ESAB Corp Correlations

ESAB Stock

USD 120.72 0.68 0.56%

The current 90-days correlation between ESAB Corp and Toro Co is 0.35 (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 weak diversification

The correlation between ESAB Corp and DJI is 0.51 (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.

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

0.63	AZ	A2Z Smart Technologies	Pair Corr
0.75	CR	Crane Company	Pair Corr
0.75	HY	Hyster Yale Materials	Pair Corr
0.64	IR	Ingersoll Rand	Pair Corr
0.64	RR	Richtech Robotics Class Downward Rally	Pair Corr
0.62	301053	Yoantion Industrial	Pair Corr
0.69	301070	Kale Environmental	Pair Corr
0.81	EPAC	Enerpac Tool Group	Pair Corr
0.79	FELE	Franklin Electric	Pair Corr
0.87	AIN	Albany International	Pair Corr
0.81	FIP	FTAI Infrastructure	Pair Corr
0.62	GGG	Graco Inc Earnings Call Tomorrow	Pair Corr
0.63	GHM	Graham	Pair Corr
0.67	ITW	Illinois Tool Works	Pair Corr
0.79	MWA	Mueller Water Products	Pair Corr
0.64	NVX	Novonix Ltd ADR	Pair Corr

Moving against ESAB Stock

0.52

EPOW

Sunrise New Energy

Pair Corr

Related Correlations Analysis

	TTC	FSS	SSD	RYAAY	TFII	R	ADT	SAIA	AL	MOG-A
TTC		0.24	0.67	0.57	0.85	0.65	0.09	0.77	0.73	0.85	TTC
FSS	0.24		0.64	-0.28	0.06	-0.1	0.81	0.08	-0.26	-0.01	FSS
SSD	0.67	0.64		0.02	0.44	0.22	0.51	0.45	0.24	0.51	SSD
RYAAY	0.57	-0.28	0.02		0.81	0.84	-0.34	0.74	0.88	0.77	RYAAY
TFII	0.85	0.06	0.44	0.81		0.92	-0.06	0.96	0.9	0.91	TFII
R	0.65	-0.1	0.22	0.84	0.92		-0.2	0.89	0.88	0.83	R
ADT	0.09	0.81	0.51	-0.34	-0.06	-0.2		-0.03	-0.32	-0.19	ADT
SAIA	0.77	0.08	0.45	0.74	0.96	0.89	-0.03		0.86	0.88	SAIA
AL	0.73	-0.26	0.24	0.88	0.9	0.88	-0.32	0.86		0.92	AL
MOG-A	0.85	-0.01	0.51	0.77	0.91	0.83	-0.19	0.88	0.92		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

SAIA	+ 0.96	TFII
R	+ 0.92	TFII
MOG-A	+ 0.92	AL
MOG-A	+ 0.91	TFII
AL	+ 0.9	TFII
SAIA	+ 0.89	R

High negative correlations

ADT	- 0.34	RYAAY
AL	- 0.32	ADT
RYAAY	- 0.28	FSS
AL	- 0.26	FSS
ADT	- 0.2	R
MOG-A	- 0.19	ADT

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	1.26	0.23	0.20	0.29	0.84	(1.62)	2.94	(1.83)	13.49
FSS	1.28	(0.21)	0.00	(0.11)	0.00	0.00	2.38	(2.31)	13.86
SSD	1.40	(0.03)	0.00	0.05	1.54	(1.56)	2.84	(2.63)	9.75
RYAAY	1.18	0.17	0.12	0.27	1.08	(1.36)	3.75	(1.79)	7.50
TFII	1.62	0.12	0.07	0.16	1.81	(1.66)	3.13	(2.72)	9.73
R	1.47	(0.01)	0.00	0.06	2.86	(1.30)	3.54	(3.03)	13.25
ADT	0.99	(0.15)	0.00	(0.09)	0.00	0.00	1.73	(2.31)	9.78
SAIA	2.06	0.08	0.06	0.11	2.12	(2.15)	5.47	(3.22)	11.84
AL	0.10	0.01	(0.43)	0.41	0.00	(0.12)	0.25	(0.17)	0.66
MOG-A	1.35	0.44	0.37	0.37	0.84	(1.71)	3.68	(1.72)	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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