Pro Medicus Correlations

PME Stock

248.65 1.58 0.63%

The current 90-days correlation between Pro Medicus and Australian Agricultural is -0.15 (i.e., Good diversification). The correlation of Pro Medicus 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.

Pro Medicus Correlation With Market

Average diversification

The correlation between Pro Medicus and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pro Medicus and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Pro Medicus could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Pro Medicus when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Pro Medicus - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Pro Medicus to buy it.

Moving together with Pro Stock

0.74	MQGPD	Macquarie Group	Pair Corr
0.67	GVF	Staude Capital Global	Pair Corr
0.78	GMD	Genesis Minerals	Pair Corr
0.9	AME	Alto Metals	Pair Corr
0.64	MME	MoneyMe	Pair Corr
0.72	GDF	Garda Diversified Ppty	Pair Corr
0.72	ST1	Spirit Telecom Split	Pair Corr
0.83	BVS	Bravura Solutions	Pair Corr
0.87	FSI	Flagship Investments	Pair Corr
0.82	SHO	SportsHero	Pair Corr
0.63	AIQ	Alternative Investment	Pair Corr
0.93	AHF	Australian Dairy Farms	Pair Corr
0.77	ABA	Auswide Bank	Pair Corr
0.95	TLX	Telix Pharmaceuticals	Pair Corr
0.95	JBH	JB Hi Fi	Pair Corr
0.89	CBA	Commonwealth Bank	Pair Corr
0.83	HSN	Hansen Technologies	Pair Corr
0.95	IMR	Imricor Medical Systems	Pair Corr
0.63	ASX	ASX	Pair Corr

Moving against Pro Stock

0.92	WLE	Wam Leaders	Pair Corr
0.71	PE1	Pengana Private Equity	Pair Corr
0.67	BKW	Brickworks	Pair Corr
0.58	IVT	Inventis	Pair Corr
0.47	A1M	AIC Mines Limited	Pair Corr
0.38	SFR	Sandfire Resources	Pair Corr

Related Correlations Analysis

	EOF	IXJ	ADT	AHF	VMS	AAC	ERW	IFRA	ERA	IMU
EOF		0.14	0.34	-0.55	-0.1	-0.01	0.35	0.18	-0.21	0.34	EOF
IXJ	0.14		-0.28	-0.49	0.18	0.37	0.46	0.15	0.14	0.66	IXJ
ADT	0.34	-0.28		0.42	-0.82	-0.5	-0.55	0.13	-0.79	-0.53	ADT
AHF	-0.55	-0.49	0.42		-0.51	-0.42	-0.84	-0.12	-0.4	-0.84	AHF
VMS	-0.1	0.18	-0.82	-0.51		0.57	0.65	-0.08	0.73	0.55	VMS
AAC	-0.01	0.37	-0.5	-0.42	0.57		0.63	-0.19	0.46	0.58	AAC
ERW	0.35	0.46	-0.55	-0.84	0.65	0.63		0.13	0.55	0.82	ERW
IFRA	0.18	0.15	0.13	-0.12	-0.08	-0.19	0.13		-0.07	-0.05	IFRA
ERA	-0.21	0.14	-0.79	-0.4	0.73	0.46	0.55	-0.07		0.46	ERA
IMU	0.34	0.66	-0.53	-0.84	0.55	0.58	0.82	-0.05	0.46		IMU
	EOF	IXJ	ADT	AHF	VMS	AAC	ERW	IFRA	ERA	IMU

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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

IMU	+ 0.82	ERW
ERA	+ 0.73	VMS
IMU	+ 0.66	IXJ
ERW	+ 0.65	VMS
ERW	+ 0.63	AAC
IMU	+ 0.58	AAC

High negative correlations

IMU	- 0.84	AHF
ERW	- 0.84	AHF
VMS	- 0.82	ADT
ERA	- 0.79	ADT
ERW	- 0.55	ADT
AHF	- 0.55	EOF

Risk-Adjusted Indicators

There is a big difference between Pro Stock performing well and Pro Medicus 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 Pro Medicus' 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
EOF	3.96	0.14	0.01	(0.07)	4.89	(8.27)	11.76	(10.71)	40.79
IXJ	0.58	(0.10)	0.00	(0.81)	0.00	0.00	0.99	(1.25)	3.57
ADT	1.93	0.33	0.15	20.43	1.74	(2.27)	5.99	(2.87)	12.71
AHF	5.40	1.90	0.31	(1.98)	3.55	(9.65)	15.22	(6.38)	41.58
VMS	5.04	(0.39)	0.00	0.74	0.00	0.00	9.09	(8.33)	28.33
AAC	0.88	0.02	(0.01)	(0.02)	1.08	(1.09)	1.48	(2.11)	6.43
ERW	5.60	(0.21)	0.00	0.34	0.00	0.00	14.29	(14.52)	47.10
IFRA	0.54	(0.06)	0.00	(0.24)	0.00	0.00	1.13	(1.18)	4.12
ERA	22.95	2.74	0.09	0.54	21.83	(38.93)	50.00	(33.33)	150.72
IMU	2.79	(0.30)	0.00	(0.81)	0.00	0.00	6.82	(7.14)	17.67

Be your own money manager

Our tools can tell you how much better you can do entering a position in Pro Medicus without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Pro Medicus Corporate Management

Elected by the shareholders, the Pro Medicus' board of directors comprises two types of representatives: Pro Medicus inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Pro. The board's role is to monitor Pro Medicus' management team and ensure that shareholders' interests are well served. Pro Medicus' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Pro Medicus' outside directors are responsible for providing unbiased perspectives on the board's policies.

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