Accuray Incorporated Correlations

ARAY Stock  USD 2.23  0.12  5.69%   
The current 90-days correlation between Accuray Incorporated and Bioventus is -0.04 (i.e., Good diversification). The correlation of Accuray Incorporated 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.

Accuray Incorporated Correlation With Market

Weak diversification

The correlation between Accuray Incorporated and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Accuray Incorporated and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Accuray Incorporated. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.
For more information on how to buy Accuray Stock please use our How to Invest in Accuray Incorporated guide.

Moving together with Accuray Stock

  0.63EMBC Embecta Corp TrendingPairCorr

Moving against Accuray Stock

  0.42DRIO DarioHealth CorpPairCorr
  0.46BVS BioventusPairCorr
  0.36SSY SunLink Health SystemsPairCorr
  0.35AHG Akso Health GroupPairCorr
  0.35CCM Concord Medical ServicesPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
AVNSCUTR
OFIXFNA
AZYOBVS
FNANUVA
FNASRDX
NUVASRDX
  
High negative correlations   
OFIXCUTR
FNACUTR
AVNSOFIX
BVSSRDX
SIBNBVS
AZYOSIBN

Risk-Adjusted Indicators

There is a big difference between Accuray Stock performing well and Accuray Incorporated 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 Accuray Incorporated'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
SRDX  0.48 (0.06) 0.00 (0.03) 0.00 
 1.26 
 3.22 
AXGN  2.25  0.05  0.02  0.17  3.70 
 4.73 
 21.60 
BVS  2.48  0.37  0.07  1.24  3.63 
 5.34 
 26.44 
CUTR  4.97 (0.69) 0.00 (0.18) 0.00 
 12.12 
 44.12 
NUVA  1.23 (0.03) 0.00 (2.18) 0.00 
 3.31 
 7.19 
FNA  3.71  0.20  0.09  0.21  4.10 
 7.32 
 43.16 
OFIX  1.86  0.03  0.04  0.15  2.06 
 3.90 
 12.11 
SIBN  2.83 (0.42) 0.00 (0.11) 0.00 
 5.99 
 26.24 
AVNS  1.61 (0.53) 0.00 (0.19) 0.00 
 3.01 
 20.91 
AZYO  3.96  0.72  0.12 (1.34) 3.84 
 8.44 
 30.62 

Accuray Incorporated Corporate Management

Jesse ChewChief VPProfile
Melanie GebauerVice ResourcesProfile
GS JhaGlobal OfficerProfile
Sandeep ChalkeInterim OfficerProfile
Jim DennisonQuality RegulatoryProfile