Stryker Correlations

SYK Stock

USD 389.48 0.08 0.02%

The current 90-days correlation between Stryker and Abbott Laboratories is 0.37 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Stryker moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Stryker moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Stryker Correlation With Market

Poor diversification

The correlation between Stryker and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Stryker and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Stryker Stock

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

For more information on how to buy Stryker Stock please use our How to buy in Stryker Stock guide.

Moving together with Stryker Stock

0.77	DH	Definitive Healthcare	Pair Corr
0.86	EW	Edwards Lifesciences Corp Earnings Call Tomorrow	Pair Corr
0.8	LH	Laboratory Earnings Call This Week	Pair Corr
0.76	OM	Outset Medical	Pair Corr
0.65	VEEV	Veeva Systems Class	Pair Corr
0.87	DXCM	DexCom Inc Earnings Call This Week	Pair Corr
0.71	ENSG	Ensign Group Earnings Call This Week	Pair Corr
0.72	FIGS	Figs Inc	Pair Corr

Moving against Stryker Stock

0.48	VERO	Venus Concept	Pair Corr
0.46	CI	Cigna Corp	Pair Corr
0.45	DRIO	DarioHealth Corp	Pair Corr
0.36	VTAK	Catheter Precision	Pair Corr
0.7	MSPRW	MSP Recovery Symbol Change	Pair Corr
0.62	MSPRZ	MSP Recovery Symbol Change	Pair Corr
0.52	EKSO	Ekso Bionics Holdings Earnings Call This Week	Pair Corr
0.52	ELMD	Electromed	Pair Corr
0.5	ELAB	Elevai Labs, Common	Pair Corr
0.47	ICCM	Icecure Medical	Pair Corr
0.8	NAOV	NanoVibronix	Pair Corr
0.68	MNDR	Mobile health Network	Pair Corr
0.68	NXGLW	NexGel Warrant	Pair Corr
0.64	MGRX	Mangoceuticals, Common	Pair Corr
0.64	NXLIW	Nexalin Technology	Pair Corr
0.63	MXCT	MaxCyte	Pair Corr

Related Correlations Analysis

	ABT	BDX	BSX	DHR	EW	MDT	TMO	ZBH
ABT		-0.52	0.33	0.38	0.4	0.16	-0.41	-0.43	ABT
BDX	-0.52		-0.59	-0.06	-0.51	-0.17	0.68	0.73	BDX
BSX	0.33	-0.59		0.13	0.81	0.2	-0.44	-0.29	BSX
DHR	0.38	-0.06	0.13		0.34	0.68	0.33	0.05	DHR
EW	0.4	-0.51	0.81	0.34		0.47	-0.34	-0.33	EW
MDT	0.16	-0.17	0.2	0.68	0.47		0.16	-0.19	MDT
TMO	-0.41	0.68	-0.44	0.33	-0.34	0.16		0.67	TMO
ZBH	-0.43	0.73	-0.29	0.05	-0.33	-0.19	0.67		ZBH
	ABT	BDX	BSX	DHR	EW	MDT	TMO	ZBH

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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

EW	+ 0.81	BSX
ZBH	+ 0.73	BDX
TMO	+ 0.68	BDX
MDT	+ 0.68	DHR
ZBH	+ 0.67	TMO
MDT	+ 0.47	EW

High negative correlations

BSX	- 0.59	BDX
BDX	- 0.52	ABT
EW	- 0.51	BDX
TMO	- 0.44	BSX
ZBH	- 0.43	ABT
TMO	- 0.41	ABT

Risk-Adjusted Indicators

There is a big difference between Stryker Stock performing well and Stryker 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 Stryker'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
ABT	0.93	(0.06)	0.00	(0.18)	0.00	0.00	2.62	(1.59)	12.24
BDX	1.21	(0.30)	0.00	(0.20)	0.00	0.00	1.82	(1.85)	19.80
BSX	0.87	0.07	0.01	0.27	0.85	(0.98)	1.86	(1.62)	6.52
DHR	1.40	(0.20)	0.00	(0.01)	0.00	0.00	2.51	(3.47)	11.39
EW	0.94	0.05	0.00	0.20	1.00	(1.08)	2.02	(1.88)	8.85
MDT	0.83	0.01	(0.02)	0.14	1.17	(0.79)	1.91	(2.00)	6.94
TMO	1.47	(0.29)	0.00	(0.08)	0.00	0.00	2.58	(3.61)	12.65
ZBH	1.29	(0.24)	0.00	(0.13)	0.00	0.00	2.07	(2.22)	13.69

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