Cognex Correlations

CGNX Stock

USD 40.11 0.13 0.32%

The current 90-days correlation between Cognex and Vontier Corp is 0.4 (i.e., Very weak diversification). The correlation of Cognex 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.

Cognex Correlation With Market

Poor diversification

The correlation between Cognex and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cognex 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 Cognex. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

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

Moving together with Cognex Stock

0.65	TDY	Teledyne Technologies Fiscal Year End 22nd of January 2025	Pair Corr
0.75	VNT	Vontier Corp	Pair Corr
0.77	ITRI	Itron Inc	Pair Corr
0.62	KEYS	Keysight Technologies	Pair Corr
0.69	TRMB	Trimble	Pair Corr

Moving against Cognex Stock

0.49	SVREW	SaverOne 2014	Pair Corr
0.47	WATT	Energous	Pair Corr
0.36	FCUV	Focus Universal	Pair Corr
0.35	ST	Sensata Technologies	Pair Corr
0.53	SOBR	Sobr Safe Tech Boost	Pair Corr
0.52	SVRE	SaverOne 2014	Pair Corr
0.45	LUNA	Luna Innovations	Pair Corr
0.43	SMIT	Schmitt Industries	Pair Corr

Related Correlations Analysis

	VNT	TDY	ESE	MKSI	ST	FTV	NOVT	COHR	IIVI	MLAB
VNT		0.86	0.84	0.16	-0.68	0.02	-0.04	0.64	0.0	-0.47	VNT
TDY	0.86		0.87	-0.08	-0.75	0.2	-0.13	0.82	0.0	-0.59	TDY
ESE	0.84	0.87		0.14	-0.77	0.38	-0.26	0.75	0.0	-0.62	ESE
MKSI	0.16	-0.08	0.14		0.14	0.19	0.14	-0.17	0.0	0.04	MKSI
ST	-0.68	-0.75	-0.77	0.14		-0.01	0.51	-0.56	0.0	0.71	ST
FTV	0.02	0.2	0.38	0.19	-0.01		0.09	0.51	0.0	0.16	FTV
NOVT	-0.04	-0.13	-0.26	0.14	0.51	0.09		0.07	0.0	0.63	NOVT
COHR	0.64	0.82	0.75	-0.17	-0.56	0.51	0.07		0.0	-0.3	COHR
IIVI	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	IIVI
MLAB	-0.47	-0.59	-0.62	0.04	0.71	0.16	0.63	-0.3	0.0		MLAB
	VNT	TDY	ESE	MKSI	ST	FTV	NOVT	COHR	IIVI	MLAB

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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

ESE	+ 0.87	TDY
TDY	+ 0.86	VNT
ESE	+ 0.84	VNT
COHR	+ 0.82	TDY
COHR	+ 0.75	ESE
MLAB	+ 0.71	ST

High negative correlations

ST	- 0.77	ESE
ST	- 0.75	TDY
ST	- 0.68	VNT
MLAB	- 0.62	ESE
MLAB	- 0.59	TDY
COHR	- 0.56	ST

Risk-Adjusted Indicators

There is a big difference between Cognex Stock performing well and Cognex 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 Cognex'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
VNT	1.25	0.04	0.05	0.15	1.12	(1.56)	2.48	(2.06)	11.02
TDY	0.92	0.10	0.08	0.23	0.84	(1.07)	2.31	(1.35)	8.10
ESE	1.15	0.33	0.15	3.11	1.12	(1.26)	3.07	(1.64)	11.48
MKSI	2.20	(0.03)	0.00	(0.33)	0.00	0.00	4.95	(3.85)	18.54
ST	1.58	(0.17)	0.00	0.35	0.00	0.00	3.30	(3.01)	10.22
FTV	1.03	0.10	0.00	1.48	1.16	(1.12)	2.09	(1.69)	6.53
NOVT	1.45	(0.37)	0.00	(0.07)	0.00	0.00	2.84	(2.60)	14.41
COHR	2.42	0.17	0.08	0.21	2.91	(2.52)	6.27	(4.90)	15.34
IIVI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MLAB	2.50	(0.57)	0.00	(0.07)	0.00	0.00	3.47	(5.50)	23.18

Cognex Corporate Management

Jrg Kchen	Senior Products	Profile
Mark Fennell	Secretary	Profile
Didier Lacroix	Senior Marketing	Profile
Richard CPA	Secretary	Profile

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