Parker Hannifin Correlations

PH Stock

USD 665.81 0.42 0.06%

The current 90-days correlation between Parker Hannifin and Illinois Tool Works is 0.56 (i.e., Very weak diversification). The correlation of Parker Hannifin 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.

Parker Hannifin Correlation With Market

Weak diversification

The correlation between Parker Hannifin and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parker Hannifin and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Parker Hannifin. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

For more detail on how to invest in Parker Stock please use our How to Invest in Parker Hannifin guide.

Moving together with Parker Stock

0.9	CR	Crane Company	Pair Corr
0.68	HI	Hillenbrand Earnings Call This Week	Pair Corr
0.79	IR	Ingersoll Rand	Pair Corr
0.78	ENOV	Enovis Corp	Pair Corr
0.81	EPAC	Enerpac Tool Group	Pair Corr
0.86	FELE	Franklin Electric	Pair Corr
0.93	AME	Ametek Inc Earnings Call This Week	Pair Corr
0.75	CMI	Cummins Earnings Call This Week	Pair Corr
0.65	DCI	Donaldson	Pair Corr
0.94	DOV	Dover Earnings Call Today	Pair Corr
0.82	EMR	Emerson Electric Earnings Call This Week	Pair Corr
0.78	ETN	Eaton PLC Earnings Call Today	Pair Corr
0.68	FLS	Flowserve	Pair Corr
0.93	GGG	Graco Inc	Pair Corr
0.87	GRC	Gorman Rupp Earnings Call Tomorrow	Pair Corr
0.94	IEX	IDEX Earnings Call This Week	Pair Corr
0.93	ITT	ITT Inc Earnings Call This Week	Pair Corr
0.86	ITW	Illinois Tool Works Earnings Call Today	Pair Corr
0.95	KAI	Kadant Inc	Pair Corr
0.94	MWA	Mueller Water Products Earnings Call This Week	Pair Corr
0.61	NPO	Enpro Industries	Pair Corr
0.88	PNR	Pentair PLC	Pair Corr
0.68	RRX	Regal Beloit Earnings Call This Week	Pair Corr
0.79	SMR	Nuscale Power Corp Buyout Trend	Pair Corr
0.9	SXI	Standex International Earnings Call Today	Pair Corr

Moving against Parker Stock

0.51	CYD	China Yuchai Interna	Pair Corr
0.39	RR	Richtech Robotics Class	Pair Corr
0.39	CVV	CVD Equipment	Pair Corr
0.37	MKDWW	MKDWELL Tech Warrants	Pair Corr

Related Correlations Analysis

	ITW	PNR	EMR	AOS	DOV	ETN	GGG	FLS	IEX	CMI
ITW		0.88	0.61	0.54	0.91	0.71	0.9	0.35	0.93	0.54	ITW
PNR	0.88		0.83	0.23	0.9	0.74	0.94	0.64	0.86	0.81	PNR
EMR	0.61	0.83		-0.23	0.74	0.56	0.8	0.87	0.72	0.88	EMR
AOS	0.54	0.23	-0.23		0.42	0.39	0.29	-0.3	0.37	-0.16	AOS
DOV	0.91	0.9	0.74	0.42		0.77	0.9	0.6	0.93	0.68	DOV
ETN	0.71	0.74	0.56	0.39	0.77		0.79	0.49	0.69	0.66	ETN
GGG	0.9	0.94	0.8	0.29	0.9	0.79		0.58	0.9	0.75	GGG
FLS	0.35	0.64	0.87	-0.3	0.6	0.49	0.58		0.56	0.85	FLS
IEX	0.93	0.86	0.72	0.37	0.93	0.69	0.9	0.56		0.67	IEX
CMI	0.54	0.81	0.88	-0.16	0.68	0.66	0.75	0.85	0.67		CMI
	ITW	PNR	EMR	AOS	DOV	ETN	GGG	FLS	IEX	CMI

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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

GGG	+ 0.94	PNR
IEX	+ 0.93	ITW
IEX	+ 0.93	DOV
DOV	+ 0.91	ITW
GGG	+ 0.9	ITW
DOV	+ 0.9	PNR

High negative correlations

FLS	- 0.3	AOS
AOS	- 0.23	EMR
CMI	- 0.16	AOS

Risk-Adjusted Indicators

There is a big difference between Parker Stock performing well and Parker Hannifin 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 Parker Hannifin'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	0.80	(0.01)	(0.07)	0.02	0.90	(0.93)	1.95	(1.33)	5.88
PNR	0.85	0.01	(0.02)	0.09	1.06	(0.88)	1.81	(1.53)	6.74
EMR	1.12	0.20	0.16	0.29	0.91	(1.33)	2.13	(1.62)	12.26
AOS	0.89	(0.20)	0.00	(0.37)	0.00	0.00	1.76	(2.18)	6.18
DOV	0.89	0.01	(0.02)	0.09	1.15	(1.04)	1.96	(1.90)	9.35
ETN	1.35	(0.13)	0.00	(0.25)	0.00	0.00	3.20	(2.27)	21.99
GGG	0.97	(0.05)	(0.06)	(0.01)	1.34	(0.92)	1.64	(2.13)	8.14
FLS	1.22	0.19	0.09	0.44	1.53	(1.28)	2.27	(2.09)	14.33
IEX	1.11	0.08	0.03	0.31	1.19	(1.34)	2.22	(1.71)	11.99
CMI	1.00	0.06	0.03	0.15	1.23	(1.06)	1.93	(1.69)	13.97

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