STERIS Plc Correlations

STE Stock

USD 224.01 1.36 0.61%

The current 90-days correlation between STERIS plc and Bruker is 0.31 (i.e., Weak diversification). The correlation of STERIS Plc 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.

STERIS Plc Correlation With Market

Very weak diversification

The correlation between STERIS plc and DJI is 0.45 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding STERIS plc and DJI in the same portfolio, assuming nothing else is changed.

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For information on how to trade STERIS Stock refer to our How to Trade STERIS Stock guide.

Moving together with STERIS Stock

0.7	MD	Mednax Inc	Pair Corr
0.76	OM	Outset Medical	Pair Corr
0.66	DXCM	DexCom Inc Earnings Call Tomorrow	Pair Corr
0.76	EHAB	Enhabit	Pair Corr
0.81	ENSG	Ensign Group Earnings Call Tomorrow	Pair Corr
0.61	ABT	Abbott Laboratories	Pair Corr

Moving against STERIS Stock

0.72	ECOR	Electrocore LLC	Pair Corr
0.47	VERO	Venus Concept	Pair Corr
0.47	DRIO	DarioHealth Corp	Pair Corr
0.47	VSEE	VSee Health,	Pair Corr
0.61	MSPRW	MSP Recovery Symbol Change	Pair Corr
0.57	ICCM	Icecure Medical	Pair Corr
0.45	EKSO	Ekso Bionics Holdings Earnings Call This Week	Pair Corr
0.42	MSPRZ	MSP Recovery Symbol Change	Pair Corr
0.41	ELAB	Elevai Labs, Common	Pair Corr
0.36	EMBC	Embecta Corp	Pair Corr
0.72	NAOV	NanoVibronix	Pair Corr
0.57	MXCT	MaxCyte	Pair Corr
0.51	NXGLW	NexGel Warrant	Pair Corr
0.51	NDRA	ENDRA Life Sciences	Pair Corr
0.33	MGRM	Monogram Orthopaedics	Pair Corr

Related Correlations Analysis

	OFIX	NUVA	GKOS	HSKA	BRKR	CNMD	ANIK	ITGR	ZIMV	SYK
OFIX		0.0	-0.6	0.0	-0.14	-0.08	0.91	0.39	-0.06	-0.58	OFIX
NUVA	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	NUVA
GKOS	-0.6	0.0		0.0	0.5	-0.29	-0.69	-0.07	0.08	0.48	GKOS
HSKA	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	HSKA
BRKR	-0.14	0.0	0.5	0.0		-0.19	-0.12	0.23	-0.08	0.5	BRKR
CNMD	-0.08	0.0	-0.29	0.0	-0.19		-0.11	0.34	-0.22	0.44	CNMD
ANIK	0.91	0.0	-0.69	0.0	-0.12	-0.11		0.28	-0.08	-0.62	ANIK
ITGR	0.39	0.0	-0.07	0.0	0.23	0.34	0.28		-0.24	0.13	ITGR
ZIMV	-0.06	0.0	0.08	0.0	-0.08	-0.22	-0.08	-0.24		0.07	ZIMV
SYK	-0.58	0.0	0.48	0.0	0.5	0.44	-0.62	0.13	0.07		SYK
	OFIX	NUVA	GKOS	HSKA	BRKR	CNMD	ANIK	ITGR	ZIMV	SYK

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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

ANIK	+ 0.91	OFIX
BRKR	+ 0.5	GKOS
SYK	+ 0.5	BRKR
SYK	+ 0.48	GKOS
SYK	+ 0.44	CNMD
ITGR	+ 0.39	OFIX

High negative correlations

ANIK	- 0.69	GKOS
SYK	- 0.62	ANIK
GKOS	- 0.6	OFIX
SYK	- 0.58	OFIX
CNMD	- 0.29	GKOS
ZIMV	- 0.24	ITGR

Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
OFIX	1.79	(0.53)	0.00	(0.22)	0.00	0.00	3.87	(3.75)	14.80
NUVA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GKOS	1.88	0.17	(0.01)	(0.19)	3.08	(1.74)	3.67	(3.74)	14.57
HSKA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRKR	2.24	(0.34)	0.00	(0.04)	0.00	0.00	3.47	(4.56)	12.20
CNMD	1.93	(0.18)	(0.05)	0.01	2.20	(2.15)	3.82	(4.06)	20.87
ANIK	2.47	(0.46)	0.00	(0.26)	0.00	0.00	4.73	(4.60)	25.11
ITGR	1.08	(0.17)	0.00	(0.09)	0.00	0.00	2.14	(2.13)	10.63
ZIMV	4.28	1.56	0.54	1.39	2.06	(5.82)	3.68	(4.79)	14.04
SYK	0.77	0.06	0.03	0.21	0.68	(0.87)	1.90	(1.30)	5.10

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