Watts Water Correlations

WTS Stock

USD 206.78 0.49 0.24%

The current 90-days correlation between Watts Water Technologies and IDEX Corporation is 0.68 (i.e., Poor diversification). The correlation of Watts Water 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.

Watts Water Correlation With Market

Modest diversification

The correlation between Watts Water Technologies and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Watts Water Technologies 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 Watts Water Technologies. 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.

Moving together with Watts Stock

0.64	CR	Crane Company	Pair Corr
0.74	HI	Hillenbrand Earnings Call Tomorrow	Pair Corr
0.61	IR	Ingersoll Rand	Pair Corr
0.78	PH	Parker Hannifin	Pair Corr
0.79	ENOV	Enovis Corp	Pair Corr
0.64	EPAC	Enerpac Tool Group	Pair Corr
0.74	FELE	Franklin Electric	Pair Corr
0.76	AME	Ametek Inc Earnings Call This Week	Pair Corr
0.83	CMI	Cummins Earnings Call This Week	Pair Corr
0.81	DOV	Dover	Pair Corr
0.88	EMR	Emerson Electric Earnings Call This Week	Pair Corr
0.73	FLS	Flowserve	Pair Corr
0.85	GGG	Graco Inc	Pair Corr
0.61	GHM	Graham Earnings Call Tomorrow	Pair Corr
0.77	GRC	Gorman Rupp	Pair Corr
0.76	IEX	IDEX Earnings Call This Week	Pair Corr
0.84	ITT	ITT Inc Earnings Call This Week	Pair Corr
0.74	ITW	Illinois Tool Works	Pair Corr
0.78	KAI	Kadant Inc	Pair Corr
0.83	MWA	Mueller Water Products Earnings Call This Week	Pair Corr
0.85	NPO	Enpro Industries	Pair Corr
0.92	PNR	Pentair PLC	Pair Corr
0.83	ROK	Rockwell Automation	Pair Corr
0.82	SXI	Standex International	Pair Corr

Moving against Watts Stock

0.49	CYD	China Yuchai Interna	Pair Corr
0.47	MKDWW	MKDWELL Tech Warrants	Pair Corr

Related Correlations Analysis

	IEX	DCI	GRC	EPAC	GGG	FELE	AME	FLS	HURC	JBT
IEX		0.73	0.86	0.85	0.88	0.87	0.87	0.51	0.67	-0.25	IEX
DCI	0.73		0.72	0.84	0.66	0.8	0.57	0.02	0.82	-0.66	DCI
GRC	0.86	0.72		0.88	0.92	0.94	0.83	0.35	0.63	-0.28	GRC
EPAC	0.85	0.84	0.88		0.8	0.93	0.71	0.25	0.64	-0.53	EPAC
GGG	0.88	0.66	0.92	0.8		0.91	0.91	0.52	0.62	-0.13	GGG
FELE	0.87	0.8	0.94	0.93	0.91		0.8	0.32	0.65	-0.4	FELE
AME	0.87	0.57	0.83	0.71	0.91	0.8		0.6	0.58	-0.01	AME
FLS	0.51	0.02	0.35	0.25	0.52	0.32	0.6		0.19	0.56	FLS
HURC	0.67	0.82	0.63	0.64	0.62	0.65	0.58	0.19		-0.37	HURC
JBT	-0.25	-0.66	-0.28	-0.53	-0.13	-0.4	-0.01	0.56	-0.37		JBT
	IEX	DCI	GRC	EPAC	GGG	FELE	AME	FLS	HURC	JBT

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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

FELE	+ 0.94	GRC
FELE	+ 0.93	EPAC
GGG	+ 0.92	GRC
FELE	+ 0.91	GGG
AME	+ 0.91	GGG
GGG	+ 0.88	IEX

High negative correlations

JBT	- 0.66	DCI
JBT	- 0.53	EPAC
JBT	- 0.4	FELE
JBT	- 0.37	HURC
JBT	- 0.28	GRC
JBT	- 0.25	IEX

Risk-Adjusted Indicators

There is a big difference between Watts Stock performing well and Watts Water 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 Watts Water'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
IEX	1.13	0.14	0.07	0.44	1.16	(1.33)	2.39	(1.71)	11.99
DCI	0.88	(0.06)	0.00	(0.42)	0.00	0.00	1.88	(1.66)	8.98
GRC	1.33	0.02	(0.01)	0.10	1.77	(1.36)	2.35	(2.56)	14.03
EPAC	1.41	(0.02)	(0.03)	0.04	1.66	(1.49)	2.67	(2.90)	13.10
GGG	0.98	0.00	(0.02)	0.07	1.36	(0.92)	1.66	(2.13)	8.14
FELE	1.17	(0.05)	0.00	(0.03)	0.00	0.00	2.20	(2.14)	13.66
AME	0.99	0.11	0.08	0.26	0.89	(1.25)	2.17	(1.41)	11.73
FLS	1.25	0.24	0.11	0.50	1.48	(1.33)	2.47	(2.09)	14.33
HURC	1.95	0.04	0.00	0.13	2.21	(1.97)	4.27	(3.42)	14.38
JBT	1.79	0.43	0.18	(1.44)	1.56	(2.08)	3.40	(3.06)	21.43

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