Element Solutions Correlations

ESI Stock

USD 29.03 0.23 0.79%

The current 90-days correlation between Element Solutions and Eastman Chemical is 0.53 (i.e., Very weak diversification). The correlation of Element Solutions 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.

Element Solutions Correlation With Market

Poor diversification

The correlation between Element Solutions and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Element Solutions and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Element Stock

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

For more detail on how to invest in Element Stock please use our How to Invest in Element Solutions guide.

Moving together with Element Stock

0.7	300919	Cngr Advanced Material	Pair Corr
0.74	KWR	Quaker Chemical	Pair Corr
0.73	688378	Jilin OLED Material	Pair Corr
0.71	300905	Poly Plastic Masterbatch	Pair Corr
0.71	300398	Shanghai Phichem Material	Pair Corr
0.64	603916	Sobute New Materials	Pair Corr
0.71	RYAM	Rayonier Advanced	Pair Corr
0.74	002250	Lianhe Chemical Tech	Pair Corr

Moving against Element Stock

0.54	ADVWW	Advantage Solutions	Pair Corr
0.38	GCMGW	GCM Grosvenor	Pair Corr
0.32	MAPSW	WM Technology	Pair Corr
0.32	GOEVW	Canoo Holdings	Pair Corr

Related Correlations Analysis

	EMN	AXTA	NEU	BCPC	EXP	HBM	IAG	LPX	CMC	TX
EMN		0.87	-0.7	0.73	0.52	0.9	0.75	0.61	0.87	0.86	EMN
AXTA	0.87		-0.84	0.74	0.28	0.92	0.88	0.35	0.92	0.87	AXTA
NEU	-0.7	-0.84		-0.73	-0.23	-0.84	-0.75	-0.41	-0.79	-0.8	NEU
BCPC	0.73	0.74	-0.73		0.3	0.72	0.63	0.42	0.66	0.74	BCPC
EXP	0.52	0.28	-0.23	0.3		0.32	0.19	0.88	0.35	0.32	EXP
HBM	0.9	0.92	-0.84	0.72	0.32		0.91	0.45	0.94	0.94	HBM
IAG	0.75	0.88	-0.75	0.63	0.19	0.91		0.22	0.92	0.9	IAG
LPX	0.61	0.35	-0.41	0.42	0.88	0.45	0.22		0.44	0.41	LPX
CMC	0.87	0.92	-0.79	0.66	0.35	0.94	0.92	0.44		0.92	CMC
TX	0.86	0.87	-0.8	0.74	0.32	0.94	0.9	0.41	0.92		TX
	EMN	AXTA	NEU	BCPC	EXP	HBM	IAG	LPX	CMC	TX

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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

CMC	+ 0.94	HBM
TX	+ 0.94	HBM
HBM	+ 0.92	AXTA
CMC	+ 0.92	AXTA
CMC	+ 0.92	IAG
TX	+ 0.92	CMC

High negative correlations

HBM	- 0.84	NEU
NEU	- 0.84	AXTA
TX	- 0.8	NEU
CMC	- 0.79	NEU
IAG	- 0.75	NEU
BCPC	- 0.73	NEU

Risk-Adjusted Indicators

There is a big difference between Element Stock performing well and Element Solutions 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 Element Solutions' 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
EMN	1.66	0.07	0.06	0.14	1.83	(1.83)	4.94	(3.60)	9.74
AXTA	1.22	0.20	0.12	0.32	1.18	(1.32)	2.69	(2.56)	7.97
NEU	1.26	(0.34)	0.00	(0.29)	0.00	0.00	2.25	(2.91)	11.14
BCPC	1.06	0.11	0.11	0.20	0.81	(1.41)	3.76	(1.53)	7.13
EXP	1.46	(0.19)	0.00	(0.04)	0.00	0.00	3.89	(2.74)	9.20
HBM	2.27	0.51	0.18	0.52	2.52	(2.56)	5.44	(5.81)	12.33
IAG	2.57	0.61	0.17	0.95	2.99	(2.89)	5.49	(4.94)	18.37
LPX	1.63	(0.08)	(0.01)	0.04	2.41	(1.66)	4.15	(2.57)	11.95
CMC	1.63	0.33	0.24	0.30	1.23	(2.08)	3.71	(2.96)	9.61
TX	1.30	0.28	0.17	0.55	1.21	(1.58)	3.07	(1.55)	8.99

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