Smith Nephew Correlations

Stocks . USA . 
Stock . Smith Nephew SNATS
SNN Stock  USD 36.34  0.53  1.48%   
The current 90-days correlation between Smith Nephew SNATS and Smith Nephew plc is 0.01 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Smith Nephew moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Smith Nephew SNATS moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Smith Nephew Correlation With Market

Modest diversification

The correlation between Smith Nephew SNATS and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smith Nephew SNATS and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Smith Nephew SNATS. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Smith Stock

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Moving against Smith Stock

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  0.56BAX Baxter InternationalPairCorr
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Related Correlations Analysis


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

OFIX
+ 0.93
SNNUF
OFIX
+ 0.89
STE
STE
+ 0.87
SNNUF
ITGR
+ 0.87
GKOS
GKOS
+ 0.39
CNMD
ITGR
+ 0.29
CNMD
  

High negative correlations

FMS
- 0.75
CNMD
ITGR
- 0.69
SNNUF
OFIX
- 0.66
ITGR
STE
- 0.55
ITGR
GKOS
- 0.51
SNNUF
OFIX
- 0.46
GKOS

Risk-Adjusted Indicators

There is a big difference between Smith Stock performing well and Smith Nephew 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 Smith Nephew'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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