Essent Correlations

ESNT Stock

USD 60.45 0.87 1.46%

The current 90-days correlation between Essent Group and MGIC Investment Corp is 0.85 (i.e., Very poor diversification). The correlation of Essent 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.

Essent Correlation With Market

Significant diversification

The correlation between Essent Group and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Essent Group and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Essent Stock

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

Moving together with Essent Stock

0.67	AGM	Federal Agricultural	Pair Corr
0.75	MTG	MGIC Investment Corp	Pair Corr
0.62	RDN	Radian Group Normal Trading	Pair Corr
0.83	NMIH	NMI Holdings	Pair Corr

Moving against Essent Stock

0.42	WD	Walker Dunlop Earnings Call Today	Pair Corr
0.34	RCB	Ready Capital	Pair Corr
0.34	TBMCR	Trailblazer Merger	Pair Corr
0.47	WEC	WEC Energy Group	Pair Corr
0.39	SMGZY	Smiths Group Plc	Pair Corr
0.39	AOIFF	Africa Oil Corp	Pair Corr
0.38	UWMC	UWM Holdings Corp Earnings Call This Week	Pair Corr
0.37	BWMX	Betterware de Mxico	Pair Corr
0.52	AREC	American Resources Corp	Pair Corr
0.4	SOJE	Southern Company	Pair Corr
0.32	ATR	AptarGroup	Pair Corr
0.31	TDY	Teledyne Technologies	Pair Corr

Related Correlations Analysis

	MTG	ACT	FAF	RDN	THG	SNV	EQH	VLY	SLM	ACGL
MTG		-0.15	-0.34	0.92	0.86	-0.7	0.66	-0.44	0.44	-0.05	MTG
ACT	-0.15		0.58	-0.14	-0.15	0.63	-0.29	0.87	-0.5	0.87	ACT
FAF	-0.34	0.58		-0.23	-0.06	0.72	-0.62	0.53	-0.42	0.52	FAF
RDN	0.92	-0.14	-0.23		0.86	-0.69	0.45	-0.44	0.26	-0.03	RDN
THG	0.86	-0.15	-0.06	0.86		-0.54	0.41	-0.46	0.33	-0.02	THG
SNV	-0.7	0.63	0.72	-0.69	-0.54		-0.7	0.68	-0.49	0.5	SNV
EQH	0.66	-0.29	-0.62	0.45	0.41	-0.7		-0.34	0.57	-0.28	EQH
VLY	-0.44	0.87	0.53	-0.44	-0.46	0.68	-0.34		-0.58	0.79	VLY
SLM	0.44	-0.5	-0.42	0.26	0.33	-0.49	0.57	-0.58		-0.51	SLM
ACGL	-0.05	0.87	0.52	-0.03	-0.02	0.5	-0.28	0.79	-0.51		ACGL
	MTG	ACT	FAF	RDN	THG	SNV	EQH	VLY	SLM	ACGL

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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

RDN	+ 0.92	MTG
VLY	+ 0.87	ACT
ACGL	+ 0.87	ACT
THG	+ 0.86	MTG
THG	+ 0.86	RDN
ACGL	+ 0.79	VLY

High negative correlations

EQH	- 0.7	SNV
SNV	- 0.7	MTG
SNV	- 0.69	RDN
EQH	- 0.62	FAF
SLM	- 0.58	VLY
SNV	- 0.54	THG

Risk-Adjusted Indicators

There is a big difference between Essent Stock performing well and Essent 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 Essent'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
MTG	1.17	(0.13)	0.00	(0.08)	0.00	0.00	2.21	(2.79)	12.13
ACT	1.20	0.13	0.07	0.32	1.17	(1.48)	2.19	(2.20)	11.58
FAF	1.28	0.06	0.02	0.20	1.49	(1.30)	2.68	(2.51)	6.76
RDN	1.13	0.03	(0.02)	0.22	1.76	(1.20)	2.85	(2.40)	10.61
THG	0.86	(0.03)	0.00	(0.17)	0.00	0.00	1.71	(2.03)	5.99
SNV	1.31	0.07	(0.02)	(0.25)	1.99	(1.29)	2.93	(2.49)	9.63
EQH	1.41	(0.27)	0.00	(0.04)	0.00	0.00	2.67	(2.63)	13.95
VLY	1.18	0.31	0.16	1.90	1.05	(1.36)	3.26	(2.08)	8.87
SLM	1.83	(0.57)	0.00	(0.21)	0.00	0.00	2.82	(4.05)	18.60
ACGL	0.88	0.11	0.01	1.27	1.26	(0.88)	1.86	(2.04)	8.26

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