent Director	Profile
Cara Babachicos	Chief Officer	Profile
RN MHA	Independent Director	Profile

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