Correlation Analysis
GE HealthCare Technologies Inc. Common Stock vs Johnson & Johnson
GEHC vs JNJ
-0.023
Near-zero inverse
When one moves up, the other tends to move down.
GE HealthCare Technologies Inc. Common Stock
↗GEHC
GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company's sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%).
Market cap 32.1B · 54,000 employees
Johnson & Johnson
↗JNJ
Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.
Market cap 580.4B
Time Series
Relative Performance
Who Moves First
JNJ leads GEHC by 6 days
JNJ tends to move before GEHC.
After testing 13 timing shifts, the strongest relationship was -0.043 (they moved in opposite directions).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-0.177
11 periods · Return correlation when both series rose
Both Falling
+0.015
11 periods · Return correlation when both series fell
Diverging
-0.877
13 periods · Return correlation when series moved apart
R-Squared
0.1%
Share of variance in one series explained by the other.
Trend Agreement
55.0%
How often both series moved in the same direction period-to-period.
Overlap Quality
816
Deep shared window — 816 usable pairs.
Significance
n.s.
95% CI: [-0.092, 0.046]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
816 paired data points survived the daily window.
Raw input
816
1,254
Normalized
816
1,254
Prepared
816
1,254
Aligned
816
816
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
438
A: 0 / B: 438
Series A
GE HealthCare Technologies Inc. Common Stock
GEHC
Market cap 32.1B · 54,000 employees
Stock · 816 raw → 816 prepared
Series B
Johnson & Johnson
JNJ
Market cap 580.4B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
18
Estimated crossover points between normalized spreads.
Slope
-0.0753
Linear regression slope.
Intercept
173.5229
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
GEHC
GE HealthCare Technologies Inc. Common Stock
Highest
+0.376
Eli Lilly & Co.
LLY · 816 data points
Lowest
+0.056
NetFlix Inc
NFLX · 816 data points
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