Owens Corning Correlations

OC Stock

USD 147.08 0.29 0.20%

The current 90-days correlation between Owens Corning and Trane Technologies plc is 0.41 (i.e., Very weak diversification). The correlation of Owens Corning 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.

Owens Corning Correlation With Market

Good diversification

The correlation between Owens Corning and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Owens Corning and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Owens Corning. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

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

Moving together with Owens Stock

0.71	TT	Trane Technologies plc	Pair Corr
0.91	FBIN	Fortune Brands Innov	Pair Corr
0.81	CSL	Carlisle Companies	Pair Corr
0.87	GMS	GMS Inc	Pair Corr
0.95	LPX	Louisiana Pacific	Pair Corr
0.78	MAS	Masco	Pair Corr
0.86	WMS	Advanced Drainage Systems	Pair Corr
0.8	ILAG	Intelligent Living	Pair Corr
0.86	AAON	AAON Inc	Pair Corr
0.74	ASPN	Aspen Aerogels	Pair Corr
0.93	AZEK	Azek Company	Pair Corr
0.94	BLDR	Builders FirstSource	Pair Corr
0.61	TREX	Trex Company	Pair Corr
0.85	CSTE	Caesarstone	Pair Corr
0.77	CC	Chemours	Pair Corr
0.85	CE	Celanese	Pair Corr
0.72	CF	CF Industries Holdings	Pair Corr

Moving against Owens Stock

0.68	ROCK	Gibraltar Industries	Pair Corr
0.53	DC	Dakota Gold Corp	Pair Corr
0.46	AG	First Majestic Silver Aggressive Push	Pair Corr
0.32	AU	AngloGold Ashanti plc	Pair Corr

Related Correlations Analysis

	TT	MAS	NX	JELD	AZEK	TREX	JCI	BLDR	LII	FBIN
TT		0.33	0.43	0.53	0.6	0.51	-0.08	0.62	0.77	0.82	TT
MAS	0.33		-0.07	0.39	0.81	0.4	0.23	0.88	0.51	0.71	MAS
NX	0.43	-0.07		0.78	0.09	0.79	-0.03	0.08	0.34	0.29	NX
JELD	0.53	0.39	0.78		0.45	0.92	-0.02	0.55	0.37	0.62	JELD
AZEK	0.6	0.81	0.09	0.45		0.53	0.24	0.9	0.55	0.81	AZEK
TREX	0.51	0.4	0.79	0.92	0.53		0.06	0.53	0.37	0.58	TREX
JCI	-0.08	0.23	-0.03	-0.02	0.24	0.06		-0.02	0.08	-0.09	JCI
BLDR	0.62	0.88	0.08	0.55	0.9	0.53	-0.02		0.56	0.91	BLDR
LII	0.77	0.51	0.34	0.37	0.55	0.37	0.08	0.56		0.72	LII
FBIN	0.82	0.71	0.29	0.62	0.81	0.58	-0.09	0.91	0.72		FBIN
	TT	MAS	NX	JELD	AZEK	TREX	JCI	BLDR	LII	FBIN

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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

TREX	+ 0.92	JELD
FBIN	+ 0.91	BLDR
BLDR	+ 0.9	AZEK
BLDR	+ 0.88	MAS
FBIN	+ 0.82	TT
AZEK	+ 0.81	MAS

High negative correlations

FBIN	- 0.09	JCI
JCI	- 0.08	TT
NX	- 0.07	MAS
JCI	- 0.03	NX
BLDR	- 0.02	JCI
JCI	- 0.02	JELD

Risk-Adjusted Indicators

There is a big difference between Owens Stock performing well and Owens Corning 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 Owens Corning'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
TT	1.19	(0.12)	0.00	1.62	0.00	0.00	2.05	(2.24)	10.34
MAS	1.18	(0.05)	0.00	(0.84)	0.00	0.00	1.98	(2.24)	6.69
NX	2.35	(0.43)	0.00	(0.41)	0.00	0.00	4.08	(4.81)	17.75
JELD	2.90	(0.66)	0.00	(1.13)	0.00	0.00	4.69	(6.28)	33.01
AZEK	1.68	(0.26)	0.00	1.06	0.00	0.00	2.93	(3.45)	11.78
TREX	1.73	(0.32)	0.00	(0.28)	0.00	0.00	2.68	(4.07)	12.61
JCI	1.39	0.07	0.08	5.72	1.63	(1.68)	2.34	(2.67)	15.28
BLDR	1.72	(0.24)	0.00	(3.16)	0.00	0.00	4.05	(3.87)	10.46
LII	1.60	(0.08)	0.00	(0.80)	0.00	0.00	2.64	(3.33)	11.28
FBIN	1.22	(0.14)	0.00	(1.19)	0.00	0.00	2.49	(2.59)	7.58

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