Eastman Chemical Correlations

EMN Stock

USD 88.69 1.19 1.32%

The current 90-days correlation between Eastman Chemical and Air Products and is 0.54 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Eastman Chemical moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Eastman Chemical moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Eastman Chemical Correlation With Market

Very weak diversification

The correlation between Eastman Chemical and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Chemical 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 Eastman Chemical. 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.

To learn how to invest in Eastman Stock, please use our How to Invest in Eastman Chemical guide.

Moving together with Eastman Stock

0.73	DD	Dupont De Nemours	Pair Corr
0.66	APD	Air Products	Pair Corr
0.71	ECL	Ecolab Inc	Pair Corr
0.67	FSI	Flexible Solutions Earnings Call This Week	Pair Corr
0.72	LIN	Linde plc Ordinary	Pair Corr
0.64	LYB	LyondellBasell Industries	Pair Corr
0.66	SHW	Sherwin Williams	Pair Corr

Moving against Eastman Stock

0.52	FEAM	5E Advanced Materials Trending	Pair Corr
0.52	CMT	Core Molding Technologies	Pair Corr
0.31	ALB	Albemarle Corp	Pair Corr
0.35	OLN	Olin	Pair Corr
0.59	SDSTW	Stardust Power Symbol Change	Pair Corr
0.48	NTIC	Northern Technologies	Pair Corr
0.48	SDST	Stardust Power Symbol Change	Pair Corr
0.38	LWLG	Lightwave Logic	Pair Corr

Related Correlations Analysis

	APD	IFF	SHW	PPG	LYB	DD	SXT	KWR	ESI	FUL
APD		0.44	0.78	0.16	0.78	0.32	0.43	0.35	0.09	-0.08	APD
IFF	0.44		0.46	0.7	0.24	0.0	0.62	0.53	0.09	0.74	IFF
SHW	0.78	0.46		0.32	0.63	0.44	0.59	0.57	0.16	0.1	SHW
PPG	0.16	0.7	0.32		0.23	0.11	0.39	0.63	0.36	0.72	PPG
LYB	0.78	0.24	0.63	0.23		0.46	0.39	0.35	0.3	-0.18	LYB
DD	0.32	0.0	0.44	0.11	0.46		0.07	0.57	0.63	-0.1	DD
SXT	0.43	0.62	0.59	0.39	0.39	0.07		0.35	0.22	0.27	SXT
KWR	0.35	0.53	0.57	0.63	0.35	0.57	0.35		0.48	0.6	KWR
ESI	0.09	0.09	0.16	0.36	0.3	0.63	0.22	0.48		0.16	ESI
FUL	-0.08	0.74	0.1	0.72	-0.18	-0.1	0.27	0.6	0.16		FUL
	APD	IFF	SHW	PPG	LYB	DD	SXT	KWR	ESI	FUL

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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

SHW	+ 0.78	APD
LYB	+ 0.78	APD
FUL	+ 0.74	IFF
FUL	+ 0.72	PPG
PPG	+ 0.7	IFF
LYB	+ 0.63	SHW

High negative correlations

FUL	- 0.18	LYB
FUL	- 0.1	DD
FUL	- 0.08	APD
DD	- 0.0	IFF

Risk-Adjusted Indicators

There is a big difference between Eastman Stock performing well and Eastman Chemical 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 Eastman Chemical'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
APD	1.13	(0.02)	(0.10)	2.38	(1.85)	8.35
IFF	0.93	(0.10)	(0.22)	2.00	(1.73)	7.54
SHW	1.05	(0.07)	(0.15)	1.98	(2.02)	4.87
PPG	1.15	(0.10)	(0.20)	2.60	(2.18)	8.61
LYB	1.12	0.00	(0.08)	2.12	(2.39)	8.13
DD	1.08	(0.02)	(0.09)	2.38	(2.25)	9.95
SXT	1.17	0.01	(0.06)	2.33	(2.24)	11.22
KWR	1.58	(0.17)	(0.25)	2.99	(4.00)	8.76
ESI	1.16	(0.03)	(0.12)	2.54	(2.42)	7.56
FUL	1.27	(0.41)	(0.61)	1.85	(3.00)	8.25

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