ESAB Corp Correlations

ESAB Stock

USD 134.82 0.91 0.68%

The current 90-days correlation between ESAB Corp and Toro Co is 0.31 (i.e., Weak diversification). The correlation of ESAB Corp 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.

ESAB Corp Correlation With Market

Very poor diversification

The correlation between ESAB Corp and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ESAB Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ESAB Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ESAB Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

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

Moving together with ESAB Stock

0.74	0ACC	Accelleron Industries	Pair Corr
0.65	CR	Crane Company	Pair Corr
0.81	HI	Hillenbrand	Pair Corr
0.85	HY	Hyster Yale Materials	Pair Corr
0.93	IR	Ingersoll Rand	Pair Corr
0.91	PH	Parker Hannifin	Pair Corr
0.64	PL	Planet Labs PBC	Pair Corr
0.91	OSG	OSG Corporation	Pair Corr
0.76	21T	Bodycote PLC	Pair Corr
0.63	NVJP	Umicore SA Earnings Call This Week	Pair Corr
0.81	EAAS	Eenergy Group PLC	Pair Corr
0.64	STGN	Starrag Group Holding	Pair Corr
0.86	IMI1	IMI plc	Pair Corr
0.7	CE3	Chongqing Machinery	Pair Corr
0.9	HZ8	Insteel Industries	Pair Corr
0.79	DZR	AVINGTRANS LS 05 Earnings Call This Week	Pair Corr
0.65	TWN	Twin Disc	Pair Corr
0.82	PFV	Pfeiffer Vacuum Tech	Pair Corr
0.68	QS2A	Smiths Group plc	Pair Corr
0.86	EPAC	Enerpac Tool Group	Pair Corr
0.81	EMR	Emerson Electric	Pair Corr

Moving against ESAB Stock

0.72	FQ4	OCEAN GEOLOOP AS	Pair Corr
0.61	INRN	Interroll Holding	Pair Corr
0.42	D7G	Nel ASA	Pair Corr
0.31	WATR	Current Water Techno	Pair Corr
0.73	EPOW	Sunrise New Energy	Pair Corr
0.69	7YA	M VEST WATER	Pair Corr

Related Correlations Analysis

	TTC	FSS	SSD	RYAAY	TFII	R	ADT	SAIA	AL	MOG-A
TTC		0.63	0.88	0.39	0.91	0.83	-0.13	0.85	0.91	0.96	TTC
FSS	0.63		0.74	0.24	0.63	0.6	0.18	0.63	0.54	0.61	FSS
SSD	0.88	0.74		0.11	0.78	0.76	-0.19	0.77	0.78	0.88	SSD
RYAAY	0.39	0.24	0.11		0.6	0.56	0.33	0.55	0.59	0.45	RYAAY
TFII	0.91	0.63	0.78	0.6		0.95	-0.01	0.96	0.96	0.93	TFII
R	0.83	0.6	0.76	0.56	0.95		-0.11	0.93	0.91	0.89	R
ADT	-0.13	0.18	-0.19	0.33	-0.01	-0.11		0.0	-0.09	-0.17	ADT
SAIA	0.85	0.63	0.77	0.55	0.96	0.93	0.0		0.91	0.9	SAIA
AL	0.91	0.54	0.78	0.59	0.96	0.91	-0.09	0.91		0.95	AL
MOG-A	0.96	0.61	0.88	0.45	0.93	0.89	-0.17	0.9	0.95		MOG-A
	TTC	FSS	SSD	RYAAY	TFII	R	ADT	SAIA	AL	MOG-A

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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

MOG-A	+ 0.96	TTC
SAIA	+ 0.96	TFII
AL	+ 0.96	TFII
R	+ 0.95	TFII
MOG-A	+ 0.95	AL
MOG-A	+ 0.93	TFII

High negative correlations

ADT	- 0.19	SSD
MOG-A	- 0.17	ADT
ADT	- 0.13	TTC
ADT	- 0.11	R
AL	- 0.09	ADT
ADT	- 0.01	TFII

Risk-Adjusted Indicators

There is a big difference between ESAB Stock performing well and ESAB Corp 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 ESAB Corp'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
TTC	1.30	0.46	0.39	0.59	0.62	(1.56)	2.94	(1.82)	13.49
FSS	1.16	0.04	0.03	0.10	1.33	(1.20)	2.38	(2.04)	6.54
SSD	1.37	0.26	0.19	0.28	1.13	(1.61)	3.49	(2.17)	6.98
RYAAY	1.33	(0.02)	(0.01)	0.04	1.81	(1.27)	2.61	(3.01)	9.49
TFII	1.67	0.46	0.20	0.37	1.88	(1.82)	4.15	(2.38)	14.59
R	1.47	0.28	0.15	0.26	1.73	(1.57)	3.79	(3.03)	10.45
ADT	1.01	(0.12)	0.00	(0.06)	0.00	0.00	1.73	(2.68)	7.79
SAIA	2.23	0.41	0.19	0.25	1.85	(2.43)	7.28	(3.15)	16.64
AL	0.09	0.02	(0.37)	0.71	0.00	(0.12)	0.23	(0.14)	0.50
MOG-A	1.40	0.65	0.55	0.71	0.47	(1.78)	3.81	(1.61)	11.04

ESAB Corp Corporate Management

Piyush Sheth	VP Control	Profile
Michele Campion	Senior Officer	Profile
Renato Negro	Chief Officer	Profile
John Dion	Senior Excellence	Profile
Kevin FCPA	Chief Officer	Profile
Tilea Coleman	Vice Communications	Profile
Vusa Mlingo	Senior Development	Profile

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