Ametek Correlations

AME Stock

USD 177.07 0.99 0.56%

The current 90-days correlation between Ametek Inc and Flowserve is 0.45 (i.e., Very weak diversification). The correlation of Ametek 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.

Ametek Correlation With Market

Very weak diversification

The correlation between Ametek Inc and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ametek Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ametek Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Ametek Stock

0.69	PH	Parker Hannifin	Pair Corr
0.69	EPAC	Enerpac Tool Group	Pair Corr
0.68	FELE	Franklin Electric	Pair Corr
0.68	CMI	Cummins	Pair Corr
0.64	DCI	Donaldson	Pair Corr
0.74	DOV	Dover	Pair Corr
0.64	EMR	Emerson Electric	Pair Corr
0.76	GGG	Graco Inc Sell-off Trend	Pair Corr
0.64	GRC	Gorman Rupp	Pair Corr
0.61	ITT	ITT Inc	Pair Corr
0.75	ITW	Illinois Tool Works	Pair Corr
0.71	KAI	Kadant Inc	Pair Corr
0.71	NPO	Enpro Industries	Pair Corr
0.7	ROK	Rockwell Automation	Pair Corr
0.61	SXI	Standex International	Pair Corr
0.63	WTS	Watts Water Technologies	Pair Corr

Moving against Ametek Stock

0.32

SHMDW

SCHMID Group NV

Pair Corr

Related Correlations Analysis

	GGG	FELE	FLS	DCI	ITW	PNR	PH	EMR	AOS	CXT
GGG		0.89	0.05	0.68	0.91	0.15	0.44	0.34	0.31	-0.07	GGG
FELE	0.89		-0.02	0.6	0.85	0.03	0.45	0.24	0.11	-0.12	FELE
FLS	0.05	-0.02		0.44	-0.03	0.84	0.78	0.86	0.27	0.88	FLS
DCI	0.68	0.6	0.44		0.68	0.46	0.62	0.62	0.5	0.47	DCI
ITW	0.91	0.85	-0.03	0.68		0.17	0.38	0.35	0.4	-0.08	ITW
PNR	0.15	0.03	0.84	0.46	0.17		0.58	0.89	0.61	0.74	PNR
PH	0.44	0.45	0.78	0.62	0.38	0.58		0.8	0.05	0.64	PH
EMR	0.34	0.24	0.86	0.62	0.35	0.89	0.8		0.42	0.73	EMR
AOS	0.31	0.11	0.27	0.5	0.4	0.61	0.05	0.42		0.4	AOS
CXT	-0.07	-0.12	0.88	0.47	-0.08	0.74	0.64	0.73	0.4		CXT
	GGG	FELE	FLS	DCI	ITW	PNR	PH	EMR	AOS	CXT

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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

ITW	+ 0.91	GGG
FELE	+ 0.89	GGG
EMR	+ 0.89	PNR
CXT	+ 0.88	FLS
EMR	+ 0.86	FLS
ITW	+ 0.85	FELE

High negative correlations

CXT	- 0.12	FELE
CXT	- 0.08	ITW
CXT	- 0.07	GGG
ITW	- 0.03	FLS
FLS	- 0.02	FELE

Risk-Adjusted Indicators

There is a big difference between Ametek Stock performing well and Ametek 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 Ametek'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
GGG	1.00	(0.02)	(0.12)	1.60	(2.25)	4.96
FELE	1.03	(0.04)	(0.15)	2.00	(1.71)	8.22
FLS	1.57	(0.16)	(0.22)	2.55	(4.18)	10.01
DCI	0.97	(0.02)	(0.12)	1.91	(2.15)	4.34
ITW	0.99	(0.03)	(0.13)	1.95	(2.48)	8.34
PNR	1.10	(0.22)	(0.32)	1.72	(2.61)	6.53
PH	1.27	(0.01)	(0.11)	2.27	(3.50)	10.15
EMR	1.26	(0.09)	(0.18)	2.13	(2.68)	9.68
AOS	1.03	(0.05)	(0.18)	2.14	(2.36)	7.41
CXT	1.23	(0.08)	(0.19)	2.27	(2.67)	7.85

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