Now Correlations

DNOW Stock

USD 16.13 0.30 1.83%

The current 90-days correlation between Now Inc and Enerflex is 0.29 (i.e., Modest diversification). The correlation of Now 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.

Now Correlation With Market

Poor diversification

The correlation between Now Inc and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Now Inc and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Now Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Now Inc. 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.

Moving together with Now Stock

0.79	AL	Air Lease	Pair Corr
0.74	DSGR	Distribution Solutions	Pair Corr
0.89	RXL	Rexel SA	Pair Corr
0.87	DXPE	DXP Enterprises	Pair Corr
0.71	VSTS	Vestis	Pair Corr
0.78	0HIT	Iberdrola	Pair Corr
0.82	WLFC	Willis Lease Finance	Pair Corr
0.9	FAST	Fastenal	Pair Corr
0.66	FERG	Ferguson Plc	Pair Corr
0.8	WSO-B	Watsco Inc Earnings Call Tomorrow	Pair Corr
0.75	AIT	Applied Industrial	Pair Corr
0.71	FZG1	BLUELINX HLDGS DL Earnings Call This Week	Pair Corr
0.79	BXC	BlueLinx Holdings Earnings Call This Week	Pair Corr
0.62	CNM	Core Main	Pair Corr
0.61	THEP	Thermador Groupe	Pair Corr
0.8	GIC	Global Industrial	Pair Corr
0.69	FTAI	FTAI Aviation Earnings Call This Week	Pair Corr
0.89	GWW	WW Grainger	Pair Corr
0.69	HRI	Herc Holdings Earnings Call Today	Pair Corr
0.69	MSM	MSC Industrial Direct	Pair Corr
0.83	WC3	Watsco Inc Earnings Call Today	Pair Corr
0.77	RUS	Russel Metals	Pair Corr
0.83	FAS	Fastenal	Pair Corr

Moving against Now Stock

0.82	MSI	Multistack International Earnings Call This Week	Pair Corr
0.54	CAI	Caris Life Sciences	Pair Corr
0.76	IGC	India Globalization Earnings Call Tomorrow	Pair Corr
0.76	HNG	Hancock Gore	Pair Corr
0.75	CUCA	Avis Budget Group Earnings Call Tomorrow	Pair Corr
0.72	SIX2	Sixt SE	Pair Corr
0.68	IPW	iPower Inc	Pair Corr
0.57	AA4	Amedeo Air Four	Pair Corr

Related Correlations Analysis

	EFXT	XPRO	FLOC	GLP	AESI	INVX	NESR	NEXT	FLNG	RES
EFXT		0.76	0.94	0.79	0.88	0.79	0.9	-0.66	0.48	0.61	EFXT
XPRO	0.76		0.85	0.81	0.86	0.91	0.89	-0.36	0.75	0.69	XPRO
FLOC	0.94	0.85		0.77	0.93	0.84	0.96	-0.66	0.54	0.6	FLOC
GLP	0.79	0.81	0.77		0.73	0.77	0.78	-0.26	0.53	0.45	GLP
AESI	0.88	0.86	0.93	0.73		0.82	0.91	-0.59	0.64	0.75	AESI
INVX	0.79	0.91	0.84	0.77	0.82		0.9	-0.49	0.69	0.71	INVX
NESR	0.9	0.89	0.96	0.78	0.91	0.9		-0.68	0.64	0.66	NESR
NEXT	-0.66	-0.36	-0.66	-0.26	-0.59	-0.49	-0.68		-0.35	-0.42	NEXT
FLNG	0.48	0.75	0.54	0.53	0.64	0.69	0.64	-0.35		0.59	FLNG
RES	0.61	0.69	0.6	0.45	0.75	0.71	0.66	-0.42	0.59		RES
	EFXT	XPRO	FLOC	GLP	AESI	INVX	NESR	NEXT	FLNG	RES

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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

NESR	+ 0.96	FLOC
FLOC	+ 0.94	EFXT
AESI	+ 0.93	FLOC
INVX	+ 0.91	XPRO
NESR	+ 0.91	AESI
NESR	+ 0.9	EFXT

High negative correlations

NEXT	- 0.68	NESR
NEXT	- 0.66	FLOC
NEXT	- 0.66	EFXT
NEXT	- 0.59	AESI
NEXT	- 0.49	INVX
RES	- 0.42	NEXT

Risk-Adjusted Indicators

There is a big difference between Now Stock performing well and Now 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 Now'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
EFXT	2.07	0.51	0.16	0.86	2.59	(2.31)	5.00	(4.22)	17.86
XPRO	2.33	0.19	0.08	0.18	2.47	(2.94)	5.94	(4.10)	14.14
FLOC	1.82	0.32	0.17	0.28	1.69	(2.06)	4.34	(3.23)	10.96
GLP	1.47	0.29	0.14	1.08	1.47	(1.61)	3.06	(2.67)	9.16
AESI	2.64	0.17	0.03	0.28	4.10	(2.58)	5.00	(4.90)	16.39
INVX	1.89	0.25	0.11	0.43	1.73	(2.17)	4.96	(3.41)	12.82
NESR	1.84	0.67	0.33	0.82	1.42	(2.08)	5.67	(3.09)	12.28
NEXT	2.62	(0.18)	0.00	(0.08)	0.00	0.00	5.21	(6.04)	17.50
FLNG	1.00	0.00	0.00	0.04	0.00	0.00	2.09	(2.00)	6.12
RES	2.14	0.07	0.03	0.10	3.58	(2.31)	5.18	(3.21)	23.88

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