Espey Mfg Correlations

Stocks . USA . 
Stock . Espey Mfg Electronics
ESP Stock  USD 26.07  1.46  5.30%   
The current 90-days correlation between Espey Mfg Electronics and Chicago Rivet Machine is 0.11 (i.e., Average diversification). The correlation of Espey Mfg 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.

Espey Mfg Correlation With Market

Good diversification

The correlation between Espey Mfg Electronics and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Espey Mfg Electronics 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 Espey Mfg Electronics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Espey Stock

  0.67TE T1 Energy Symbol ChangePairCorr
  0.75ELPW Elong Power HoldingPairCorr
  0.62ENVX Enovix CorpPairCorr
  0.67EOSE Eos Energy EnterprisesPairCorr
  0.71EAF GrafTech InternationalPairCorr
  0.73GWH ESS TechPairCorr
  0.64NVT nVent Electric PLCPairCorr
  0.7NVX Novonix Ltd ADRPairCorr
  0.74XPON Expion360PairCorr
  0.74STI Solidion TechnologyPairCorr
  0.75EOSEW Eos Energy EnterprisesPairCorr
  0.63PITAW Heramba Electric plcPairCorr
  0.62SDSTW Stardust Power Symbol ChangePairCorr
  0.71HUBB HubbellPairCorr
  0.72IPWR Ideal PowerPairCorr
  0.66LNKS Linkers IndustriesPairCorr
  0.64ADSEW ADS TEC ENERGYPairCorr
  0.63NEOV NeoVolta Common StockPairCorr
  0.69POWL Powell IndustriesPairCorr
  0.7PPSI Pioneer Power SolutionsPairCorr

Moving against Espey Stock

  0.51EPOW Sunrise New EnergyPairCorr
  0.38ENS EnersysPairCorr
  0.56G Genpact LimitedPairCorr
  0.38APWC Asia Pacific WirePairCorr

Related Correlations Analysis

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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   
EVBN
+ 0.7
CVR
DIT
+ 0.43
EVBN
EVBN
+ 0.39
EML
DIT
+ 0.35
CVR
DIT
+ 0.32
EML
EML
+ 0.26
CVR
  
High negative correlations   
SVT
- 0.18
EML
DIT
- 0.07
SVT

Risk-Adjusted Indicators

There is a big difference between Espey Stock performing well and Espey Mfg 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 Espey Mfg'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.

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