Pentair PLC Correlations

PNR Stock

USD 89.06 1.69 1.93%

The current 90-days correlation between Pentair PLC and Smith AO is 0.38 (i.e., Weak diversification). The correlation of Pentair PLC 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.

Pentair PLC Correlation With Market

Poor diversification

The correlation between Pentair PLC and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pentair PLC 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 Pentair 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 board of governors.

To learn how to invest in Pentair Stock, please use our How to Invest in Pentair PLC guide.

Moving together with Pentair Stock

0.86	BW	Babcock Wilcox Enter	Pair Corr
0.76	HI	Hillenbrand	Pair Corr
0.92	IR	Ingersoll Rand	Pair Corr
0.61	AOS	Smith AO Sell-off Trend	Pair Corr
0.74	CXT	Crane NXT	Pair Corr
0.89	EMR	Emerson Electric	Pair Corr
0.86	ETN	Eaton PLC	Pair Corr
0.84	FLS	Flowserve	Pair Corr
0.88	GHM	Graham	Pair Corr
0.93	IEX	IDEX	Pair Corr
0.86	ITT	ITT Inc	Pair Corr
0.81	MIR	Mirion Technologies	Pair Corr
0.69	XMTR	Xometry	Pair Corr
0.96	RRX	Regal Beloit	Pair Corr
0.65	SMR	Nuscale Power Corp Upward Rally	Pair Corr
0.7	SXI	Standex International	Pair Corr
0.69	SYM	Symbotic	Pair Corr

Moving against Pentair Stock

0.57	MWA	Mueller Water Products	Pair Corr
0.38	XYL	Xylem Inc	Pair Corr

Related Correlations Analysis

	ITW	PH	EMR	AOS	DOV	IR	ETN	FLS	IEX	WTS
ITW		0.38	0.35	0.4	0.43	0.28	-0.05	-0.03	0.15	0.78	ITW
PH	0.38		0.8	0.05	0.97	0.52	0.29	0.78	0.45	0.41	PH
EMR	0.35	0.8		0.42	0.77	0.84	0.66	0.86	0.81	0.22	EMR
AOS	0.4	0.05	0.42		-0.01	0.62	0.68	0.27	0.7	0.13	AOS
DOV	0.43	0.97	0.77	-0.01		0.47	0.21	0.73	0.38	0.48	DOV
IR	0.28	0.52	0.84	0.62	0.47		0.82	0.73	0.85	0.11	IR
ETN	-0.05	0.29	0.66	0.68	0.21	0.82		0.7	0.84	-0.18	ETN
FLS	-0.03	0.78	0.86	0.27	0.73	0.73	0.7		0.72	0.01	FLS
IEX	0.15	0.45	0.81	0.7	0.38	0.85	0.84	0.72		-0.12	IEX
WTS	0.78	0.41	0.22	0.13	0.48	0.11	-0.18	0.01	-0.12		WTS
	ITW	PH	EMR	AOS	DOV	IR	ETN	FLS	IEX	WTS

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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
FLS	+ 0.86	EMR
IEX	+ 0.85	IR
IR	+ 0.84	EMR
IEX	+ 0.84	ETN
ETN	+ 0.82	IR

High negative correlations

WTS	- 0.18	ETN
WTS	- 0.12	IEX
ETN	- 0.05	ITW
FLS	- 0.03	ITW
DOV	- 0.01	AOS

Risk-Adjusted Indicators

There is a big difference between Pentair Stock performing well and Pentair 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 Pentair 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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ITW	0.99	(0.03)	(0.13)	1.95	(2.48)	8.34
PH	1.27	(0.01)	(0.11)	2.27	(3.50)	10.15
EMR	1.26	(0.09)	(0.18)	2.13	(2.68)	9.68
AOS	1.03	(0.05)	(0.18)	2.14	(2.36)	7.41
DOV	1.10	(0.04)	(0.13)	1.96	(2.86)	8.86
IR	1.28	(0.22)	(0.29)	2.34	(2.57)	10.46
ETN	1.69	(0.19)	(0.31)	3.41	(3.54)	19.37
FLS	1.57	(0.16)	(0.22)	2.55	(4.18)	10.01
IEX	1.14	(0.25)	(0.51)	1.95	(2.43)	12.03
WTS	1.22	0.05	(0.05)	2.23	(2.46)	10.44

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