Johnson Johnson Correlations

JNJ Stock

USD 160.64 1.00 0.63%

The current 90-days correlation between Johnson Johnson and Agilent Technologies is 0.15 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Johnson Johnson moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Johnson Johnson moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Johnson Johnson Correlation With Market

Weak diversification

The correlation between Johnson Johnson and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Johnson Johnson and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Johnson Johnson. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more information on how to buy Johnson Stock please use our How to buy in Johnson Stock guide.

Moving together with Johnson Stock

0.69	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.72	TIL	Instil Bio	Pair Corr
0.71	NUVB	Nuvation Bio Earnings Call This Week	Pair Corr
0.63	AMGN	Amgen Inc Earnings Call This Week	Pair Corr

Moving against Johnson Stock

0.41	PCRX	Pacira Pharmaceuticals Earnings Call This Week	Pair Corr
0.4	ONCT	Oncternal Therapeutics	Pair Corr
0.33	MNPR	Monopar Therapeutics	Pair Corr
0.62	SRZN	Surrozen	Pair Corr
0.54	ALVOW	Alvotech Warrant	Pair Corr
0.5	ALVO	Alvotech	Pair Corr
0.31	VREX	Varex Imaging Corp Earnings Call This Week	Pair Corr

Related Correlations Analysis

	A	EQ	KA	ME	DMAC	VALN	VANI	DNLI	DNTH	VBIV
A		0.7	-0.34	0.74	0.13	0.49	0.74	-0.36	-0.12	-0.23	A
EQ	0.7		-0.28	0.71	0.08	0.44	0.81	-0.82	-0.45	-0.37	EQ
KA	-0.34	-0.28		-0.17	0.38	-0.58	-0.61	0.27	0.56	0.4	KA
ME	0.74	0.71	-0.17		0.27	0.6	0.6	-0.41	-0.06	0.03	ME
DMAC	0.13	0.08	0.38	0.27		-0.1	-0.12	0.28	0.49	0.34	DMAC
VALN	0.49	0.44	-0.58	0.6	-0.1		0.63	-0.2	-0.42	-0.13	VALN
VANI	0.74	0.81	-0.61	0.6	-0.12	0.63		-0.64	-0.48	-0.4	VANI
DNLI	-0.36	-0.82	0.27	-0.41	0.28	-0.2	-0.64		0.64	0.44	DNLI
DNTH	-0.12	-0.45	0.56	-0.06	0.49	-0.42	-0.48	0.64		0.57	DNTH
VBIV	-0.23	-0.37	0.4	0.03	0.34	-0.13	-0.4	0.44	0.57		VBIV
	A	EQ	KA	ME	DMAC	VALN	VANI	DNLI	DNTH	VBIV

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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

VANI	+ 0.81	EQ
ME	+ 0.74	A
VANI	+ 0.74	A
ME	+ 0.71	EQ
EQ	+ 0.7	A
DNTH	+ 0.64	DNLI

High negative correlations

DNLI	- 0.82	EQ
DNLI	- 0.64	VANI
VANI	- 0.61	KA
VALN	- 0.58	KA
DNTH	- 0.48	VANI
DNTH	- 0.45	EQ

Risk-Adjusted Indicators

There is a big difference between Johnson Stock performing well and Johnson Johnson 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 Johnson Johnson'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	1.28	(0.09)	0.00	(0.01)	0.00	0.00	2.69	(1.88)	12.84
EQ	4.50	(0.91)	0.00	(2.17)	0.00	0.00	6.85	(11.25)	34.94
KA	5.93	0.39	0.05	0.51	6.46	(7.72)	12.31	(10.42)	66.77
ME	3.53	(0.14)	0.00	(0.03)	0.00	0.00	10.26	(7.84)	30.19
DMAC	3.84	0.72	0.17	1.06	3.52	(4.46)	8.44	(6.23)	36.48
VALN	2.41	(0.14)	0.00	(0.05)	0.00	0.00	5.26	(5.13)	18.00
VANI	2.33	(0.43)	0.00	(0.93)	0.00	0.00	4.37	(6.99)	18.41
DNLI	2.78	0.57	0.21	0.45	2.44	(3.36)	6.65	(4.55)	18.45
DNTH	3.73	0.31	0.07	0.34	3.92	(4.09)	7.46	(7.18)	20.60
VBIV	2.63	(0.17)	0.00	(0.13)	0.00	0.00	4.84	(6.35)	16.24

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