ReShape Lifesciences Correlations

RSLS Stock  USD 3.35  0.33  10.93%   
The current 90-days correlation between ReShape Lifesciences and Nuwellis is 0.07 (i.e., Significant diversification). The correlation of ReShape Lifesciences 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.

ReShape Lifesciences Correlation With Market

Significant diversification

The correlation between ReShape Lifesciences and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ReShape Lifesciences and DJI in the same portfolio, assuming nothing else is changed.
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ReShape Lifesciences. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.
For more information on how to buy ReShape Stock please use our How to Invest in ReShape Lifesciences guide.

Moving together with ReShape Stock

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  0.79LNSR LENSAR IncPairCorr
  0.77TMCI Treace Medical ConceptsPairCorr
  0.77CERT CertaraPairCorr
  0.71MLAB Mesa LaboratoriesPairCorr

Moving against ReShape Stock

  0.85CAH Cardinal HealthPairCorr
  0.79JYNT Joint CorpPairCorr
  0.72XTNT Xtant Medical Holdings Earnings Call This WeekPairCorr
  0.72MASS 908 DevicesPairCorr
  0.64HSCSW Heart Test LaboratoriesPairCorr
  0.54SNDA Sonida Senior LivingPairCorr
  0.53HSCS Heart Test LaboratoriesPairCorr
  0.82VTYX Ventyx BiosciencesPairCorr
  0.75PFE Pfizer IncPairCorr
  0.74GILD Gilead SciencesPairCorr
  0.72VRDN Viridian TherapeuticsPairCorr
  0.66MRVI Maravai LifesciencesPairCorr
  0.65NUVL NuvalentPairCorr
  0.55ESPR Esperion TherapeuticsPairCorr
  0.49FLGC Flora Growth CorpPairCorr
  0.46HCM HUTCHMED DRCPairCorr
  0.38PCVX VaxcytePairCorr

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   
NAOVNUWE
MTVANUWE
MTVAENSC
MTVANAOV
ENSCNUWE
ENSCNAOV
  
High negative correlations   
NAOVSINT
SINTNUWE
MTVASINT
PALISINT
ENSCSINT
MTVAGROM

Risk-Adjusted Indicators

There is a big difference between ReShape Stock performing well and ReShape Lifesciences 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 ReShape Lifesciences' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
NUWE  8.61 (0.52) 0.00 (0.10) 0.00 
 11.11 
 137.25 
THMO  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
SINT  4.16  0.63  0.15  0.74  3.69 
 16.55 
 38.81 
NAOV  8.36 (1.71) 0.00  2.84  0.00 
 34.48 
 98.23 
DBGI  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
PALI  4.42  0.78  0.18  0.86  3.69 
 8.33 
 36.14 
ENSC  5.44  0.19  0.11  0.26  5.62 
 9.35 
 109.72 
GROM  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
MTVA  3.26  0.12 (0.03)(0.25) 3.73 
 7.81 
 35.49 

ReShape Lifesciences Corporate Management

MBA DVMVP OfficerProfile
Al DiazVice RDProfile
DVM DVMVP OfficerProfile
Thomas StankovichChief OfficerProfile
Jody DahlmanDirector CommunicationsProfile
Katherine TwedenCoFounderProfile