ESAB Corp Correlations

ESAB Stock

USD 125.46 3.45 2.83%

The current 90-days correlation between ESAB Corp and Ryerson Holding Corp is 0.48 (i.e., Very 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 weak diversification

The correlation between ESAB Corp and DJI is 0.53 (i.e., Very weak 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.

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

0.71	TG	Tredegar	Pair Corr
0.81	CRS	Carpenter Technology	Pair Corr
0.94	MLI	Mueller Industries	Pair Corr
0.93	RYI	Ryerson Holding Corp	Pair Corr
0.67	GIFI	Gulf Island Fabrication	Pair Corr
0.74	HAYN	Haynes International	Pair Corr
0.62	MTEN	Mingteng International	Pair Corr
0.71	CMPOW	CompoSecure	Pair Corr
0.88	NWPX	Northwest Pipe	Pair Corr
0.74	PRLB	Proto Labs	Pair Corr
0.69	CMPO	CompoSecure	Pair Corr
0.76	B	Barnes Group	Pair Corr
0.81	J	Jacobs Solutions	Pair Corr
0.86	R	Ryder System	Pair Corr
0.79	DIST	Distoken Acquisition	Pair Corr
0.74	AL	Air Lease	Pair Corr
0.91	AZ	A2Z Smart Technologies	Pair Corr
0.81	BV	BrightView Holdings	Pair Corr
0.63	BW	Babcock Wilcox Enter	Pair Corr
0.85	CR	Crane Company	Pair Corr
0.89	CW	Curtiss Wright	Pair Corr
0.61	EH	Ehang Holdings	Pair Corr

Moving against ESAB Stock

0.63	ATI	Allegheny Technologies	Pair Corr
0.52	IIIN	Insteel Industries	Pair Corr
0.5	SGBX	SG Blocks	Pair Corr
0.48	WOR	Worthington Industries	Pair Corr
0.75	TRSG	Tungray Technologies	Pair Corr
0.74	CP	Canadian Pacific Railway	Pair Corr
0.61	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.54	FA	First Advantage Corp	Pair Corr

Related Correlations Analysis

	NWPX	HAYN	MEC	RYI	ATI	WOR	IIIN	CRS	GIFI
NWPX		0.72	-0.53	0.91	-0.5	-0.32	-0.24	0.83	0.87	NWPX
HAYN	0.72		-0.37	0.76	-0.61	-0.6	-0.47	0.58	0.66	HAYN
MEC	-0.53	-0.37		-0.41	0.32	-0.14	-0.24	-0.3	-0.76	MEC
RYI	0.91	0.76	-0.41		-0.5	-0.46	-0.45	0.89	0.77	RYI
ATI	-0.5	-0.61	0.32	-0.5		0.49	0.49	-0.28	-0.37	ATI
WOR	-0.32	-0.6	-0.14	-0.46	0.49		0.84	-0.51	-0.16	WOR
IIIN	-0.24	-0.47	-0.24	-0.45	0.49	0.84		-0.47	0.0	IIIN
CRS	0.83	0.58	-0.3	0.89	-0.28	-0.51	-0.47		0.69	CRS
GIFI	0.87	0.66	-0.76	0.77	-0.37	-0.16	0.0	0.69		GIFI
	NWPX	HAYN	MEC	RYI	ATI	WOR	IIIN	CRS	GIFI

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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

RYI	+ 0.91	NWPX
CRS	+ 0.89	RYI
GIFI	+ 0.87	NWPX
IIIN	+ 0.84	WOR
CRS	+ 0.83	NWPX
GIFI	+ 0.77	RYI

High negative correlations

GIFI	- 0.76	MEC
ATI	- 0.61	HAYN
WOR	- 0.6	HAYN
MEC	- 0.53	NWPX
CRS	- 0.51	WOR
ATI	- 0.5	RYI

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
NWPX	1.71	0.21	0.19	0.21	1.12	(2.27)	4.98	(1.99)	12.92
HAYN	0.22	0.02	(0.19)	0.29	0.24	(0.24)	0.64	(0.43)	1.98
MEC	2.04	(0.14)	0.00	0.34	0.00	0.00	4.55	(2.95)	25.65
RYI	2.10	0.18	0.15	0.14	1.95	(2.50)	5.05	(3.34)	21.43
ATI	1.58	(0.28)	0.00	(0.06)	0.00	0.00	3.11	(3.73)	13.98
WOR	1.66	(0.37)	0.00	(0.09)	0.00	0.00	2.65	(4.76)	13.44
IIIN	1.61	(0.25)	0.00	(0.06)	0.00	0.00	3.60	(4.52)	11.16
CRS	1.91	0.19	0.12	0.16	2.16	(2.03)	4.47	(2.91)	13.31
GIFI	2.13	0.22	0.13	0.23	1.80	(2.76)	7.10	(3.56)	21.05

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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