Smith AO Correlations

AOS Stock

USD 75.63 2.30 2.95%

The current 90-days correlation between Smith AO and Watts Water Technologies is 0.43 (i.e., Very weak diversification). The correlation of Smith AO 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Smith AO Correlation With Market

Poor diversification

The correlation between Smith AO and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Smith AO and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Smith Stock

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

For more information on how to buy Smith Stock please use our How to Invest in Smith AO guide.

Moving together with Smith Stock

0.95	NX	Quanex Building Products Earnings Call Tomorrow	Pair Corr
0.9	OC	Owens Corning	Pair Corr
0.84	TT	Trane Technologies plc	Pair Corr
0.74	LXI	Lennox International	Pair Corr
0.84	75L	TAIKISHA LTD	Pair Corr
0.88	FAN	Volution Group plc	Pair Corr
0.85	VO1	Volution Group plc	Pair Corr
0.73	0MN	FERRO SA ZY	Pair Corr
0.81	LFPB	TRAVIS PERKINS LS	Pair Corr
0.68	ANP	Apogee Enterprises	Pair Corr
0.64	FBIN	Fortune Brands Innov	Pair Corr
0.87	6DA	Advanced Drainage Systems	Pair Corr
0.9	APT	Alpha Pro Tech	Pair Corr
0.93	GFF	Griffon	Pair Corr
0.84	JCI	Johnson Controls Int	Pair Corr
0.85	LII	Lennox International	Pair Corr
0.91	MAS	Masco	Pair Corr
0.92	SSD	Simpson Manufacturing	Pair Corr
0.92	WMS	Advanced Drainage Systems	Pair Corr
0.81	ZWS	Zurn Elkay Water	Pair Corr
0.7	SUR	Surteco Group SE	Pair Corr

Moving against Smith Stock

0.76	2VI	Arlo Technologies	Pair Corr
0.71	L5E	Lindab International	Pair Corr
0.78	NCL	Northann Corp	Pair Corr
0.64	WXM	WF International	Pair Corr
0.44	DKI	Daikin IndustriesLtd	Pair Corr

Related Correlations Analysis

	WTS	FLS	DCI	GNRC	RRX	POOL	SPXC	PSN	AIT	GTLS
WTS		0.96	0.8	0.9	0.94	0.07	0.82	-0.24	0.82	0.72	WTS
FLS	0.96		0.75	0.96	0.96	0.0	0.86	-0.22	0.76	0.66	FLS
DCI	0.8	0.75		0.67	0.74	0.46	0.7	-0.16	0.76	0.72	DCI
GNRC	0.9	0.96	0.67		0.92	-0.09	0.89	-0.16	0.68	0.51	GNRC
RRX	0.94	0.96	0.74	0.92		-0.02	0.86	-0.23	0.77	0.57	RRX
POOL	0.07	0.0	0.46	-0.09	-0.02		0.0	0.29	0.32	0.28	POOL
SPXC	0.82	0.86	0.7	0.89	0.86	0.0		-0.15	0.64	0.41	SPXC
PSN	-0.24	-0.22	-0.16	-0.16	-0.23	0.29	-0.15		-0.14	-0.4	PSN
AIT	0.82	0.76	0.76	0.68	0.77	0.32	0.64	-0.14		0.74	AIT
GTLS	0.72	0.66	0.72	0.51	0.57	0.28	0.41	-0.4	0.74		GTLS
	WTS	FLS	DCI	GNRC	RRX	POOL	SPXC	PSN	AIT	GTLS

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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

FLS	+ 0.96	WTS
GNRC	+ 0.96	FLS
RRX	+ 0.96	FLS
RRX	+ 0.94	WTS
RRX	+ 0.92	GNRC
GNRC	+ 0.9	WTS

High negative correlations

GTLS	- 0.4	PSN
PSN	- 0.24	WTS
PSN	- 0.23	RRX
PSN	- 0.22	FLS
PSN	- 0.16	GNRC
PSN	- 0.16	DCI

Risk-Adjusted Indicators

There is a big difference between Smith Stock performing well and Smith AO 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 Smith AO'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
WTS	1.05	0.20	0.19	0.28	0.78	(1.30)	2.85	(1.48)	9.09
FLS	1.18	0.37	0.27	2.93	0.90	(1.40)	2.46	(1.72)	11.31
DCI	1.34	0.04	0.01	0.08	2.26	(1.45)	2.43	(2.05)	19.23
GNRC	2.35	0.58	0.23	0.36	2.30	(2.73)	5.37	(3.98)	21.76
RRX	2.01	0.56	0.26	0.46	1.73	(2.29)	5.34	(3.75)	16.86
POOL	1.41	(0.17)	0.00	(0.11)	0.00	0.00	3.12	(2.28)	18.38
SPXC	1.48	0.00	0.00	0.04	2.08	(1.44)	3.25	(3.03)	10.74
PSN	2.12	(0.31)	0.00	(0.38)	0.00	0.00	3.68	(3.89)	22.97
AIT	1.20	0.09	0.05	0.10	1.76	(1.21)	2.73	(2.32)	10.01
GTLS	0.08	0.01	(0.28)	0.27	0.00	(0.10)	0.20	(0.15)	0.62

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