Omnicell Correlations

OMCL Stock

USD 26.88 1.09 3.90%

The current 90-days correlation between Omnicell and HealthEquity is 0.34 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Omnicell moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Omnicell moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Omnicell Correlation With Market

Very weak diversification

The correlation between Omnicell and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Omnicell and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Omnicell Stock

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

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

Related Correlations Analysis

	NRC	TBRG	HQY	PRVA	MMSI	OFIX	NEOG
NRC		-0.63	0.8	-0.52	-0.03	-0.83	-0.04	NRC
TBRG	-0.63		-0.47	0.75	0.52	0.74	0.36	TBRG
HQY	0.8	-0.47		-0.27	0.13	-0.82	0.18	HQY
PRVA	-0.52	0.75	-0.27		0.65	0.53	0.51	PRVA
MMSI	-0.03	0.52	0.13	0.65		0.2	0.6	MMSI
OFIX	-0.83	0.74	-0.82	0.53	0.2		-0.07	OFIX
NEOG	-0.04	0.36	0.18	0.51	0.6	-0.07		NEOG
	NRC	TBRG	HQY	PRVA	MMSI	OFIX	NEOG

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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

HQY	+ 0.8	NRC
PRVA	+ 0.75	TBRG
OFIX	+ 0.74	TBRG
MMSI	+ 0.65	PRVA
NEOG	+ 0.6	MMSI
OFIX	+ 0.53	PRVA

High negative correlations

OFIX	- 0.83	NRC
OFIX	- 0.82	HQY
TBRG	- 0.63	NRC
PRVA	- 0.52	NRC
HQY	- 0.47	TBRG
PRVA	- 0.27	HQY

Risk-Adjusted Indicators

There is a big difference between Omnicell Stock performing well and Omnicell 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 Omnicell'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
NRC	2.36	0.24	0.14	0.27	2.05	(2.71)	5.57	(3.89)	13.72
TBRG	1.39	(0.15)	0.00	2.63	0.00	0.00	2.65	(3.49)	10.91
HQY	1.73	0.13	0.07	0.26	1.67	(2.15)	3.67	(3.04)	12.51
PRVA	1.49	(0.44)	0.00	(0.27)	0.00	0.00	2.47	(3.03)	10.94
MMSI	1.17	(0.27)	0.00	(0.21)	0.00	0.00	2.53	(2.15)	14.94
OFIX	1.78	(0.53)	0.00	(0.23)	0.00	0.00	3.87	(3.75)	14.80
NEOG	3.39	(0.26)	0.00	(0.10)	0.00	0.00	6.83	(6.57)	28.98

Omnicell Corporate Management

Joseph Spears	Principal Chief Accounting Officer	Profile
Kathleen Nemeth	Senior Relations	Profile
Vicki MacDevitt	Chief Staff	Profile
Sara Dalmasso	Senior International	Profile
Minoo Mortazavi	Senior Operations	Profile

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