Prestige Brand Correlations

PBH Stock  USD 82.32  0.69  0.85%   
The current 90-days correlation between Prestige Brand Holdings and Evotec SE ADR is 0.17 (i.e., Average diversification). The correlation of Prestige Brand 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.

Prestige Brand Correlation With Market

Very weak diversification

The correlation between Prestige Brand Holdings and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prestige Brand Holdings and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Prestige Brand Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Prestige Stock

  0.62VCEL Vericel Corp OrdPairCorr
  0.84VERV Verve Therapeutics Sell-off TrendPairCorr
  0.69DSGN Design TherapeuticsPairCorr
  0.71DVAX Dynavax TechnologiesPairCorr
  0.62VRTX Vertex PharmaceuticalsPairCorr

Moving against Prestige Stock

  0.55ME 23Andme HoldingPairCorr
  0.37A Agilent Technologies Sell-off TrendPairCorr
  0.35DRMA Dermata TherapeuticsPairCorr
  0.34VALN Valneva SE ADRPairCorr
  0.63VIRX Viracta TherapeuticsPairCorr
  0.49VRCA Verrica PharmaceuticalsPairCorr
  0.38CDTTW Conduit PharmaceuticalsPairCorr

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   
SSICEVO
PCRXAMPH
SSICSUPN
RGCEGRX
ANIPSUPN
SUPNEVO
  
High negative correlations   
SSICCOLL
PCRXEGRX
COLLSUPN
COLLEVO
DCPHEVO
EGRXEVO

Risk-Adjusted Indicators

There is a big difference between Prestige Stock performing well and Prestige Brand 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 Prestige Brand'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
EVO  3.88  0.74  0.13 (21.17) 4.11 
 9.82 
 28.90 
SUPN  1.35  0.05  0.04  0.20  1.71 
 3.33 
 12.24 
COLL  1.98 (0.36) 0.00 (0.14) 0.00 
 3.59 
 12.29 
DCPH  1.66 (0.17) 0.00  1.08  0.00 
 3.27 
 9.66 
EGRX  3.94 (1.20) 0.00 (38.87) 0.00 
 9.24 
 53.71 
SSIC  1.09  0.17  0.00 (1.50) 1.04 
 2.89 
 7.09 
RGC  6.44 (0.24) 0.00  0.31  0.00 
 22.58 
 43.32 
AMPH  1.68 (0.04) 0.01  0.13  2.80 
 3.62 
 20.48 
PCRX  2.10  0.28  0.15  0.36  1.96 
 5.05 
 13.69 
ANIP  1.80 (0.14)(0.05) 0.04  2.12 
 3.70 
 10.61