Trane Technologies Correlations

TT Stock

USD 356.09 0.00 0.00%

The current 90-days correlation between Trane Technologies plc and Johnson Controls International is 0.64 (i.e., Poor diversification). The correlation of Trane Technologies 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.

Trane Technologies Correlation With Market

Very weak diversification

The correlation between Trane Technologies plc and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Trane Technologies plc and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Trane Technologies 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 estimate.

Moving together with Trane Stock

0.85	NX	Quanex Building Products	Pair Corr
0.73	OC	Owens Corning	Pair Corr
0.84	FBIN	Fortune Brands Innov	Pair Corr
0.89	CSL	Carlisle Companies	Pair Corr
0.75	GMS	GMS Inc	Pair Corr
0.81	LII	Lennox International	Pair Corr
0.65	LPX	Louisiana Pacific	Pair Corr
0.61	WMS	Advanced Drainage Systems	Pair Corr
0.77	ILAG	Intelligent Living	Pair Corr
0.79	JELD	Jeld Wen Holding	Pair Corr
0.66	PPIH	Perma Pipe Internati	Pair Corr
0.91	AAON	AAON Inc	Pair Corr
0.72	AEHL	Antelope Enterprise	Pair Corr
0.66	AIRJ	Montana Technologies	Pair Corr
0.66	APOG	Apogee Enterprises	Pair Corr
0.81	ASPN	Aspen Aerogels	Pair Corr
0.66	AZEK	Azek Company	Pair Corr
0.65	BLDR	Builders FirstSource	Pair Corr
0.84	TILE	Interface Sell-off Trend	Pair Corr
0.8	TREX	Trex Company	Pair Corr
0.76	CARR	Carrier Global Corp	Pair Corr
0.7	CSTE	Caesarstone	Pair Corr
0.82	J	Jacobs Solutions	Pair Corr

Moving against Trane Stock

0.56	JBI	Janus International	Pair Corr
0.37	ROCK	Gibraltar Industries Downward Rally	Pair Corr
0.72	EH	Ehang Holdings	Pair Corr
0.66	G	Genpact Limited	Pair Corr
0.59	GE	GE Aerospace	Pair Corr
0.57	DE	Deere Company	Pair Corr
0.34	BR	Broadridge Financial	Pair Corr

Related Correlations Analysis

	FBIN	JCI	LII	BLDR	CARR	MAS	NX	JELD	AZEK	CSL
FBIN		-0.08	0.77	0.91	0.57	0.72	0.79	0.92	0.84	0.93	FBIN
JCI	-0.08		0.06	-0.02	-0.2	0.23	-0.07	-0.12	0.21	-0.29	JCI
LII	0.77	0.06		0.61	0.71	0.54	0.74	0.59	0.63	0.75	LII
BLDR	0.91	-0.02	0.61		0.29	0.88	0.56	0.88	0.9	0.82	BLDR
CARR	0.57	-0.2	0.71	0.29		0.07	0.77	0.47	0.26	0.66	CARR
MAS	0.72	0.23	0.54	0.88	0.07		0.29	0.62	0.81	0.56	MAS
NX	0.79	-0.07	0.74	0.56	0.77	0.29		0.77	0.65	0.81	NX
JELD	0.92	-0.12	0.59	0.88	0.47	0.62	0.77		0.79	0.9	JELD
AZEK	0.84	0.21	0.63	0.9	0.26	0.81	0.65	0.79		0.73	AZEK
CSL	0.93	-0.29	0.75	0.82	0.66	0.56	0.81	0.9	0.73		CSL
	FBIN	JCI	LII	BLDR	CARR	MAS	NX	JELD	AZEK	CSL

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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

CSL	+ 0.93	FBIN
JELD	+ 0.92	FBIN
BLDR	+ 0.91	FBIN
AZEK	+ 0.9	BLDR
CSL	+ 0.9	JELD
MAS	+ 0.88	BLDR

High negative correlations

CSL	- 0.29	JCI
CARR	- 0.2	JCI
JELD	- 0.12	JCI
JCI	- 0.08	FBIN
NX	- 0.07	JCI
BLDR	- 0.02	JCI

Risk-Adjusted Indicators

There is a big difference between Trane Stock performing well and Trane Technologies 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 Trane Technologies' 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
FBIN	1.28	(0.22)	0.00	(0.31)	0.00	0.00	2.49	(3.04)	7.58
JCI	1.43	0.10	0.05	0.02	1.77	(1.66)	2.45	(3.62)	15.28
LII	1.65	(0.13)	0.00	(0.17)	0.00	0.00	2.64	(3.33)	11.28
BLDR	1.82	(0.30)	0.00	(0.27)	0.00	0.00	4.05	(4.12)	10.46
CARR	1.47	(0.07)	0.00	(0.13)	0.00	0.00	3.09	(3.41)	6.88
MAS	1.26	(0.11)	0.00	(0.18)	0.00	0.00	2.35	(2.45)	6.69
NX	2.35	(0.41)	0.00	(0.40)	0.00	0.00	4.08	(4.81)	17.75
JELD	2.93	(0.69)	0.00	(1.18)	0.00	0.00	4.69	(6.28)	33.01
AZEK	1.70	(0.26)	0.00	(0.22)	0.00	0.00	2.93	(3.96)	11.78
CSL	1.39	(0.26)	0.00	(0.34)	0.00	0.00	2.31	(2.53)	11.26

Trane Technologies Corporate Management

Heather Howlett	Chief Accounting Officer, Vice President	Profile
Richard Swift	Lead Independent Director	Profile
Zachary Nagle	Vice Relations	Profile
Mark Majocha	Chief VP	Profile
Mauro Atalla	Chief Officer	Profile

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