Westinghouse Air Correlations

WAB Stock

USD 205.06 0.73 0.36%

The current 90-days correlation between Westinghouse Air Brake and CSX Corporation is 0.22 (i.e., Modest diversification). The correlation of Westinghouse Air 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.

Westinghouse Air Correlation With Market

Significant diversification

The correlation between Westinghouse Air Brake and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Westinghouse Air Brake and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Westinghouse Air Brake. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Westinghouse Stock

0.84	GBX	Greenbrier Companies	Pair Corr
0.61	FSTR	LB Foster	Pair Corr
0.9	TRN	Trinity Industries	Pair Corr
0.75	R	Ryder System	Pair Corr
0.67	DE	Deere Company	Pair Corr
0.62	FA	First Advantage Corp	Pair Corr
0.8	HI	Hillenbrand Earnings Call This Week	Pair Corr
0.8	LZ	LegalZoom	Pair Corr
0.68	PH	Parker Hannifin Earnings Call Today	Pair Corr

Related Correlations Analysis

	GBX	FSTR	RAIL	CSX	NSC	UNP	CP	CNI	TRN
GBX		0.68	-0.18	0.42	0.46	0.53	0.08	0.06	0.79	GBX
FSTR	0.68		-0.69	0.0	-0.03	0.17	-0.39	-0.41	0.59	FSTR
RAIL	-0.18	-0.69		0.15	0.27	0.27	0.72	0.48	-0.03	RAIL
CSX	0.42	0.0	0.15		0.96	0.57	0.27	0.82	0.34	CSX
NSC	0.46	-0.03	0.27	0.96		0.7	0.46	0.87	0.42	NSC
UNP	0.53	0.17	0.27	0.57	0.7		0.64	0.52	0.56	UNP
CP	0.08	-0.39	0.72	0.27	0.46	0.64		0.59	0.16	CP
CNI	0.06	-0.41	0.48	0.82	0.87	0.52	0.59		0.12	CNI
TRN	0.79	0.59	-0.03	0.34	0.42	0.56	0.16	0.12		TRN
	GBX	FSTR	RAIL	CSX	NSC	UNP	CP	CNI	TRN

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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

NSC	+ 0.96	CSX
CNI	+ 0.87	NSC
CNI	+ 0.82	CSX
TRN	+ 0.79	GBX
CP	+ 0.72	RAIL
UNP	+ 0.7	NSC

High negative correlations

RAIL	- 0.69	FSTR
CNI	- 0.41	FSTR
CP	- 0.39	FSTR
RAIL	- 0.18	GBX
TRN	- 0.03	RAIL
NSC	- 0.03	FSTR

Risk-Adjusted Indicators

There is a big difference between Westinghouse Stock performing well and Westinghouse Air 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 Westinghouse Air'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
GBX	1.52	0.40	0.22	1.06	1.12	(1.76)	4.01	(2.55)	20.47
FSTR	2.14	0.58	0.22	1.07	2.08	(2.48)	6.37	(4.12)	17.99
RAIL	4.12	0.12	0.01	0.34	7.68	(4.04)	10.11	(8.18)	46.49
CSX	1.16	(0.06)	0.00	(0.04)	0.00	0.00	2.21	(2.58)	12.00
NSC	1.20	(0.02)	(0.04)	0.03	1.34	(1.39)	2.60	(2.27)	13.32
UNP	1.08	0.01	(0.01)	0.10	1.38	(1.15)	2.34	(2.32)	9.10
CP	1.02	(0.03)	(0.06)	0.00	1.29	(1.06)	2.05	(1.98)	5.71
CNI	0.91	(0.12)	0.00	(0.20)	0.00	0.00	1.86	(1.92)	5.43
TRN	1.50	0.13	0.04	0.53	1.84	(1.66)	2.87	(2.91)	14.13

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