Danaher Correlations

DHR Stock

USD 271.56 1.23 0.45%

The current 90-days correlation between Danaher and Thermo Fisher Scientific is 0.79 (i.e., Poor diversification). The correlation of Danaher 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.

Danaher Correlation With Market

Very weak diversification

The correlation between Danaher and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Danaher 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 Danaher. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

To learn how to invest in Danaher Stock, please use our How to Invest in Danaher guide.

Moving together with Danaher Stock

0.64

EHC

Encompass Health Corp

Pair Corr

Moving against Danaher Stock

0.63	IVP	Inspire Veterinary	Pair Corr
0.53	FORA	Forian Inc	Pair Corr
0.51	DH	Definitive Healthcare	Pair Corr
0.49	CCM	Concord Medical Services	Pair Corr
0.46	VREX	Varex Imaging Corp Fiscal Year End 12th of November 2024	Pair Corr
0.4	XTNT	Xtant Medical Holdings	Pair Corr
0.31	SEM	Select Medical Holdings	Pair Corr
0.55	MBOT	Microbot Medical	Pair Corr
0.51	MASS	908 Devices	Pair Corr
0.47	JYNT	Joint Corp	Pair Corr
0.44	PGNY	Progyny	Pair Corr
0.42	KIDS	Orthopediatrics Corp	Pair Corr
0.39	MGRX	Mangoceuticals, Common	Pair Corr
0.39	NVNO	enVVeno Medical Corp	Pair Corr
0.35	HSTM	HealthStream Earnings Call This Week	Pair Corr
0.35	MODV	ModivCare	Pair Corr
0.34	HIMS	Hims Hers Health Upward Rally	Pair Corr

Related Correlations Analysis

	A	ILMN	IDXX	WAT	TMO	MTD	CRL	GH	RVTY
A		0.78	0.31	0.93	0.65	0.83	-0.43	-0.68	0.82	A
ILMN	0.78		0.26	0.78	0.45	0.5	-0.63	-0.77	0.58	ILMN
IDXX	0.31	0.26		0.2	0.29	0.13	-0.22	-0.32	0.39	IDXX
WAT	0.93	0.78	0.2		0.67	0.74	-0.5	-0.68	0.8	WAT
TMO	0.65	0.45	0.29	0.67		0.55	-0.32	-0.41	0.84	TMO
MTD	0.83	0.5	0.13	0.74	0.55		0.04	-0.24	0.76	MTD
CRL	-0.43	-0.63	-0.22	-0.5	-0.32	0.04		0.85	-0.2	CRL
GH	-0.68	-0.77	-0.32	-0.68	-0.41	-0.24	0.85		-0.45	GH
RVTY	0.82	0.58	0.39	0.8	0.84	0.76	-0.2	-0.45		RVTY
	A	ILMN	IDXX	WAT	TMO	MTD	CRL	GH	RVTY

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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

WAT	+ 0.93	A
GH	+ 0.85	CRL
RVTY	+ 0.84	TMO
MTD	+ 0.83	A
RVTY	+ 0.82	A
RVTY	+ 0.8	WAT

High negative correlations

GH	- 0.77	ILMN
GH	- 0.68	WAT
GH	- 0.68	A
CRL	- 0.63	ILMN
CRL	- 0.5	WAT
RVTY	- 0.45	GH

Risk-Adjusted Indicators

There is a big difference between Danaher Stock performing well and Danaher 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 Danaher'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
A	1.04	0.02	0.02	0.13	1.26	(1.02)	2.69	(2.08)	6.97
ILMN	1.89	0.25	0.13	0.27	1.89	(1.98)	4.85	(3.80)	11.70
IDXX	1.17	(0.16)	0.00	(0.04)	0.00	0.00	3.14	(2.56)	8.67
WAT	1.34	0.14	0.10	0.22	1.32	(1.51)	3.57	(2.08)	9.70
TMO	1.03	0.07	0.04	0.20	1.04	(1.18)	2.26	(1.98)	6.94
MTD	1.30	(0.03)	0.00	0.08	1.56	(1.41)	2.88	(2.56)	8.84
CRL	1.71	(0.33)	0.00	(0.08)	0.00	0.00	4.30	(3.31)	17.86
GH	2.85	(0.63)	0.00	(0.44)	0.00	0.00	5.60	(5.26)	18.13
RVTY	1.45	0.05	0.05	0.15	1.39	(1.84)	3.02	(2.59)	12.72

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