Broadwind Energy Correlations

BWEN Stock

USD 1.44 0.01 0.70%

The current 90-days correlation between Broadwind Energy and Thermon Group Holdings is 0.16 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Broadwind Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Broadwind Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Broadwind Energy Correlation With Market

Modest diversification

The correlation between Broadwind Energy and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Broadwind Energy 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 Broadwind Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

To learn how to invest in Broadwind Stock, please use our How to Invest in Broadwind Energy guide.

Moving together with Broadwind Stock

0.89	BW	Babcock Wilcox Enter	Pair Corr
0.66	IR	Ingersoll Rand	Pair Corr
0.61	RR	Richtech Robotics Class Buyout Trend	Pair Corr
0.8	ETN	Eaton PLC Sell-off Trend	Pair Corr
0.65	FLS	Flowserve	Pair Corr
0.82	GHM	Graham	Pair Corr
0.68	IEX	IDEX	Pair Corr
0.7	MIR	Mirion Technologies	Pair Corr
0.79	XMTR	Xometry	Pair Corr
0.74	PNR	Pentair PLC	Pair Corr
0.77	RRX	Regal Beloit	Pair Corr

Moving against Broadwind Stock

0.47	FELE	Franklin Electric	Pair Corr
0.4	EPAC	Enerpac Tool Group	Pair Corr
0.73	MWA	Mueller Water Products	Pair Corr
0.32	ITW	Illinois Tool Works	Pair Corr
0.57	XYL	Xylem Inc	Pair Corr
0.48	WTS	Watts Water Technologies	Pair Corr
0.37	TNC	Tennant Company	Pair Corr

Related Correlations Analysis

	THR	NPO	GTES	WTS	EPAC	GRC	CR	FELE	LXFR	CIR
THR		0.24	0.3	0.61	0.41	0.57	-0.01	0.44	0.08	0.0	THR
NPO	0.24		0.77	0.69	0.76	0.57	0.8	0.83	0.67	0.0	NPO
GTES	0.3	0.77		0.48	0.54	0.46	0.59	0.59	0.66	0.0	GTES
WTS	0.61	0.69	0.48		0.75	0.52	0.5	0.83	0.36	0.0	WTS
EPAC	0.41	0.76	0.54	0.75		0.69	0.63	0.88	0.42	0.0	EPAC
GRC	0.57	0.57	0.46	0.52	0.69		0.3	0.72	0.34	0.0	GRC
CR	-0.01	0.8	0.59	0.5	0.63	0.3		0.54	0.79	0.0	CR
FELE	0.44	0.83	0.59	0.83	0.88	0.72	0.54		0.37	0.0	FELE
LXFR	0.08	0.67	0.66	0.36	0.42	0.34	0.79	0.37		0.0	LXFR
CIR	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CIR
	THR	NPO	GTES	WTS	EPAC	GRC	CR	FELE	LXFR	CIR

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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	+ 0.88	EPAC
FELE	+ 0.83	NPO
FELE	+ 0.83	WTS
CR	+ 0.8	NPO
LXFR	+ 0.79	CR
GTES	+ 0.77	NPO

High negative correlations

CR	- 0.01	THR
CIR	- 0.0	LXFR
CIR	- 0.0	FELE
CIR	- 0.0	CR
CIR	- 0.0	GRC
CIR	- 0.0	EPAC

Risk-Adjusted Indicators

There is a big difference between Broadwind Stock performing well and Broadwind Energy 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 Broadwind Energy'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
THR	1.50	(0.03)	(0.11)	3.77	(3.32)	9.97
NPO	1.57	(0.04)	(0.11)	2.17	(3.38)	10.90
GTES	1.84	(0.18)	0.91	3.17	(4.41)	19.37
WTS	1.23	0.01	(0.06)	2.23	(2.46)	10.44
EPAC	1.33	(0.10)	(0.18)	2.21	(2.97)	6.65
GRC	1.23	(0.10)	(0.19)	2.20	(2.48)	6.72
CR	1.48	(0.01)	(0.08)	2.75	(3.24)	16.18
FELE	1.04	(0.05)	(0.14)	2.00	(1.71)	8.22
LXFR	1.69	(0.12)	(0.20)	2.60	(4.10)	11.40
CIR	0.00	0.00	0.00	0.00	0.00	0.00

Broadwind Energy Corporate Management

Hayes Kennedy	VP Officer	Profile
Joni Konstantelos	Director Communications	Profile
Ashwini Rao	Chief Officer	Profile
Michael Stegelmann	Managing Europe	Profile
Arlene McKenzie	Corporate Secretary	Profile
Wayne Hanna	I Works	Profile

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