Now Correlations

DNOW Stock

USD 15.13 0.01 0.07%

The current 90-days correlation between Now Inc and Oceaneering International is 0.69 (i.e., Poor diversification). The correlation of Now 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.

Now Correlation With Market

Poor diversification

The correlation between Now Inc and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Now Inc and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Now 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 persons.

Moving together with Now Stock

0.94	DXPE	DXP Enterprises	Pair Corr
0.63	FAST	Fastenal Fiscal Year End 16th of January 2025	Pair Corr
0.69	FERG	Ferguson Plc	Pair Corr
0.8	AIT	Applied Industrial	Pair Corr
0.82	BXC	BlueLinx Holdings	Pair Corr
0.68	GWW	WW Grainger	Pair Corr
0.72	MSM	MSC Industrial Direct	Pair Corr
0.77	WCC	WESCO International	Pair Corr
0.89	WSO	Watsco Inc	Pair Corr
0.62	SMSMY	Sims Metal Management	Pair Corr
0.89	REZI	Resideo Technologies	Pair Corr
0.77	BECN	Beacon Roofing Supply	Pair Corr
0.87	R	Ryder System	Pair Corr
0.77	DIST	Distoken Acquisition	Pair Corr
0.89	AL	Air Lease	Pair Corr
0.79	BE	Bloom Energy Corp	Pair Corr
0.87	CR	Crane Company	Pair Corr

Moving against Now Stock

0.49	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.46	GIC	Global Industrial	Pair Corr
0.34	TRNS	Transcat	Pair Corr
0.63	HY	Hyster Yale Materials	Pair Corr
0.57	OP	Oceanpal	Pair Corr
0.54	FC	Franklin Covey	Pair Corr
0.52	CP	Canadian Pacific Railway	Pair Corr
0.52	MG	Mistras Group	Pair Corr
0.47	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	OIS	OII	GEOS	NR	EFXT	VTOL	FET	FTI	CHX	BKR
OIS		0.9	0.45	0.66	0.61	0.81	0.39	0.78	0.63	0.68	OIS
OII	0.9		0.58	0.56	0.73	0.75	0.23	0.93	0.67	0.82	OII
GEOS	0.45	0.58		-0.08	0.7	0.24	-0.37	0.6	0.18	0.86	GEOS
NR	0.66	0.56	-0.08		0.11	0.83	0.71	0.34	0.42	0.1	NR
EFXT	0.61	0.73	0.7	0.11		0.32	-0.41	0.84	0.32	0.92	EFXT
VTOL	0.81	0.75	0.24	0.83	0.32		0.63	0.56	0.52	0.4	VTOL
FET	0.39	0.23	-0.37	0.71	-0.41	0.63		-0.01	0.44	-0.3	FET
FTI	0.78	0.93	0.6	0.34	0.84	0.56	-0.01		0.63	0.88	FTI
CHX	0.63	0.67	0.18	0.42	0.32	0.52	0.44	0.63		0.42	CHX
BKR	0.68	0.82	0.86	0.1	0.92	0.4	-0.3	0.88	0.42		BKR
	OIS	OII	GEOS	NR	EFXT	VTOL	FET	FTI	CHX	BKR

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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

FTI	+ 0.93	OII
BKR	+ 0.92	EFXT
OII	+ 0.9	OIS
BKR	+ 0.88	FTI
BKR	+ 0.86	GEOS
FTI	+ 0.84	EFXT

High negative correlations

FET	- 0.41	EFXT
FET	- 0.37	GEOS
BKR	- 0.3	FET
NR	- 0.08	GEOS
FTI	- 0.01	FET

Risk-Adjusted Indicators

There is a big difference between Now Stock performing well and Now 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 Now'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
OIS	2.42	(0.08)	(0.01)	0.06	2.70	(2.85)	5.26	(4.37)	15.23
OII	2.12	(0.11)	0.01	0.07	2.48	(2.27)	4.23	(4.07)	15.31
GEOS	2.37	(0.03)	0.02	0.10	3.93	(2.37)	4.68	(3.88)	27.12
NR	1.74	(0.25)	(0.05)	0.00	2.11	(1.86)	3.73	(3.89)	13.55
EFXT	1.71	0.67	0.35	1.14	1.23	(2.14)	4.56	(2.72)	8.19
VTOL	1.54	(0.16)	0.00	(0.01)	0.00	0.00	2.89	(2.86)	12.05
FET	1.65	(0.45)	0.00	(0.26)	0.00	0.00	3.52	(3.35)	11.03
FTI	1.60	0.10	0.05	0.21	2.20	(1.56)	3.52	(3.50)	9.70
CHX	1.42	(0.25)	0.00	(0.05)	0.00	0.00	2.87	(3.32)	11.10
BKR	1.30	0.18	0.15	0.26	1.05	(1.56)	3.36	(1.58)	12.36

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