Essent Correlations

ESNT Stock

USD 62.81 0.11 0.17%

The current 90-days correlation between Essent Group and MGIC Investment Corp is 0.9 (i.e., Almost no 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

Weak diversification

The correlation between Essent Group and DJI is 0.33 (i.e., Weak 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 small area income & poverty estimates.

Moving together with Essent Stock

0.78	AGM	Federal Agricultural	Pair Corr
0.82	MTG	MGIC Investment Corp Earnings Call Today	Pair Corr
0.82	RDN	Radian Group	Pair Corr
0.75	WFC	Wells Fargo Sell-off Trend	Pair Corr
0.63	MBGAF	Mercedes Benz Group	Pair Corr

Moving against Essent Stock

0.43	NEE	Nextera Energy Aggressive Push	Pair Corr
0.38	WTER	Alkaline Water	Pair Corr
0.32	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.65	ENGGF	Enags SA	Pair Corr
0.54	NMGC	NeoMagic	Pair Corr
0.39	BLLYF	Bluejay Mining plc	Pair Corr

Related Correlations Analysis

	MTG	ACT	FAF	RDN	THG	SNV	EQH	VLY	SLM	ACGL
MTG		0.51	0.12	0.98	0.87	-0.45	0.34	0.08	0.18	0.59	MTG
ACT	0.51		0.19	0.55	0.48	0.23	0.35	0.79	0.03	0.94	ACT
FAF	0.12	0.19		0.22	0.36	-0.42	-0.18	0.08	0.38	0.22	FAF
RDN	0.98	0.55	0.22		0.89	-0.46	0.33	0.12	0.25	0.62	RDN
THG	0.87	0.48	0.36	0.89		-0.65	0.06	-0.02	0.25	0.61	THG
SNV	-0.45	0.23	-0.42	-0.46	-0.65		0.27	0.58	-0.39	0.06	SNV
EQH	0.34	0.35	-0.18	0.33	0.06	0.27		0.5	-0.06	0.2	EQH
VLY	0.08	0.79	0.08	0.12	-0.02	0.58	0.5		-0.06	0.64	VLY
SLM	0.18	0.03	0.38	0.25	0.25	-0.39	-0.06	-0.06		0.07	SLM
ACGL	0.59	0.94	0.22	0.62	0.61	0.06	0.2	0.64	0.07		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	+ 0.98	MTG
ACGL	+ 0.94	ACT
THG	+ 0.89	RDN
THG	+ 0.87	MTG
VLY	+ 0.79	ACT
ACGL	+ 0.64	VLY

High negative correlations

SNV	- 0.65	THG
SNV	- 0.46	RDN
SNV	- 0.45	MTG
SNV	- 0.42	FAF
SLM	- 0.39	SNV
EQH	- 0.18	FAF

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	0.98	(0.02)	(0.01)	0.01	1.76	(1.03)	1.63	(2.16)	12.19
ACT	1.03	0.15	0.10	0.29	1.17	(1.13)	2.11	(2.11)	8.01
FAF	1.18	(0.04)	(0.03)	0.00	1.42	(1.27)	2.55	(2.37)	5.88
RDN	0.95	(0.04)	0.00	(0.04)	0.00	0.00	1.95	(2.12)	10.62
THG	0.87	0.00	(0.02)	0.06	1.33	(0.82)	1.58	(2.03)	6.34
SNV	1.31	0.05	0.01	(0.26)	1.99	(1.29)	2.93	(2.49)	9.63
EQH	1.26	(0.10)	0.00	(0.06)	0.00	0.00	2.61	(2.40)	9.66
VLY	1.14	0.15	0.09	0.17	1.37	(1.18)	3.26	(2.20)	8.87
SLM	1.51	(0.08)	0.00	(0.03)	0.00	0.00	3.45	(3.17)	20.19
ACGL	0.78	0.16	0.13	1.75	0.80	(0.88)	1.82	(1.42)	4.71

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