Textron Correlations

Stocks . USA . 
Stock . Textron
TXT Stock  USD 98.65  0.02  0.02%   
The current 90-days correlation between Textron and HEICO is 0.3 (i.e., Weak diversification). The correlation of Textron 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.

Textron Correlation With Market

Very poor diversification

The correlation between Textron and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Textron and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Textron Stock
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Textron. 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.
For more information on how to buy Textron Stock please use our How to Invest in Textron guide.

Moving together with Textron Stock

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  0.83CWT Curtiss WrightPairCorr
  0.94TXT TextronPairCorr
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  0.63HEI Heico Earnings Call TomorrowPairCorr
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Moving against Textron Stock

  0.63HCL HighcomPairCorr
  0.53EH Ehang HoldingsPairCorr
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  0.44PSN Parsons CorpPairCorr

Related Correlations Analysis


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

RGR
+ 0.93
ATRO
THLLY
+ 0.92
RGR
THLLY
+ 0.86
ATRO
HEI-A
+ 0.7
EADSY
PRZO
+ 0.68
PEW
THLLY
+ 0.63
HEI-A
  

High negative correlations

PEW
- 0.59
ATRO
RGR
- 0.47
PEW
THLLY
- 0.38
PEW
PRZO
- 0.2
ATRO
RGR
- 0.18
PRZO
THLLY
- 0.09
PRZO

Risk-Adjusted Indicators

There is a big difference between Textron Stock performing well and Textron 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 Textron'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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