Watts Water Correlations

WTS Stock

USD 211.48 1.02 0.48%

The current 90-days correlation between Watts Water Technologies and IDEX Corporation is 0.39 (i.e., Weak diversification). The correlation of Watts Water 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.

Watts Water Correlation With Market

Very weak diversification

The correlation between Watts Water Technologies and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Watts Water Technologies and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Watts Water Technologies. 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 Watts Stock

0.61	GE	GE Aerospace	Pair Corr
0.72	EPAC	Enerpac Tool Group	Pair Corr
0.8	FELE	Franklin Electric	Pair Corr
0.76	GGG	Graco Inc	Pair Corr
0.7	ITW	Illinois Tool Works	Pair Corr
0.65	MWA	Mueller Water Products	Pair Corr
0.68	NPO	Enpro Industries	Pair Corr

Moving against Watts Stock

0.46	CVV	CVD Equipment Earnings Call Tomorrow	Pair Corr
0.43	BW	Babcock Wilcox Enter	Pair Corr
0.42	GHM	Graham	Pair Corr
0.39	RRX	Regal Beloit	Pair Corr
0.38	ETN	Eaton PLC	Pair Corr
0.34	XMTR	Xometry	Pair Corr
0.33	IEX	IDEX	Pair Corr
0.37	GNRC	Generac Holdings	Pair Corr
0.33	HLIO	Helios Technologies	Pair Corr

Related Correlations Analysis

	IEX	DCI	GRC	EPAC	GGG	FELE	AME	FLS	HURC	JBT
IEX		0.36	0.29	-0.06	-0.1	-0.22	0.31	0.76	0.52	0.0	IEX
DCI	0.36		0.39	0.65	0.59	0.5	0.61	0.46	0.5	0.0	DCI
GRC	0.29	0.39		0.63	0.6	0.68	0.64	0.16	0.22	0.0	GRC
EPAC	-0.06	0.65	0.63		0.76	0.87	0.65	0.14	0.29	0.0	EPAC
GGG	-0.1	0.59	0.6	0.76		0.85	0.75	0.05	0.23	0.0	GGG
FELE	-0.22	0.5	0.68	0.87	0.85		0.65	-0.04	0.15	0.0	FELE
AME	0.31	0.61	0.64	0.65	0.75	0.65		0.41	0.53	0.0	AME
FLS	0.76	0.46	0.16	0.14	0.05	-0.04	0.41		0.86	0.0	FLS
HURC	0.52	0.5	0.22	0.29	0.23	0.15	0.53	0.86		0.0	HURC
JBT	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		JBT
	IEX	DCI	GRC	EPAC	GGG	FELE	AME	FLS	HURC	JBT

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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

FELE	+ 0.87	EPAC
HURC	+ 0.86	FLS
FELE	+ 0.85	GGG
FLS	+ 0.76	IEX
GGG	+ 0.76	EPAC
AME	+ 0.75	GGG

High negative correlations

FELE	- 0.22	IEX
GGG	- 0.1	IEX
EPAC	- 0.06	IEX
FLS	- 0.04	FELE
JBT	- 0.0	HURC
JBT	- 0.0	FLS

Risk-Adjusted Indicators

There is a big difference between Watts Stock performing well and Watts Water 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 Watts Water'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
IEX	1.14	(0.26)	(0.44)	1.95	(2.43)	12.03
DCI	1.03	(0.05)	(0.10)	1.91	(2.15)	4.34
GRC	1.29	(0.17)	(0.23)	2.20	(2.53)	7.41
EPAC	1.39	(0.14)	(0.18)	2.35	(2.97)	6.65
GGG	1.00	(0.03)	(0.07)	1.66	(2.25)	4.96
FELE	1.10	(0.07)	(0.12)	2.30	(2.17)	8.53
AME	0.94	(0.06)	(0.11)	2.16	(1.97)	4.95
FLS	1.65	(0.17)	(0.16)	2.78	(4.18)	10.01
HURC	2.33	(0.21)	(0.72)	4.14	(4.30)	23.02
JBT	0.00	0.00	0.00	0.00	0.00	0.00

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