Elanco Animal Correlations
| 5EA Stock | EUR 15.65 0.02 0.13% |
The correlation of Elanco Animal 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Elanco Animal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Elanco Animal Health moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Average diversification
The correlation between Elanco Animal Health and NYA is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elanco Animal Health and NYA in the same portfolio, assuming nothing else is changed.
Elanco |
The ability to find closely correlated positions to Elanco Animal could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Elanco Animal 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 Elanco Animal - 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 Elanco Animal Health to buy it.
Moving together with Elanco Stock
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| 0.65 | PTI | Perusahaan Perseroan | PairCorr |
| 0.63 | TCID | Telkom Indonesia Tbk | PairCorr |
| 0.81 | E908 | Lyxor 1 | PairCorr |
Moving against Elanco Stock
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Elanco Stock performing well and Elanco Animal 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 Elanco Animal'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 8SP | 1.01 | 0.05 | (0.01) | 0.68 | 1.09 | 2.16 | 6.74 | |||
| 6NM | 1.17 | 0.20 | 0.07 | (0.51) | 1.11 | 2.78 | 7.33 | |||
| 39O1 | 6.14 | 2.01 | 0.30 | 1.48 | 5.28 | 14.83 | 67.94 | |||
| 2DG | 4.66 | 0.23 | 0.02 | 25.57 | 5.67 | 13.04 | 47.58 | |||
| 2GB | 1.50 | 0.16 | 0.04 | (0.62) | 1.61 | 3.89 | 8.77 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Elanco Animal 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.Did you try this?
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Elanco Animal Corporate Management
Elected by the shareholders, the Elanco Animal's board of directors comprises two types of representatives: Elanco Animal inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Elanco. The board's role is to monitor Elanco Animal's management team and ensure that shareholders' interests are well served. Elanco Animal's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Elanco Animal's outside directors are responsible for providing unbiased perspectives on the board's policies.
| Joshua Smiley | Independent Director | Profile | |
| Chris Keeley | VP Officer | Profile | |
| Carl McMillian | Independent Director | Profile | |
| Denise ScotsKnight | Independent Director | Profile | |
| David Kinard | Executive Vice President of Human Resources | Profile |
Already Invested in Elanco Animal Health?
The danger of trading Elanco Animal Health is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Elanco Animal is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Elanco Animal. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Elanco Animal Health is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Elanco Animal Health offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of Elanco Animal's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Elanco Animal Health Stock. Outlined below are crucial reports that will aid in making a well-informed decision on Elanco Animal Health Stock: Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Elanco Animal Health. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Complementary Tools for Elanco Stock analysis
When running Elanco Animal's price analysis, check to measure Elanco Animal's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Elanco Animal is operating at the current time. Most of Elanco Animal's value examination focuses on studying past and present price action to predict the probability of Elanco Animal's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Elanco Animal's price. Additionally, you may evaluate how the addition of Elanco Animal to your portfolios can decrease your overall portfolio volatility.
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