Evolent Health Correlations

EVH Stock

USD 12.93 0.33 2.49%

The current 90-days correlation between Evolent Health and Certara is 0.12 (i.e., Average diversification). The correlation of Evolent Health 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.

Evolent Health Correlation With Market

Average diversification

The correlation between Evolent Health and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Evolent Health and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Evolent Health. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

For more detail on how to invest in Evolent Stock please use our How to Invest in Evolent Health guide.

Moving together with Evolent Stock

0.65	CI	Cigna Corp	Pair Corr
0.93	EKSO	Ekso Bionics Holdings	Pair Corr
0.9	ALC	Alcon AG	Pair Corr
0.95	AMN	AMN Healthcare Services	Pair Corr
0.93	BAX	Baxter International	Pair Corr
0.66	BDX	Becton Dickinson	Pair Corr
0.71	FORA	Forian Inc	Pair Corr
0.87	CNC	Centene Corp Sell-off Trend	Pair Corr
0.86	DHR	Danaher	Pair Corr
0.86	ELV	Elevance Health Fiscal Year End 22nd of January 2025	Pair Corr
0.75	MOH	Molina Healthcare	Pair Corr
0.91	XRAY	Dentsply Sirona	Pair Corr
0.85	RVP	Retractable Technologies	Pair Corr
0.9	TFX	Teleflex Incorporated	Pair Corr
0.8	XTNT	Xtant Medical Holdings	Pair Corr

Moving against Evolent Stock

0.86	DOCS	Doximity Sell-off Trend	Pair Corr
0.85	VREX	Varex Imaging Corp	Pair Corr
0.66	LH	Laboratory	Pair Corr
0.64	XAIR	Beyond Air	Pair Corr
0.44	VEEV	Veeva Systems Class Earnings Call This Week	Pair Corr
0.37	ENOV	Enovis Corp	Pair Corr
0.85	PEN	Penumbra	Pair Corr
0.84	CAH	Cardinal Health	Pair Corr
0.8	FOXO	FOXO Technologies	Pair Corr
0.79	HAE	Haemonetics	Pair Corr
0.9	GMED	Globus Medical	Pair Corr
0.81	WGS	GeneDx Holdings Corp	Pair Corr
0.81	HIMS	Hims Hers Health Trending	Pair Corr
0.71	INMD	InMode	Pair Corr
0.69	VMD	Viemed Healthcare	Pair Corr
0.5	WST	West Pharmaceutical	Pair Corr

Related Correlations Analysis

	CMAX	CERT	DH	NRC	SLP	PRVA	FORA	HQY	HCAT
CMAX		0.67	0.34	0.48	0.54	-0.08	0.63	-0.67	-0.22	CMAX
CERT	0.67		0.59	0.57	0.8	-0.06	0.74	-0.55	-0.24	CERT
DH	0.34	0.59		0.54	0.65	0.17	0.43	-0.22	0.27	DH
NRC	0.48	0.57	0.54		0.59	0.06	0.68	-0.57	-0.06	NRC
SLP	0.54	0.8	0.65	0.59		0.04	0.71	-0.44	-0.17	SLP
PRVA	-0.08	-0.06	0.17	0.06	0.04		-0.09	0.63	-0.04	PRVA
FORA	0.63	0.74	0.43	0.68	0.71	-0.09		-0.69	-0.51	FORA
HQY	-0.67	-0.55	-0.22	-0.57	-0.44	0.63	-0.69		0.19	HQY
HCAT	-0.22	-0.24	0.27	-0.06	-0.17	-0.04	-0.51	0.19		HCAT
	CMAX	CERT	DH	NRC	SLP	PRVA	FORA	HQY	HCAT

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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

SLP	+ 0.8	CERT
FORA	+ 0.74	CERT
FORA	+ 0.71	SLP
FORA	+ 0.68	NRC
CERT	+ 0.67	CMAX
SLP	+ 0.65	DH

High negative correlations

HQY	- 0.69	FORA
HQY	- 0.67	CMAX
HQY	- 0.57	NRC
HQY	- 0.55	CERT
HCAT	- 0.51	FORA
HQY	- 0.44	SLP

Risk-Adjusted Indicators

There is a big difference between Evolent Stock performing well and Evolent Health 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 Evolent Health'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
CMAX	6.54	(2.15)	0.00	(3.62)	0.00	0.00	12.64	(17.39)	80.24
CERT	1.95	(0.51)	0.00	(0.13)	0.00	0.00	5.82	(4.01)	15.96
DH	2.06	(0.16)	(0.03)	0.03	2.42	(2.26)	4.37	(4.00)	13.20
NRC	1.96	(0.36)	0.00	(0.09)	0.00	0.00	3.79	(4.72)	13.17
SLP	2.03	(0.51)	0.00	(0.08)	0.00	0.00	4.53	(4.36)	14.42
PRVA	2.02	(0.18)	(0.03)	0.02	2.29	(2.21)	4.23	(3.57)	15.04
FORA	1.21	(0.28)	0.00	1.69	0.00	0.00	2.67	(2.77)	9.93
HQY	1.57	0.27	0.21	0.28	1.38	(1.92)	3.46	(2.12)	15.16
HCAT	2.46	0.06	0.06	0.15	3.05	(2.63)	6.14	(5.64)	16.86

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