Bristol Myers Correlations

Stocks . USA . 
Stock . Bristol Myers Squibb
BMY Stock  USD 52.40  0.40  0.76%   
The current 90-days correlation between Bristol Myers Squibb and AbbVie Inc is 0.49 (i.e., Very weak diversification). The correlation of Bristol Myers 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.

Bristol Myers Correlation With Market

Weak diversification

The correlation between Bristol Myers Squibb and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb 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 Bristol Myers Squibb. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Bristol Stock

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Moving against Bristol Stock

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Related Correlations Analysis

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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   
JNJ
+ 0.87
ABBV
BIIB
+ 0.87
MRK
JNJ
+ 0.71
GILD
GILD
+ 0.67
ABBV
AMGN
+ 0.49
PFE
AMGN
+ 0.45
MRK
  
High negative correlations   
BIIB
- 0.83
ABBV
BIIB
- 0.81
GILD
MRK
- 0.78
ABBV
BIIB
- 0.67
JNJ
PFE
- 0.57
LLY
GILD
- 0.54
MRK

Risk-Adjusted Indicators

There is a big difference between Bristol Stock performing well and Bristol Myers 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 Bristol Myers' 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.

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