Allegion PLC Correlations

ALLE Stock

USD 177.94 1.83 1.02%

The current 90-days correlation between Allegion PLC and Textron is 0.6 (i.e., Poor diversification). The correlation of Allegion PLC 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.

Allegion PLC Correlation With Market

Weak diversification

The correlation between Allegion PLC and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allegion PLC and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Allegion Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Allegion PLC. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

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

Moving together with Allegion Stock

0.62	TT	Trane Technologies plc	Pair Corr
0.64	AOS	Smith AO	Pair Corr
0.68	APT	Alpha Pro Tech	Pair Corr
0.61	JCI	Johnson Controls Int	Pair Corr
0.69	SSD	Simpson Manufacturing Earnings Call Today	Pair Corr
0.62	WMS	Advanced Drainage Systems	Pair Corr
0.73	ZWS	Zurn Elkay Water Earnings Call Tomorrow	Pair Corr
0.76	4PN	Carrier Global	Pair Corr

Moving against Allegion Stock

0.58

DKI

Daikin IndustriesLtd

Pair Corr

Related Correlations Analysis

	TXT	CSL	AVY	LTM	ITT	WSO	RTO	GGG	JOBY
TXT		0.8	0.89	0.83	0.08	0.68	0.91	0.77	-0.17	TXT
CSL	0.8		0.88	0.78	0.44	0.9	0.83	0.94	-0.4	CSL
AVY	0.89	0.88		0.88	0.13	0.78	0.92	0.86	-0.34	AVY
LTM	0.83	0.78	0.88		0.13	0.8	0.96	0.87	-0.51	LTM
ITT	0.08	0.44	0.13	0.13		0.57	0.14	0.46	-0.32	ITT
WSO	0.68	0.9	0.78	0.8	0.57		0.81	0.93	-0.48	WSO
RTO	0.91	0.83	0.92	0.96	0.14	0.81		0.87	-0.35	RTO
GGG	0.77	0.94	0.86	0.87	0.46	0.93	0.87		-0.54	GGG
JOBY	-0.17	-0.4	-0.34	-0.51	-0.32	-0.48	-0.35	-0.54		JOBY
	TXT	CSL	AVY	LTM	ITT	WSO	RTO	GGG	JOBY

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

RTO	+ 0.96	LTM
GGG	+ 0.94	CSL
GGG	+ 0.93	WSO
RTO	+ 0.92	AVY
RTO	+ 0.91	TXT
WSO	+ 0.9	CSL

High negative correlations

JOBY	- 0.54	GGG
JOBY	- 0.51	LTM
JOBY	- 0.48	WSO
JOBY	- 0.4	CSL
JOBY	- 0.35	RTO
JOBY	- 0.34	AVY

Risk-Adjusted Indicators

There is a big difference between Allegion Stock performing well and Allegion PLC 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 Allegion PLC'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
TXT	1.11	0.20	0.11	0.31	1.48	(1.22)	2.37	(1.64)	11.43
CSL	1.41	0.23	0.15	0.24	1.38	(1.52)	4.24	(2.75)	9.68
AVY	0.92	0.09	0.06	0.20	0.94	(0.99)	2.57	(1.68)	6.45
LTM	1.54	0.55	0.26	0.98	1.49	(1.85)	3.95	(3.13)	10.20
ITT	1.18	0.11	0.05	0.22	1.48	(1.19)	2.39	(2.05)	7.90
WSO	1.41	0.13	0.12	0.17	1.18	(1.74)	4.09	(2.21)	7.55
RTO	1.08	0.17	0.12	0.31	1.01	(1.31)	2.95	(2.11)	6.98
GGG	0.88	0.13	0.09	0.22	1.06	(0.91)	2.51	(1.86)	6.74
JOBY	3.66	(0.83)	0.00	(0.16)	0.00	0.00	7.72	(8.86)	28.38

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