Mednax Correlations

MD Stock

USD 12.13 0.23 1.93%

The current 90-days correlation between Mednax Inc and Acadia Healthcare is 0.21 (i.e., Modest diversification). The correlation of Mednax 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.

Mednax Correlation With Market

Weak diversification

The correlation between Mednax Inc and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mednax Inc and DJI 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 Mednax Inc. 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 Mednax Stock

0.64	CI	Cigna Corp	Pair Corr
0.69	LH	Laboratory	Pair Corr
0.9	DOCS	Doximity	Pair Corr
0.75	VEEV	Veeva Systems Class	Pair Corr
0.63	ELMD	Electromed	Pair Corr
0.81	ENSG	Ensign Group	Pair Corr
0.87	ABT	Abbott Laboratories Fiscal Year End 22nd of January 2025	Pair Corr
0.88	ALC	Alcon AG	Pair Corr
0.72	BAX	Baxter International	Pair Corr
0.64	BDX	Becton Dickinson Fiscal Year End 14th of November 2024	Pair Corr

Moving against Mednax Stock

0.94	OM	Outset Medical Earnings Call This Week	Pair Corr
0.89	ELAB	Elevai Labs, Common	Pair Corr
0.88	EDAP	EDAP TMS SA	Pair Corr
0.83	VREX	Varex Imaging Corp Fiscal Year End 12th of November 2024	Pair Corr
0.82	VTAK	Catheter Precision	Pair Corr
0.8	DXCM	DexCom Inc	Pair Corr
0.78	EHAB	Enhabit	Pair Corr
0.72	GH	Guardant Health	Pair Corr
0.72	DRIO	DarioHealth Corp	Pair Corr
0.67	EW	Edwards Lifesciences Corp	Pair Corr
0.6	DH	Definitive Healthcare	Pair Corr
0.88	XAIR	Beyond Air	Pair Corr
0.87	AGL	agilon health	Pair Corr
0.78	AWH	Aspira Womens Health	Pair Corr
0.76	BKD	Brookdale Senior Living	Pair Corr
0.76	FORA	Forian Inc	Pair Corr
0.71	CCM	Concord Medical Services	Pair Corr
0.7	WORX	Scworx Corp	Pair Corr
0.54	AMN	AMN Healthcare Services	Pair Corr
0.39	AMS	American Shared Hospital	Pair Corr

Related Correlations Analysis

	SEM	EHC	ACHC	ENSG	HCSG	ADUS
SEM		-0.06	-0.26	-0.24	0.72	-0.39	SEM
EHC	-0.06		0.21	0.75	-0.02	0.63	EHC
ACHC	-0.26	0.21		0.63	0.09	0.64	ACHC
ENSG	-0.24	0.75	0.63		0.06	0.83	ENSG
HCSG	0.72	-0.02	0.09	0.06		-0.05	HCSG
ADUS	-0.39	0.63	0.64	0.83	-0.05		ADUS
	SEM	EHC	ACHC	ENSG	HCSG	ADUS

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

ADUS	+ 0.83	ENSG
ENSG	+ 0.75	EHC
HCSG	+ 0.72	SEM
ADUS	+ 0.64	ACHC
ADUS	+ 0.63	EHC
ENSG	+ 0.63	ACHC

High negative correlations

ADUS	- 0.39	SEM
ACHC	- 0.26	SEM
ENSG	- 0.24	SEM
EHC	- 0.06	SEM
ADUS	- 0.05	HCSG
HCSG	- 0.02	EHC

Risk-Adjusted Indicators

There is a big difference between Mednax Stock performing well and Mednax 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 Mednax'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
SEM	1.43	(0.28)	0.00	(0.05)	0.00	0.00	3.22	(2.79)	15.98
EHC	0.94	0.09	0.02	0.29	1.43	(0.92)	2.48	(1.86)	8.06
ACHC	1.92	(0.29)	0.00	(0.36)	0.00	0.00	4.60	(3.75)	30.61
ENSG	1.10	0.10	0.07	0.22	1.20	(1.10)	2.81	(2.15)	8.09
HCSG	1.80	(0.25)	0.00	(0.03)	0.00	0.00	4.26	(3.90)	11.95
ADUS	1.13	0.01	0.00	0.12	1.26	(1.25)	2.06	(2.26)	9.01

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC