Lucy Scientific Correlations

LSDI Stock   0.75  0.01  1.32%   
The current 90-days correlation between Lucy Scientific Discovery and ANI Pharmaceuticals is -0.08 (i.e., Good diversification). The correlation of Lucy Scientific 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.

Lucy Scientific Correlation With Market

Good diversification

The correlation between Lucy Scientific Discovery and NYA is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Lucy Scientific Discovery and NYA in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Lucy Scientific Discovery. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Lucy Stock

  0.63ERNA Eterna TherapeuticsPairCorr
  0.7BMY Bristol Myers SquibbPairCorr
  0.66JNJ Johnson Johnson Sell-off TrendPairCorr
  0.77GILD Gilead SciencesPairCorr
  0.68IMNM ImmunomePairCorr
  0.7ACLX ArcellxPairCorr
  0.74AKAN Akanda CorpPairCorr
  0.67ANTX AN2 TherapeuticsPairCorr
  0.64AQST Aquestive Therapeutics Earnings Call TodayPairCorr

Moving against Lucy Stock

  0.58RZLT Rezolute Fiscal Year End 12th of September 2024 PairCorr
  0.48HCM HUTCHMED DRCPairCorr
  0.38LPCN LipocinePairCorr
  0.37LLY Eli LillyPairCorr
  0.33MRK Merck Company Financial Report 6th of August 2024 PairCorr
  0.32ALVO AlvotechPairCorr
  0.63WGS GeneDx Holdings Corp Earnings Call TodayPairCorr
  0.6OM Outset MedicalPairCorr
  0.45AMGN Amgen IncPairCorr
  0.43CALT Calliditas TherapeuticsPairCorr
  0.39GCTK GlucoTrackPairCorr
  0.31SNDL SNDL IncPairCorr

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   
RDYANIP
CYTHANIP
CYTHRDY
CYTHPCRX
  
High negative correlations   
PCRXRDY
PCRXANIP

Risk-Adjusted Indicators

There is a big difference between Lucy Stock performing well and Lucy Scientific 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 Lucy Scientific'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.