Eaton PLC Correlations

ETN Stock

USD 309.17 1.36 0.44%

The current 90-days correlation between Eaton PLC and Illinois Tool Works is 0.06 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Eaton PLC moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Eaton PLC moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Eaton PLC Correlation With Market

Average diversification

The correlation between Eaton PLC and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eaton PLC 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 Eaton PLC. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

To learn how to invest in Eaton Stock, please use our How to Invest in Eaton PLC guide.

Moving together with Eaton Stock

0.77	BW	Babcock Wilcox Enter	Pair Corr
0.79	IR	Ingersoll Rand	Pair Corr
0.66	FELE	Franklin Electric	Pair Corr
0.72	AME	Ametek Inc	Pair Corr
0.88	AOS	Smith AO	Pair Corr
0.67	DCI	Donaldson	Pair Corr
0.71	GGG	Graco Inc	Pair Corr
0.76	GRC	Gorman Rupp	Pair Corr
0.79	IEX	IDEX	Pair Corr
0.7	ITT	ITT Inc	Pair Corr
0.7	ITW	Illinois Tool Works	Pair Corr
0.65	KAI	Kadant Inc	Pair Corr
0.8	PNR	Pentair PLC	Pair Corr
0.85	RRX	Regal Beloit	Pair Corr
0.71	SXI	Standex International	Pair Corr

Moving against Eaton Stock

0.8	B	Barnes Group	Pair Corr
0.62	RR	Richtech Robotics Class	Pair Corr
0.53	CYD	China Yuchai Interna	Pair Corr
0.43	CVV	CVD Equipment	Pair Corr
0.51	XMTR	Xometry	Pair Corr
0.4	NNE	Nano Nuclear Energy	Pair Corr
0.35	GTLS	Chart Industries	Pair Corr

Related Correlations Analysis

	ITW	DOV	CMI	PH	IR	EMR	PNR
ITW		0.71	0.56	0.74	0.94	0.84	0.9	ITW
DOV	0.71		0.66	0.96	0.64	0.78	0.52	DOV
CMI	0.56	0.66		0.59	0.48	0.52	0.46	CMI
PH	0.74	0.96	0.59		0.7	0.75	0.55	PH
IR	0.94	0.64	0.48	0.7		0.76	0.88	IR
EMR	0.84	0.78	0.52	0.75	0.76		0.82	EMR
PNR	0.9	0.52	0.46	0.55	0.88	0.82		PNR
	ITW	DOV	CMI	PH	IR	EMR	PNR

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Risk-Adjusted Indicators

There is a big difference between Eaton Stock performing well and Eaton PLC 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 Eaton PLC'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
ITW	0.73	(0.08)	0.00	(0.15)	0.00	0.00	1.58	(1.39)	4.12
DOV	0.77	0.01	0.00	0.01	0.99	(0.89)	1.71	(1.39)	6.13
CMI	1.01	0.08	0.05	0.20	1.36	(1.01)	1.93	(2.15)	8.28
PH	0.94	0.01	0.01	0.02	1.12	(1.02)	1.77	(1.59)	7.31
IR	1.02	(0.27)	0.00	(0.30)	0.00	0.00	2.13	(2.31)	6.93
EMR	1.05	(0.04)	0.00	(0.05)	0.00	0.00	2.06	(1.96)	6.51
PNR	0.90	(0.11)	0.00	(0.19)	0.00	0.00	1.78	(2.13)	6.53

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