Penumbra Correlations

Stocks . USA . 
Stock . Penumbra
PEN Stock  USD 230.38  0.28  0.12%   
The current 90-days correlation between Penumbra and Inspire Medical Systems is 0.57 (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 0.32 (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

  0.64CI Cigna CorpPairCorr
  0.65EDAP EDAP TMS SAPairCorr
  0.89EKSO Ekso Bionics HoldingsPairCorr
  0.77ELMD ElectromedPairCorr
  0.85EMBC Embecta CorpPairCorr
  0.62MSPRW MSP Recovery Symbol ChangePairCorr
  0.76MLSS Milestone ScientificPairCorr
  0.79MNDR Mobile health NetworkPairCorr

Moving against Penumbra Stock

  0.79VEEV Veeva Systems ClassPairCorr
  0.76DH Definitive HealthcarePairCorr
  0.69VNRX VolitionrxPairCorr
  0.67OM Outset MedicalPairCorr
  0.5LH Laboratory Earnings Call This WeekPairCorr
  0.48GH Guardant HealthPairCorr
  0.41DXCM DexCom Inc Earnings Call This WeekPairCorr
  0.32EW Edwards Lifesciences Corp Earnings Call This WeekPairCorr
  0.87MDAI Spectral AIPairCorr
  0.78FIGS Figs IncPairCorr
  0.58VVOS Vivos TherapeuticsPairCorr
  0.56ENSG Ensign Group Earnings Call This WeekPairCorr
  0.76MODV ModivCarePairCorr
  0.65MHUA Meihua InternationalPairCorr
  0.52MGRM Monogram Orthopaedics TrendingPairCorr
  0.51NAKA 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
+ 0.87
IRTC
IRTC
+ 0.83
PODD
LIVN
+ 0.8
PODD
LIVN
+ 0.64
GKOS
IRTC
+ 0.45
GKOS
GKOS
+ 0.42
PODD
  
High negative correlations   
GKOS
- 0.72
INSP
LIVN
- 0.64
INSP
IRTC
- 0.56
INSP
PODD
- 0.44
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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