Otis Worldwide Correlations

OTIS Stock

USD 101.21 0.69 0.68%

The current 90-days correlation between Otis Worldwide Corp and Parker Hannifin is 0.38 (i.e., Weak diversification). The correlation of Otis Worldwide 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.

Otis Worldwide Correlation With Market

Very weak diversification

The correlation between Otis Worldwide Corp and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Otis Worldwide Corp 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 Otis Worldwide Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Otis Stock

0.61	GE	GE Aerospace	Pair Corr
0.86	CYD	China Yuchai Interna	Pair Corr
0.66	MWA	Mueller Water Products	Pair Corr

Moving against Otis Stock

0.85	BW	Babcock Wilcox Enter	Pair Corr
0.8	CVV	CVD Equipment Earnings Call This Week	Pair Corr
0.73	ENOV	Enovis Corp	Pair Corr
0.65	IR	Ingersoll Rand	Pair Corr
0.65	CXT	Crane NXT	Pair Corr
0.57	HI	Hillenbrand	Pair Corr
0.49	RR	Richtech Robotics Class	Pair Corr
0.42	MKDWW	MKDWELL Tech Warrants	Pair Corr
0.38	CMI	Cummins	Pair Corr
0.82	GHM	Graham	Pair Corr
0.81	RRX	Regal Beloit	Pair Corr
0.78	ETN	Eaton PLC	Pair Corr
0.76	PNR	Pentair PLC	Pair Corr
0.72	IEX	IDEX	Pair Corr
0.72	XMTR	Xometry	Pair Corr
0.7	FLS	Flowserve	Pair Corr
0.67	MIR	Mirion Technologies	Pair Corr
0.53	EMR	Emerson Electric	Pair Corr
0.49	ITT	ITT Inc	Pair Corr
0.81	GNRC	Generac Holdings	Pair Corr
0.79	HLIO	Helios Technologies	Pair Corr

Related Correlations Analysis

	PH	ETN	DOV	ITW	EMR	IR	GGG	FLS	IEX	PNR
PH		0.28	0.97	0.36	0.8	0.54	0.44	0.8	0.46	0.59	PH
ETN	0.28		0.21	-0.19	0.65	0.81	-0.16	0.72	0.82	0.85	ETN
DOV	0.97	0.21		0.42	0.78	0.5	0.51	0.74	0.41	0.54	DOV
ITW	0.36	-0.19	0.42		0.29	0.12	0.88	-0.04	0.04	0.06	ITW
EMR	0.8	0.65	0.78	0.29		0.85	0.29	0.88	0.81	0.9	EMR
IR	0.54	0.81	0.5	0.12	0.85		0.1	0.8	0.85	0.93	IR
GGG	0.44	-0.16	0.51	0.88	0.29	0.1		0.06	-0.06	0.03	GGG
FLS	0.8	0.72	0.74	-0.04	0.88	0.8	0.06		0.75	0.87	FLS
IEX	0.46	0.82	0.41	0.04	0.81	0.85	-0.06	0.75		0.93	IEX
PNR	0.59	0.85	0.54	0.06	0.9	0.93	0.03	0.87	0.93		PNR
	PH	ETN	DOV	ITW	EMR	IR	GGG	FLS	IEX	PNR

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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

DOV	+ 0.97	PH
PNR	+ 0.93	IR
PNR	+ 0.93	IEX
PNR	+ 0.9	EMR
GGG	+ 0.88	ITW
FLS	+ 0.88	EMR

High negative correlations

ITW	- 0.19	ETN
GGG	- 0.16	ETN
IEX	- 0.06	GGG
FLS	- 0.04	ITW

Risk-Adjusted Indicators

There is a big difference between Otis Stock performing well and Otis Worldwide 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 Otis Worldwide'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
PH	1.27	(0.02)	(0.08)	2.27	(3.50)	10.15
ETN	1.69	(0.18)	(0.26)	3.41	(3.54)	19.37
DOV	1.13	(0.08)	(0.14)	1.96	(2.85)	8.86
ITW	1.02	(0.06)	(0.14)	1.95	(2.48)	8.34
EMR	1.26	(0.12)	(0.17)	2.13	(2.68)	9.68
IR	1.30	(0.25)	(0.29)	2.34	(2.57)	10.46
GGG	0.97	(0.04)	(0.12)	1.60	(2.25)	4.96
FLS	1.61	(0.17)	(0.20)	2.74	(4.18)	10.01
IEX	1.13	(0.26)	(0.50)	1.95	(2.43)	12.03
PNR	1.10	(0.24)	(0.30)	1.78	(2.61)	6.53

Otis Worldwide Corporate Management

Jeffrey Black	Independent Director	Profile
Michael Ryan	Chief Accounting Officer, Vice President	Profile
Bernardo Fernandez	President Otis EMEA	Profile
Bryant Henson	Executive Vice President - Global Strategy and Business Development	Profile
Robert Quartaro	Vice Relations	Profile
Shelley Stewart	Independent Director	Profile

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