Shoulder Innovations Correlations

SI Stock

USD 14.27 0.62 4.16%

The current 90-days correlation between Shoulder Innovations and Inogen Inc is 0.15 (i.e., Average diversification). The correlation of Shoulder Innovations 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.

Shoulder Innovations Correlation With Market

Modest diversification

The correlation between Shoulder Innovations and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shoulder Innovations and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Shoulder Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Shoulder Innovations. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For more detail on how to invest in Shoulder Stock please use our How to Invest in Shoulder Innovations guide.

Moving together with Shoulder Stock

0.61

MCD

McDonalds

Pair Corr

Moving against Shoulder Stock

0.61	PLUG	Plug Power	Pair Corr
0.61	NIO	Nio Class A	Pair Corr
0.55	NVDA	NVIDIA Aggressive Push	Pair Corr
0.45	RXRX	Recursion Pharmaceuticals	Pair Corr
0.4	GRAB	Grab Holdings	Pair Corr
0.32	AUR	Aurora Innovation	Pair Corr

Related Correlations Analysis

	INGN	SNWV	MDXH	OM	AARD	NNOX	EPRX	ASMB	ENTA	NAUT
INGN		0.33	0.44	0.02	-0.53	0.31	-0.71	0.42	-0.23	-0.06	INGN
SNWV	0.33		-0.27	-0.41	-0.51	0.45	-0.59	0.77	0.19	0.31	SNWV
MDXH	0.44	-0.27		0.69	-0.34	0.04	-0.2	-0.3	-0.68	-0.51	MDXH
OM	0.02	-0.41	0.69		-0.25	-0.19	0.02	-0.5	-0.63	-0.81	OM
AARD	-0.53	-0.51	-0.34	-0.25		-0.5	0.71	-0.51	0.43	0.11	AARD
NNOX	0.31	0.45	0.04	-0.19	-0.5		-0.47	0.48	-0.03	0.38	NNOX
EPRX	-0.71	-0.59	-0.2	0.02	0.71	-0.47		-0.7	0.12	0.03	EPRX
ASMB	0.42	0.77	-0.3	-0.5	-0.51	0.48	-0.7		0.26	0.39	ASMB
ENTA	-0.23	0.19	-0.68	-0.63	0.43	-0.03	0.12	0.26		0.37	ENTA
NAUT	-0.06	0.31	-0.51	-0.81	0.11	0.38	0.03	0.39	0.37		NAUT
	INGN	SNWV	MDXH	OM	AARD	NNOX	EPRX	ASMB	ENTA	NAUT

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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

ASMB	+ 0.77	SNWV
EPRX	+ 0.71	AARD
OM	+ 0.69	MDXH
ASMB	+ 0.48	NNOX
NNOX	+ 0.45	SNWV
MDXH	+ 0.44	INGN

High negative correlations

NAUT	- 0.81	OM
EPRX	- 0.71	INGN
ASMB	- 0.7	EPRX
ENTA	- 0.68	MDXH
ENTA	- 0.63	OM
EPRX	- 0.59	SNWV

Risk-Adjusted Indicators

There is a big difference between Shoulder Stock performing well and Shoulder Innovations 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 Shoulder Innovations' 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
INGN	1.88	(0.56)	0.00	(0.85)	0.00	0.00	2.91	(3.89)	19.47
SNWV	2.37	(0.15)	0.00	(0.08)	0.00	0.00	3.94	(5.23)	26.31
MDXH	2.92	(0.51)	0.00	(0.24)	0.00	0.00	6.96	(7.42)	17.05
OM	4.98	(1.20)	0.00	1.31	0.00	0.00	9.51	(10.93)	52.35
AARD	3.78	0.37	0.10	0.19	4.24	(3.98)	7.14	(7.56)	38.70
NNOX	3.90	(0.32)	0.00	(0.23)	0.00	0.00	9.44	(6.31)	36.87
EPRX	3.07	0.75	0.23	0.64	2.80	(3.77)	6.98	(4.46)	24.61
ASMB	2.74	(0.30)	0.00	(0.25)	0.00	0.00	5.85	(6.65)	18.53
ENTA	2.57	0.30	0.09	1.37	2.71	(2.91)	5.67	(3.59)	15.79
NAUT	5.36	0.90	0.12	(0.48)	5.41	(7.61)	10.66	(12.00)	53.15

Shoulder Innovations Corporate Management

Thomas Dircks	Independent Director	Profile
Scott Reed	Independent Director	Profile
Colleen Sullivan	Independent Director	Profile
Rebecca Rettig	Director	Profile

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