Eaton PLC Correlations

Stocks . USA . 
Stock . Eaton PLC
ETN Stock  USD 371.98  5.31  1.41%   
The current 90-days correlation between Eaton PLC and China Automotive Systems is 0.05 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Eaton PLC moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Eaton PLC moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Eaton PLC Correlation With Market

Poor diversification

The correlation between Eaton PLC and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eaton PLC 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 Eaton PLC. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.
To learn how to invest in Eaton Stock, please use our How to Invest in Eaton PLC guide.

Moving together with Eaton Stock

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Moving against Eaton Stock

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Related Correlations Analysis

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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   
DSWL
+ 0.54
CAAS
CHNR
+ 0.49
CAAS
DSWL
+ 0.47
CHNR
UTSI
+ 0.4
CHNR
DSWL
+ 0.3
UTSI
UTSI
+ 0.24
SNDA
  
High negative correlations   
DSWL
- 0.54
SNDA
SNDA
- 0.52
CAAS
SNDA
- 0.34
CHNR

Risk-Adjusted Indicators

There is a big difference between Eaton Stock performing well and Eaton PLC 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 Eaton PLC'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.

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