Tela Bio Correlations

TELA Stock

USD 5.61 0.05 0.90%

The current 90-days correlation between Tela Bio and Orthofix Medical is 0.23 (i.e., Modest diversification). The correlation of Tela Bio 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.

Tela Bio Correlation With Market

Significant diversification

The correlation between Tela Bio and NYA is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tela Bio and NYA in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tela Bio. 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 economic analysis.

For information on how to trade Tela Stock refer to our How to Trade Tela Stock guide.

Moving together with Tela Stock

0.8	STE	STERIS plc	Pair Corr
0.79	MTD	Mettler Toledo Inter	Pair Corr
0.63	NVO	Novo Nordisk AS	Pair Corr
0.69	OLK	Olink Holding AB	Pair Corr
0.71	PFE	Pfizer Inc Sell-off Trend	Pair Corr
0.82	MYGN	Myriad Genetics	Pair Corr
0.63	QGEN	Qiagen NV Earnings Call This Week	Pair Corr
0.61	BDSX	Biodesix	Pair Corr
0.78	CDNA	Caredx Inc	Pair Corr

Moving against Tela Stock

0.72	AVDL	Avadel Pharmaceuticals	Pair Corr
0.56	PRGO	Perrigo Company Buyout Trend	Pair Corr
0.36	ACRS	Aclaris Therapeutics Buyout Trend	Pair Corr
0.44	PPHI	Positive Physicians	Pair Corr
0.37	XOM	Exxon Mobil Corp Financial Report 26th of July 2024	Pair Corr
0.33	CVX	Chevron Corp Sell-off Trend	Pair Corr

Related Correlations Analysis

	OFIX	GKOS	BRKR	CNMD	ANIK	ITGR	ZIMV	BSX	SNN
OFIX		0.27	0.02	0.27	-0.12	0.24	0.56	0.22	0.32	OFIX
GKOS	0.27		-0.9	-0.35	0.28	0.49	-0.05	0.92	-0.11	GKOS
BRKR	0.02	-0.9		0.41	-0.39	-0.37	0.28	-0.88	0.05	BRKR
CNMD	0.27	-0.35	0.41		-0.25	0.2	0.56	-0.4	0.56	CNMD
ANIK	-0.12	0.28	-0.39	-0.25		-0.29	-0.3	0.21	-0.14	ANIK
ITGR	0.24	0.49	-0.37	0.2	-0.29		0.2	0.44	0.04	ITGR
ZIMV	0.56	-0.05	0.28	0.56	-0.3	0.2		-0.04	0.36	ZIMV
BSX	0.22	0.92	-0.88	-0.4	0.21	0.44	-0.04		0.05	BSX
SNN	0.32	-0.11	0.05	0.56	-0.14	0.04	0.36	0.05		SNN
	OFIX	GKOS	BRKR	CNMD	ANIK	ITGR	ZIMV	BSX	SNN

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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

BSX	+ 0.92	GKOS
ZIMV	+ 0.56	OFIX
ZIMV	+ 0.56	CNMD
SNN	+ 0.56	CNMD
ITGR	+ 0.49	GKOS
BSX	+ 0.44	ITGR

High negative correlations

BRKR	- 0.9	GKOS
BSX	- 0.88	BRKR
BSX	- 0.4	CNMD
ANIK	- 0.39	BRKR
ITGR	- 0.37	BRKR
CNMD	- 0.35	GKOS

Risk-Adjusted Indicators

There is a big difference between Tela Stock performing well and Tela Bio 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 Tela Bio'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
OFIX	1.97	(0.14)	0.00	(0.11)	0.00	0.00	3.19	(4.11)	11.68
GKOS	1.41	0.41	0.30	0.28	1.00	(1.79)	3.33	(2.09)	8.56
BRKR	1.66	(0.49)	0.00	(0.34)	0.00	0.00	2.50	(4.37)	16.96
CNMD	1.70	(0.17)	0.00	(0.18)	0.00	0.00	2.86	(4.54)	15.54
ANIK	1.28	0.04	0.02	0.63	2.38	(1.29)	3.55	(2.38)	15.43
ITGR	1.28	0.04	0.02	0.03	2.13	(1.25)	3.17	(2.39)	14.38
ZIMV	1.88	(0.05)	0.00	(0.04)	0.00	0.00	2.53	(4.17)	18.15
BSX	0.83	0.20	0.23	0.33	0.63	(0.99)	1.68	(1.19)	7.00
SNN	1.07	(0.07)	0.00	(0.07)	0.00	0.00	2.18	(2.81)	6.45

Tela Bio Corporate Management

Megan Smeykal	Corporate VP	Profile
Taylor Ocasio	General Secretary	Profile
Antony Koblish	President, Cofounder	Profile
Louisa Smith	Investor Officer	Profile
Skott Greenhalgh	Chief Officer	Profile
Peter Murphy	Chief Officer	Profile
Roberto JD	CFO COO	Profile

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