Laboratory Correlations

LH Stock

USD 277.88 0.10 0.04%

The current 90-days correlation between Laboratory and Quest Diagnostics Incorporated is 0.68 (i.e., Poor diversification). The correlation of Laboratory 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.

Laboratory Correlation With Market

Modest diversification

The correlation between Laboratory of and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Laboratory of and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Laboratory Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Laboratory of. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with Laboratory Stock

0.86	MD	Mednax Inc	Pair Corr
0.83	EHAB	Enhabit	Pair Corr
0.84	CVS	CVS Health Corp	Pair Corr
0.83	EHC	Encompass Health Corp	Pair Corr
0.9	INFU	InfuSystems Holdings	Pair Corr
0.75	PRVA	Privia Health Group	Pair Corr
0.62	ADUS	Addus HomeCare	Pair Corr
0.76	ASTH	Astrana Health	Pair Corr
0.65	BMEZ	BlackRock Health Sciences	Pair Corr
0.71	COSM	Cosmos Health	Pair Corr
0.85	ESEA	Euroseas Downward Rally	Pair Corr
0.89	MBI	MBIA Inc	Pair Corr
0.81	PLAB	Photronics	Pair Corr
0.89	FOLD	Amicus Therapeutics	Pair Corr
0.61	F	Ford Motor	Pair Corr

Moving against Laboratory Stock

0.71	JYNT	Joint Corp	Pair Corr
0.54	HQY	HealthEquity	Pair Corr
0.76	VRPX	Virpax Pharmaceuticals	Pair Corr

Related Correlations Analysis

	DGX	WAT	UHS	HUM	HOLX
DGX		0.09	0.76	0.61	0.48	DGX
WAT	0.09		0.5	0.1	0.16	WAT
UHS	0.76	0.5		0.45	0.28	UHS
HUM	0.61	0.1	0.45		0.47	HUM
HOLX	0.48	0.16	0.28	0.47		HOLX
	DGX	WAT	UHS	HUM	HOLX

Risk-Adjusted Indicators

There is a big difference between Laboratory Stock performing well and Laboratory 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 Laboratory'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
DGX	1.01	0.12	0.07	(1.45)	1.35	(1.07)	1.94	(1.95)	11.55
WAT	1.87	(0.10)	0.00	(0.05)	0.00	0.00	3.59	(3.16)	13.81
UHS	1.31	0.09	0.04	0.11	1.81	(1.25)	2.79	(3.55)	7.37
HUM	2.08	0.31	0.09	0.27	2.81	(2.06)	4.05	(4.44)	24.44
HOLX	1.09	0.00	0.00	0.02	1.33	(1.12)	2.16	(2.10)	10.53

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