Bristol-Myers Squibb Correlations

BMY
 Stock
  

USD 79.24  1.18  1.47%   

The correlation of Bristol-Myers Squibb is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bristol-Myers Squibb moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bristol-Myers Squibb moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
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The ability to find closely correlated positions to Bristol-Myers Squibb could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bristol-Myers Squibb when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bristol-Myers Squibb - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bristol-Myers Squibb to buy it.

Moving together with Bristol-Myers Squibb

+0.65ALKSAlkermes PlcPairCorr
+0.92AMGNAmgen Inc Sell-off TrendPairCorr
+0.97GILDGilead SciencesPairCorr
+0.61ILMNIlluminaPairCorr
+0.93INCYIncytePairCorr
+0.61JAZZJazz Pharmaceuticals PLCPairCorr
+0.93LLYEli Lilly And Sell-off TrendPairCorr
+0.78RDYDr Reddys LaboratoriesPairCorr
+0.67REGNRegeneron PharmaceuticalsPairCorr
+0.64TRIBTrinity Biotech PlcPairCorr
+0.79BSXBoston Scientific CorpPairCorr

Moving against Bristol-Myers Squibb

-0.74SGENSeagen IncPairCorr
-0.7CPHIChina Pharma HoldingsPairCorr
-0.67PRGOPerrigo CompanyPairCorr
-0.84DVADaVita HealthCarePairCorr
-0.52MDTMedtronic PLCPairCorr

Related Correlations

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
CATXOM
CATBA
BACCAT
BAAA
BACXOM
BACBA
  
High negative correlations   
CATDIS
DISXOM
VZXOM
DISBA
CATVZ
MSFTXOM

Risk-Adjusted Indicators

Nowadays, there is a big difference between Bristol-Myers Stock performing well and Bristol-Myers Squibb company doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze Bristol-Myers Squibb's multiple risk-adjusted performance indicators. 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
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
AA 3.81 (0.03)  0.01  0.04  4.27  0.0078 (4.43)  7.74 (7.61)  20.15 
BA 2.11  0.18  0.05  0.21  3.16  0.06 (1.98)  4.65 (5.37)  14.69 
XOM 1.59  0.13  0.06  0.19  1.87  0.06 (1.65)  3.65 (2.91)  9.75 
DIS 2.06 (0.35)  0.00 (0.19)  0.00 (0.11)  0.00  4.28 (3.79)  17.60 
MSFT 1.80 (0.11)  0.00 (0.03)  0.00 (0.0369)  0.00  3.92 (3.54)  11.64 
VZ 1.22 (0.16)  0.00 (0.20)  0.00 (0.12)  0.00  2.21 (2.62)  7.59 
CAT 1.61  0.33  0.19  0.34  1.45  0.15 (1.81)  4.36 (2.70)  9.57 
BAC 1.65 (0.10)  0.00 (0.02)  0.00 (0.0386)  0.00  4.14 (2.97)  10.59 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bristol-Myers Squibb without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Bristol-Myers Squibb Corporate Directors

Bristol-Myers Squibb corporate directors refer to members of a Bristol-Myers Squibb board of directors. The board of directors generally takes responsibility for the Bristol-Myers Squibb's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Bristol-Myers Squibb's board members must vote for the resolution. The Bristol-Myers Squibb board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
Togo West - Independent DirectorProfile
Michael Bonney - Independent DirectorProfile
Alan Lacy - Independent DirectorProfile
Robert Bertolini - Independent DirectorProfile

Invested in Bristol-Myers Squibb?

The danger of trading Bristol-Myers Squibb is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Bristol-Myers Squibb is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Bristol-Myers Squibb. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Bristol-Myers Squibb is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Continue to Trending Equities. You can also try Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.

Complementary Tools for analysis

When running Bristol-Myers Squibb price analysis, check to measure Bristol-Myers Squibb's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Bristol-Myers Squibb is operating at the current time. Most of Bristol-Myers Squibb's value examination focuses on studying past and present price action to predict the probability of Bristol-Myers Squibb's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Bristol-Myers Squibb's price. Additionally, you may evaluate how the addition of Bristol-Myers Squibb to your portfolios can decrease your overall portfolio volatility.
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Is Bristol-Myers Squibb's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Bristol-Myers Squibb. If investors know Bristol-Myers will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Bristol-Myers Squibb listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
The market value of Bristol-Myers Squibb is measured differently than its book value, which is the value of Bristol-Myers that is recorded on the company's balance sheet. Investors also form their own opinion of Bristol-Myers Squibb's value that differs from its market value or its book value, called intrinsic value, which is Bristol-Myers Squibb's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Bristol-Myers Squibb's market value can be influenced by many factors that don't directly affect Bristol-Myers Squibb's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Bristol-Myers Squibb's value and its price as these two are different measures arrived at by different means. Investors typically determine Bristol-Myers Squibb value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Bristol-Myers Squibb's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.