ModivCare Correlations

MODV Stock

USD 3.73 0.42 10.12%

The current 90-days correlation between ModivCare and The Ensign Group is 0.08 (i.e., Significant diversification). The correlation of ModivCare 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.

ModivCare Correlation With Market

Good diversification

The correlation between ModivCare and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ModivCare and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ModivCare Stock

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

For more information on how to buy ModivCare Stock please use our How to Invest in ModivCare guide.

Moving together with ModivCare Stock

0.63	DH	Definitive Healthcare	Pair Corr
0.82	GH	Guardant Health	Pair Corr
0.71	LH	Laboratory	Pair Corr
0.61	OM	Outset Medical	Pair Corr
0.61	DOCS	Doximity	Pair Corr
0.87	VEEV	Veeva Systems Class	Pair Corr
0.79	VNRX	Volitionrx	Pair Corr
0.62	ENSG	Ensign Group	Pair Corr
0.67	FIGS	Figs Inc	Pair Corr
0.74	HAE	Haemonetics	Pair Corr

Moving against ModivCare Stock

0.73	EKSO	Ekso Bionics Holdings	Pair Corr
0.54	ELAB	Elevai Labs, Common	Pair Corr
0.34	CI	Cigna Corp	Pair Corr
0.33	EDAP	EDAP TMS SA	Pair Corr
0.77	FOXO	FOXO Technologies	Pair Corr
0.76	COO	Cooper Companies,	Pair Corr
0.75	EMBC	Embecta Corp	Pair Corr
0.7	FEMY	Femasys	Pair Corr
0.65	CNC	Centene Corp	Pair Corr
0.63	ELV	Elevance Health Earnings Call This Week	Pair Corr
0.48	ALC	Alcon AG	Pair Corr
0.46	ELMD	Electromed	Pair Corr
0.39	HUM	Humana Inc	Pair Corr
0.33	BDX	Becton Dickinson	Pair Corr

Related Correlations Analysis

	ENSG	SEM	EHC	INNV	EHAB	PNTG	CCM	NHC	MD	SGRY
ENSG		-0.58	0.83	0.85	0.59	0.69	0.35	0.92	0.63	0.24	ENSG
SEM	-0.58		-0.4	-0.56	-0.31	-0.41	-0.21	-0.51	-0.51	-0.19	SEM
EHC	0.83	-0.4		0.77	0.57	0.64	0.61	0.8	0.62	0.49	EHC
INNV	0.85	-0.56	0.77		0.49	0.54	0.44	0.92	0.61	0.35	INNV
EHAB	0.59	-0.31	0.57	0.49		0.91	0.71	0.53	0.7	0.5	EHAB
PNTG	0.69	-0.41	0.64	0.54	0.91		0.6	0.64	0.76	0.45	PNTG
CCM	0.35	-0.21	0.61	0.44	0.71	0.6		0.35	0.67	0.7	CCM
NHC	0.92	-0.51	0.8	0.92	0.53	0.64	0.35		0.6	0.28	NHC
MD	0.63	-0.51	0.62	0.61	0.7	0.76	0.67	0.6		0.61	MD
SGRY	0.24	-0.19	0.49	0.35	0.5	0.45	0.7	0.28	0.61		SGRY
	ENSG	SEM	EHC	INNV	EHAB	PNTG	CCM	NHC	MD	SGRY

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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	+ 0.92	ENSG
NHC	+ 0.92	INNV
PNTG	+ 0.91	EHAB
INNV	+ 0.85	ENSG
EHC	+ 0.83	ENSG
NHC	+ 0.8	EHC

High negative correlations

SEM	- 0.58	ENSG
INNV	- 0.56	SEM
MD	- 0.51	SEM
NHC	- 0.51	SEM
PNTG	- 0.41	SEM
EHC	- 0.4	SEM

Risk-Adjusted Indicators

There is a big difference between ModivCare Stock performing well and ModivCare 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 ModivCare'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	1.09	0.17	(0.04)	(5.65)	1.55	(1.14)	2.01	(1.80)	6.29
SEM	1.84	(0.14)	0.00	(7.20)	0.00	0.00	3.61	(2.45)	26.47
EHC	0.94	0.20	0.00	1.61	1.52	(0.98)	1.74	(1.34)	13.46
INNV	3.04	0.73	0.12	(3.53)	3.03	(3.71)	7.47	(5.45)	20.89
EHAB	2.07	(0.09)	0.00	2.24	0.00	0.00	2.55	(4.38)	36.43
PNTG	1.58	0.02	0.00	0.14	0.00	0.00	3.08	(2.72)	14.48
CCM	4.49	0.52	0.06	1.15	5.44	(4.89)	9.04	(9.24)	50.36
NHC	1.21	0.20	(0.03)	(14.54)	1.25	(1.37)	2.61	(2.16)	10.10
MD	1.67	(0.04)	0.00	(0.09)	0.00	0.00	2.93	(3.84)	19.73
SGRY	1.75	0.09	(0.06)	(2.06)	2.68	(1.90)	3.82	(2.41)	17.22

ModivCare Corporate Management

Jack Sawyer	Chief Ingeus	Profile
Mia Haney	Chief Segment	Profile
CFA CFA	Associate Relations	Profile
Jessica Kral	Chief Officer	Profile
Robert Pittman	Senior Affairs	Profile
Chris Heine	Senior NEMT	Profile
Kenneth Shepard	Chief Mobility	Profile

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