IDEX Correlations

IEX Stock

USD 181.91 1.82 0.99%

The current 90-days correlation between IDEX and Flowserve is 0.27 (i.e., Modest diversification). The correlation of IDEX 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.

IDEX Correlation With Market

Weak diversification

The correlation between IDEX Corp. and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IDEX Corp. and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in IDEX Corporation. 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.

Moving together with IDEX Stock

0.77	BW	Babcock Wilcox Enter	Pair Corr
0.7	HI	Hillenbrand	Pair Corr
0.85	IR	Ingersoll Rand	Pair Corr
0.85	ENOV	Enovis Corp	Pair Corr
0.66	AOS	Smith AO	Pair Corr
0.75	CXT	Crane NXT	Pair Corr
0.81	EMR	Emerson Electric	Pair Corr
0.83	ETN	Eaton PLC Sell-off Trend	Pair Corr
0.74	FLS	Flowserve	Pair Corr
0.87	GHM	Graham	Pair Corr
0.77	ITT	ITT Inc Sell-off Trend	Pair Corr
0.67	MIR	Mirion Technologies	Pair Corr
0.93	PNR	Pentair PLC	Pair Corr
0.95	RRX	Regal Beloit	Pair Corr
0.66	SYM	Symbotic	Pair Corr

Moving against IDEX Stock

0.79	CYD	China Yuchai Interna	Pair Corr
0.74	MWA	Mueller Water Products	Pair Corr
0.78	IVAC	Intevac	Pair Corr
0.51	XYL	Xylem Inc	Pair Corr

Related Correlations Analysis

	FLS	DCI	IR	FELE	WTS	GRC	EPAC	DOV	CR	GGG
FLS		0.44	0.77	-0.05	-0.04	0.12	0.14	0.74	0.57	0.04	FLS
DCI	0.44		0.51	0.54	0.6	0.46	0.69	0.63	0.61	0.62	DCI
IR	0.77	0.51		0.0	-0.03	0.4	0.2	0.48	0.31	0.14	IR
FELE	-0.05	0.54	0.0		0.83	0.72	0.88	0.54	0.54	0.86	FELE
WTS	-0.04	0.6	-0.03	0.83		0.52	0.75	0.43	0.5	0.8	WTS
GRC	0.12	0.46	0.4	0.72	0.52		0.69	0.41	0.3	0.64	GRC
EPAC	0.14	0.69	0.2	0.88	0.75	0.69		0.62	0.63	0.78	EPAC
DOV	0.74	0.63	0.48	0.54	0.43	0.41	0.62		0.89	0.5	DOV
CR	0.57	0.61	0.31	0.54	0.5	0.3	0.63	0.89		0.41	CR
GGG	0.04	0.62	0.14	0.86	0.8	0.64	0.78	0.5	0.41		GGG
	FLS	DCI	IR	FELE	WTS	GRC	EPAC	DOV	CR	GGG

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

CR	+ 0.89	DOV
EPAC	+ 0.88	FELE
GGG	+ 0.86	FELE
WTS	+ 0.83	FELE
GGG	+ 0.8	WTS
GGG	+ 0.78	EPAC

High negative correlations

FELE	- 0.05	FLS
WTS	- 0.04	FLS
WTS	- 0.03	IR
FELE	- 0.0	IR

Risk-Adjusted Indicators

There is a big difference between IDEX Stock performing well and IDEX 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 IDEX'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
FLS	1.60	(0.15)	(0.19)	2.74	(4.18)	10.01
DCI	1.01	(0.04)	(0.13)	1.91	(2.15)	4.34
IR	1.29	(0.24)	(0.28)	2.34	(2.57)	10.46
FELE	1.04	(0.05)	(0.14)	2.00	(1.71)	8.22
WTS	1.23	0.01	(0.06)	2.23	(2.46)	10.44
GRC	1.23	(0.10)	(0.19)	2.20	(2.48)	6.72
EPAC	1.33	(0.10)	(0.18)	2.21	(2.97)	6.65
DOV	1.12	(0.07)	(0.13)	1.96	(2.85)	8.86
CR	1.48	(0.01)	(0.08)	2.75	(3.24)	16.18
GGG	0.97	(0.03)	(0.11)	1.60	(2.25)	4.96

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