NewMarket Correlations

NEU Stock

USD 670.79 0.00 0.00%

The current 90-days correlation between NewMarket and Eastman Chemical is 0.43 (i.e., Very weak diversification). The correlation of NewMarket 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.

NewMarket Correlation With Market

Excellent diversification

The correlation between NewMarket and DJI is -0.67 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NewMarket and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NewMarket Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NewMarket. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

For more information on how to buy NewMarket Stock please use our How to Invest in NewMarket guide.

Moving together with NewMarket Stock

0.75	NANO	Nano One Materials	Pair Corr
0.78	ADVWW	Advantage Solutions	Pair Corr
0.66	MAPSW	WM Technology	Pair Corr
0.77	GCMGW	GCM Grosvenor	Pair Corr

Moving against NewMarket Stock

0.84	SCL	Stepan Company	Pair Corr
0.76	KWR	Quaker Chemical	Pair Corr
0.73	ATCOL	Atlas Corp	Pair Corr
0.69	RYAM	Rayonier Advanced	Pair Corr
0.41	FUL	H B Fuller	Pair Corr
0.37	SYNT	Synthomer plc	Pair Corr
0.87	GOLD	Gold Inc Earnings Call This Week	Pair Corr
0.86	SON	Sonoco Products	Pair Corr
0.84	IFSPF	Interfor	Pair Corr
0.82	ITNF	Internet Infinity	Pair Corr
0.77	FNCHF	FINEOSHoldings Plc	Pair Corr
0.75	EVGRF	China Evergrande New	Pair Corr
0.67	LSBK	Lake Shore Bancorp	Pair Corr
0.65	CLWT	Euro Tech Holdings	Pair Corr
0.59	GSTX	Graphene Solar Techn	Pair Corr
0.53	SPRY	ARS Pharmaceuticals	Pair Corr
0.48	NKTX	Nkarta Inc	Pair Corr
0.37	SION	Sionna Therapeutics	Pair Corr
0.9	GPHOF	Graphite One	Pair Corr
0.87	NOSUF	Nerds on Site	Pair Corr
0.87	ARRJF	Arjo AB	Pair Corr
0.86	KGC	Kinross Gold	Pair Corr
0.83	ZLDAF	Zelira Therapeutics	Pair Corr
0.78	AOS	Smith AO	Pair Corr

Related Correlations Analysis

	EMN	ESI	AXTA	GGB	TX	EXP	WLK	IAG	SSL	BCPC
EMN		0.75	0.9	0.87	0.9	0.6	0.93	0.81	0.28	0.79	EMN
ESI	0.75		0.52	0.78	0.72	0.41	0.72	0.57	0.34	0.7	ESI
AXTA	0.9	0.52		0.85	0.87	0.43	0.82	0.88	0.27	0.8	AXTA
GGB	0.87	0.78	0.85		0.95	0.36	0.78	0.91	0.5	0.89	GGB
TX	0.9	0.72	0.87	0.95		0.47	0.83	0.93	0.39	0.83	TX
EXP	0.6	0.41	0.43	0.36	0.47		0.73	0.32	-0.14	0.37	EXP
WLK	0.93	0.72	0.82	0.78	0.83	0.73		0.7	0.16	0.74	WLK
IAG	0.81	0.57	0.88	0.91	0.93	0.32	0.7		0.37	0.78	IAG
SSL	0.28	0.34	0.27	0.5	0.39	-0.14	0.16	0.37		0.49	SSL
BCPC	0.79	0.7	0.8	0.89	0.83	0.37	0.74	0.78	0.49		BCPC
	EMN	ESI	AXTA	GGB	TX	EXP	WLK	IAG	SSL	BCPC

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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

TX	+ 0.95	GGB
WLK	+ 0.93	EMN
IAG	+ 0.93	TX
IAG	+ 0.91	GGB
AXTA	+ 0.9	EMN
TX	+ 0.9	EMN

High negative correlations

SSL

- 0.14

EXP

Risk-Adjusted Indicators

There is a big difference between NewMarket Stock performing well and NewMarket 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 NewMarket'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
EMN	1.58	0.10	0.06	0.12	1.76	(1.71)	4.94	(3.60)	9.74
ESI	1.63	0.11	0.09	0.11	1.67	(1.95)	3.96	(3.60)	10.60
AXTA	1.17	0.20	0.14	0.30	1.12	(1.27)	2.69	(2.53)	7.97
GGB	1.50	0.39	0.18	0.50	1.66	(1.76)	3.56	(2.65)	11.29
TX	1.29	0.30	0.17	0.67	1.33	(1.48)	3.07	(2.64)	8.99
EXP	1.48	(0.20)	0.00	(0.09)	0.00	0.00	3.89	(2.74)	9.20
WLK	2.12	(0.01)	0.01	0.05	2.51	(2.15)	4.69	(4.13)	11.29
IAG	2.51	0.87	0.28	1.25	2.28	(2.85)	5.49	(4.94)	18.37
SSL	2.32	0.23	0.06	0.72	3.21	(2.38)	5.23	(4.06)	18.92
BCPC	1.01	0.09	0.09	0.14	0.87	(1.33)	3.26	(1.53)	7.13

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