NVent Electric Correlations

NVT Stock

USD 57.13 0.27 0.47%

The current 90-days correlation between nVent Electric PLC and Hubbell is 0.85 (i.e., Very poor diversification). The correlation of NVent Electric 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.

NVent Electric Correlation With Market

Weak diversification

The correlation between nVent Electric PLC and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding nVent Electric PLC and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in nVent Electric 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 real.

Moving together with NVent Stock

0.66	TE	T1 Energy Symbol Change	Pair Corr
0.82	ELPW	Elong Power Holding	Pair Corr
0.64	ENVX	Enovix Corp	Pair Corr
0.8	FCEL	FuelCell Energy	Pair Corr
0.61	FLUX	Flux Power Holdings	Pair Corr
0.76	AYI	Acuity Brands	Pair Corr
0.77	EAF	GrafTech International	Pair Corr
0.82	ENR	Energizer Holdings	Pair Corr
0.64	ESP	Espey Mfg Electronics	Pair Corr
0.61	GTI	Graphjet Technology	Pair Corr
0.81	GWH	ESS Tech	Pair Corr
0.82	NVX	Novonix Ltd ADR	Pair Corr
0.79	XPON	Expion360	Pair Corr
0.75	STI	Solidion Technology	Pair Corr
0.94	VRT	Vertiv Holdings	Pair Corr
0.61	HAYW	Hayward Holdings	Pair Corr
0.8	PITAW	Heramba Electric plc	Pair Corr
0.63	SDSTW	Stardust Power Symbol Change	Pair Corr
0.95	HUBB	Hubbell	Pair Corr
0.86	IPWR	Ideal Power	Pair Corr
0.69	NEOVW	NeoVolta Warrant	Pair Corr
0.61	ADSEW	ADS TEC ENERGY	Pair Corr
0.73	NEOV	NeoVolta Common Stock	Pair Corr
0.77	PITA	Heramba Electric plc	Pair Corr

Moving against NVent Stock

0.39	EPOW	Sunrise New Energy	Pair Corr
0.32	ENS	Enersys	Pair Corr
0.37	LTBR	Lightbridge Corp	Pair Corr

Related Correlations Analysis

	HUBB	AEIS	VRT	ENR	ENS	AYI	WIRE	KE	HOLI
HUBB		0.62	0.93	0.92	-0.42	0.76	0.0	0.83	0.0	HUBB
AEIS	0.62		0.6	0.41	0.16	0.71	0.0	0.67	0.0	AEIS
VRT	0.93	0.6		0.78	-0.33	0.75	0.0	0.72	0.0	VRT
ENR	0.92	0.41	0.78		-0.65	0.51	0.0	0.82	0.0	ENR
ENS	-0.42	0.16	-0.33	-0.65		0.1	0.0	-0.34	0.0	ENS
AYI	0.76	0.71	0.75	0.51	0.1		0.0	0.58	0.0	AYI
WIRE	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	WIRE
KE	0.83	0.67	0.72	0.82	-0.34	0.58	0.0		0.0	KE
HOLI	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		HOLI
	HUBB	AEIS	VRT	ENR	ENS	AYI	WIRE	KE	HOLI

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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

VRT	+ 0.93	HUBB
ENR	+ 0.92	HUBB
KE	+ 0.83	HUBB
KE	+ 0.82	ENR
ENR	+ 0.78	VRT
AYI	+ 0.76	HUBB

High negative correlations

ENS	- 0.65	ENR
ENS	- 0.42	HUBB
KE	- 0.34	ENS
ENS	- 0.33	VRT
HOLI	- 0.0	KE
HOLI	- 0.0	WIRE

Risk-Adjusted Indicators

There is a big difference between NVent Stock performing well and NVent Electric 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 NVent Electric'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
HUBB	1.50	(0.35)	0.00	(0.39)	0.00	0.00	2.37	(3.57)	11.92
AEIS	2.16	(0.03)	0.00	(0.09)	0.00	0.00	4.51	(5.23)	17.80
VRT	3.84	(0.24)	0.00	(0.19)	0.00	0.00	6.53	(8.44)	36.57
ENR	1.02	(0.29)	0.00	(0.71)	0.00	0.00	1.73	(2.76)	6.06
ENS	1.28	0.10	0.08	0.07	1.54	(1.30)	2.47	(2.66)	7.78
AYI	1.44	(0.19)	0.00	(0.22)	0.00	0.00	2.19	(3.96)	10.25
WIRE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KE	1.49	(0.09)	0.00	(0.17)	0.00	0.00	2.21	(3.39)	10.46
HOLI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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