ESCO Technologies Correlations

ESE Stock

USD 159.44 2.04 1.26%

The current 90-days correlation between ESCO Technologies and Novanta is 0.25 (i.e., Modest diversification). The correlation of ESCO Technologies 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.

ESCO Technologies Correlation With Market

Modest diversification

The correlation between ESCO Technologies and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ESCO Technologies 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 ESCO 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 state.

For information on how to trade ESCO Stock refer to our How to Trade ESCO Stock guide.

Moving together with ESCO Stock

0.65	SVREW	SaverOne 2014	Pair Corr
0.83	ITRN	Ituran Location	Pair Corr
0.86	G	Genpact Limited	Pair Corr

Moving against ESCO Stock

0.83	ODYS	Odysightai Common Stock	Pair Corr
0.79	ELSE	Electro Sensors	Pair Corr
0.79	SVRE	SaverOne 2014	Pair Corr
0.64	ASTC	Astrotech Corp	Pair Corr
0.62	KNW	Know Labs	Pair Corr
0.6	NOVT	Novanta	Pair Corr
0.59	SOTK	Sono Tek Corp	Pair Corr
0.53	ITRI	Itron Inc	Pair Corr
0.36	WATT	Energous Earnings Call This Week	Pair Corr
0.32	BMI	Badger Meter	Pair Corr
0.31	SOBR	Sobr Safe Earnings Call This Week	Pair Corr
0.83	BV	BrightView Holdings	Pair Corr
0.74	J	Jacobs Solutions	Pair Corr
0.74	BW	Babcock Wilcox Enter	Pair Corr
0.73	GP	GreenPower Motor	Pair Corr
0.71	CW	Curtiss Wright	Pair Corr
0.7	CGNX	Cognex	Pair Corr
0.69	COHR	Coherent	Pair Corr
0.51	AP	Ampco Pittsburgh Earnings Call This Week	Pair Corr
0.49	DY	Dycom Industries	Pair Corr
0.45	FA	First Advantage Corp	Pair Corr
0.42	GD	General Dynamics	Pair Corr
0.41	HI	Hillenbrand	Pair Corr
0.4	HY	Hyster Yale Materials	Pair Corr

Related Correlations Analysis

	NOVT	SOTK	ITRI	BMI	COHR	MLAB	VPG	ST	FTV	VNT
NOVT		0.88	0.54	0.81	0.82	0.17	0.22	0.18	0.04	0.59	NOVT
SOTK	0.88		0.52	0.7	0.76	0.01	0.18	0.11	-0.16	0.44	SOTK
ITRI	0.54	0.52		0.17	0.33	-0.38	-0.44	-0.2	-0.44	-0.1	ITRI
BMI	0.81	0.7	0.17		0.74	0.45	0.46	0.22	0.33	0.72	BMI
COHR	0.82	0.76	0.33	0.74		0.35	0.35	0.08	0.17	0.69	COHR
MLAB	0.17	0.01	-0.38	0.45	0.35		0.58	0.17	0.81	0.72	MLAB
VPG	0.22	0.18	-0.44	0.46	0.35	0.58		0.51	0.56	0.72	VPG
ST	0.18	0.11	-0.2	0.22	0.08	0.17	0.51		0.24	0.29	ST
FTV	0.04	-0.16	-0.44	0.33	0.17	0.81	0.56	0.24		0.75	FTV
VNT	0.59	0.44	-0.1	0.72	0.69	0.72	0.72	0.29	0.75		VNT
	NOVT	SOTK	ITRI	BMI	COHR	MLAB	VPG	ST	FTV	VNT

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

SOTK	+ 0.88	NOVT
COHR	+ 0.82	NOVT
BMI	+ 0.81	NOVT
FTV	+ 0.81	MLAB
COHR	+ 0.76	SOTK
VNT	+ 0.75	FTV

High negative correlations

FTV	- 0.44	ITRI
VPG	- 0.44	ITRI
MLAB	- 0.38	ITRI
ST	- 0.2	ITRI
FTV	- 0.16	SOTK
VNT	- 0.1	ITRI

Risk-Adjusted Indicators

There is a big difference between ESCO Stock performing well and ESCO Technologies 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 ESCO Technologies' 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
NOVT	1.27	(0.27)	0.00	(0.39)	0.00	0.00	1.65	(2.80)	10.19
SOTK	2.24	(0.32)	0.00	(0.48)	0.00	0.00	4.64	(4.73)	15.16
ITRI	1.31	(0.02)	0.00	(0.09)	0.00	0.00	1.89	(2.98)	12.12
BMI	1.23	(0.21)	0.00	(0.31)	0.00	0.00	2.12	(3.63)	6.90
COHR	3.51	(0.45)	0.00	(0.32)	0.00	0.00	5.84	(7.31)	25.13
MLAB	2.22	0.11	0.02	0.00	2.85	(2.38)	4.46	(5.23)	13.66
VPG	1.62	0.03	0.00	(0.04)	0.00	0.00	3.57	(3.32)	14.71
ST	1.55	(0.09)	0.00	(0.16)	0.00	0.00	2.73	(3.03)	14.38
FTV	0.95	0.02	0.00	(0.05)	0.00	0.00	1.87	(2.21)	5.10
VNT	1.36	(0.15)	0.00	(0.18)	0.00	0.00	3.00	(3.17)	8.33

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC