Modular Medical Correlations

MODD Stock

USD 1.39 0.04 2.80%

The current 90-days correlation between Modular Medical and Outset Medical is -0.17 (i.e., Good diversification). The correlation of Modular Medical 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.

Modular Medical Correlation With Market

Good diversification

The correlation between Modular Medical and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Modular Medical and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Modular Medical. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

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

Moving together with Modular Stock

0.62	VERO	Venus Concept	Pair Corr
0.83	DRIO	DarioHealth Corp	Pair Corr
0.82	EDAP	EDAP TMS SA	Pair Corr
0.82	EKSO	Ekso Bionics Holdings	Pair Corr
0.69	ENSG	Ensign Group	Pair Corr
0.78	ALC	Alcon AG	Pair Corr
0.77	AMN	AMN Healthcare Services Sell-off Trend	Pair Corr
0.78	BAX	Baxter International	Pair Corr

Moving against Modular Stock

0.87	EW	Edwards Lifesciences Corp	Pair Corr
0.86	OM	Outset Medical	Pair Corr
0.84	VVOS	Vivos Therapeutics	Pair Corr
0.83	GH	Guardant Health	Pair Corr
0.83	EMBC	Embecta Corp	Pair Corr
0.82	DXCM	DexCom Inc	Pair Corr
0.76	ELMD	Electromed	Pair Corr
0.75	VREX	Varex Imaging Corp	Pair Corr
0.72	WORX	Scworx Corp	Pair Corr
0.7	DOCS	Doximity	Pair Corr
0.65	ECOR	Electrocore LLC	Pair Corr
0.6	EUDA	EUDA Health Holdings	Pair Corr
0.59	VEEV	Veeva Systems Class	Pair Corr
0.52	ENOV	Enovis Corp	Pair Corr
0.5	EHAB	Enhabit	Pair Corr
0.49	MD	Mednax Inc	Pair Corr
0.45	LH	Laboratory	Pair Corr
0.39	DH	Definitive Healthcare	Pair Corr
0.72	BSX	Boston Scientific Corp	Pair Corr
0.62	AMS	American Shared Hospital	Pair Corr
0.62	CAH	Cardinal Health	Pair Corr
0.46	XAIR	Beyond Air	Pair Corr
0.34	DGX	Quest Diagnostics	Pair Corr

Related Correlations Analysis

	CI	DH	GH	LH	MD	OM	DOCS	VEEV	VERO
CI		0.18	-0.44	-0.31	-0.47	-0.54	-0.4	-0.35	0.54	CI
DH	0.18		0.52	0.23	0.12	0.51	0.37	0.63	0.0	DH
GH	-0.44	0.52		0.77	0.68	0.91	0.85	0.77	-0.61	GH
LH	-0.31	0.23	0.77		0.8	0.57	0.71	0.65	-0.56	LH
MD	-0.47	0.12	0.68	0.8		0.59	0.69	0.64	-0.77	MD
OM	-0.54	0.51	0.91	0.57	0.59		0.83	0.81	-0.6	OM
DOCS	-0.4	0.37	0.85	0.71	0.69	0.83		0.77	-0.65	DOCS
VEEV	-0.35	0.63	0.77	0.65	0.64	0.81	0.77		-0.47	VEEV
VERO	0.54	0.0	-0.61	-0.56	-0.77	-0.6	-0.65	-0.47		VERO
	CI	DH	GH	LH	MD	OM	DOCS	VEEV	VERO

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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

OM	+ 0.91	GH
DOCS	+ 0.85	GH
DOCS	+ 0.83	OM
VEEV	+ 0.81	OM
MD	+ 0.8	LH
LH	+ 0.77	GH

High negative correlations

VERO	- 0.77	MD
VERO	- 0.65	DOCS
VERO	- 0.61	GH
VERO	- 0.6	OM
VERO	- 0.56	LH
OM	- 0.54	CI

Risk-Adjusted Indicators

There is a big difference between Modular Stock performing well and Modular Medical 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 Modular Medical'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
CI	1.38	(0.37)	0.00	(1.53)	0.00	0.00	2.06	(3.76)	12.85
DH	1.88	(0.23)	0.00	(0.13)	0.00	0.00	3.77	(4.02)	9.78
GH	2.81	0.34	0.12	0.17	2.68	(3.28)	7.53	(4.43)	20.17
LH	0.97	0.02	0.01	0.05	1.17	(0.98)	1.99	(1.91)	7.89
MD	1.96	0.40	0.23	0.27	1.55	(2.36)	3.63	(2.88)	27.59
OM	5.14	1.29	0.26	0.83	4.13	(6.75)	11.48	(8.14)	37.93
DOCS	2.44	0.61	0.22	0.55	2.26	(2.88)	5.69	(3.81)	43.10
VEEV	1.50	0.05	0.03	0.07	1.84	(1.74)	4.79	(2.56)	13.12
VERO	5.86	(1.19)	0.00	(1.51)	0.00	0.00	13.79	(13.79)	47.02

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