Penumbra Correlations

Stocks . USA . 
Stock . Penumbra
PEN Stock  USD 228.86  1.52  0.66%   
The current 90-days correlation between Penumbra and Inspire Medical Systems is 0.58 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Penumbra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Penumbra moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Penumbra Correlation With Market

Weak diversification

The correlation between Penumbra and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Penumbra and DJI in the same portfolio, assuming nothing else is changed.
  
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Moving together with Penumbra Stock

  0.66CI Cigna CorpPairCorr
  0.67EDAP EDAP TMS SAPairCorr
  0.89EKSO Ekso Bionics Holdings Earnings Call This WeekPairCorr
  0.79ELMD ElectromedPairCorr
  0.82EMBC Embecta CorpPairCorr
  0.78MLSS Milestone ScientificPairCorr
  0.8MNDR Mobile health NetworkPairCorr

Moving against Penumbra Stock

  0.8VEEV Veeva Systems ClassPairCorr
  0.77DH Definitive HealthcarePairCorr
  0.69VNRX VolitionrxPairCorr
  0.66OM Outset MedicalPairCorr
  0.48LH Laboratory Earnings Call This WeekPairCorr
  0.46GH Guardant HealthPairCorr
  0.42DXCM DexCom Inc Earnings Call TomorrowPairCorr
  0.33EW Edwards Lifesciences Corp Earnings Call TodayPairCorr
  0.33DOCS DoximityPairCorr
  0.87MDAI Spectral AIPairCorr
  0.79FIGS Figs IncPairCorr
  0.6VVOS Vivos Therapeutics Downward RallyPairCorr
  0.53ENSG Ensign Group Earnings Call TomorrowPairCorr
  0.76MODV ModivCarePairCorr
  0.68MHUA Meihua InternationalPairCorr
  0.56MGRM Monogram OrthopaedicsPairCorr
  0.5NAKA Kindly MD, Symbol ChangePairCorr

Related Correlations Analysis

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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   
LIVN
+ 0.86
IRTC
IRTC
+ 0.82
PODD
LIVN
+ 0.79
PODD
LIVN
+ 0.56
GKOS
IRTC
+ 0.37
GKOS
GKOS
+ 0.36
PODD
  
High negative correlations   
GKOS
- 0.73
INSP
LIVN
- 0.63
INSP
IRTC
- 0.54
INSP
PODD
- 0.41
INSP

Risk-Adjusted Indicators

There is a big difference between Penumbra Stock performing well and Penumbra 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 Penumbra'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.

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