ESCO Technologies Correlations

ESE Stock

USD 189.28 0.65 0.34%

The current 90-days correlation between ESCO Technologies and Novanta is 0.51 (i.e., Very weak diversification). The correlation of ESCO 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.

ESCO Technologies Correlation With Market

Very weak diversification

The correlation between ESCO Technologies and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ESCO Technologies and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ESCO Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ESCO 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 state.

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

Moving together with ESCO Stock

0.96	ST	Sensata Technologies Earnings Call This Week	Pair Corr
0.93	FARO	FARO Technologies	Pair Corr
0.68	BMI	Badger Meter Downward Rally	Pair Corr
0.84	TDY	Teledyne Technologies	Pair Corr
0.96	VNT	Vontier Corp Earnings Call Next Week	Pair Corr
0.9	VPG	Vishay Precision	Pair Corr
0.78	GRMN	Garmin Earnings Call This Week	Pair Corr
0.87	ITRI	Itron Inc Earnings Call This Week	Pair Corr
0.93	KEYS	Keysight Technologies	Pair Corr
0.63	MIND	Mind Technology	Pair Corr
0.77	NOVT	Novanta	Pair Corr
0.93	CGNX	Cognex Earnings Call This Week	Pair Corr
0.93	COHR	Coherent	Pair Corr
0.86	J	Jacobs Solutions	Pair Corr
0.87	R	Ryder System Earnings Call Tomorrow	Pair Corr
0.94	AL	Air Lease	Pair Corr
0.8	AP	Ampco Pittsburgh Downward Rally	Pair Corr
0.87	AZ	A2Z Smart Technologies	Pair Corr
0.9	BA	Boeing Earnings Call This Week	Pair Corr
0.79	BE	Bloom Energy Corp Earnings Call This Week	Pair Corr
0.81	BV	BrightView Holdings	Pair Corr
0.87	BW	Babcock Wilcox Enter	Pair Corr

Moving against ESCO Stock

0.65	SOTK	Sono Tek Corp	Pair Corr
0.63	SVRE	SaverOne 2014 Tech Boost	Pair Corr
0.62	FCUV	Focus Universal	Pair Corr
0.5	GNSS	Genasys	Pair Corr
0.63	G	Genpact Limited	Pair Corr
0.48	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	NOVT	SOTK	ITRI	BMI	COHR	MLAB	VPG	ST	FTV	VNT
NOVT		-0.29	0.6	0.58	0.65	-0.19	0.8	0.78	0.72	0.82	NOVT
SOTK	-0.29		-0.76	-0.17	-0.7	0.83	-0.53	-0.7	0.1	-0.59	SOTK
ITRI	0.6	-0.76		0.38	0.9	-0.84	0.8	0.93	0.13	0.82	ITRI
BMI	0.58	-0.17	0.38		0.49	-0.15	0.6	0.51	0.67	0.6	BMI
COHR	0.65	-0.7	0.9	0.49		-0.78	0.88	0.94	0.22	0.93	COHR
MLAB	-0.19	0.83	-0.84	-0.15	-0.78		-0.55	-0.72	0.24	-0.59	MLAB
VPG	0.8	-0.53	0.8	0.6	0.88	-0.55		0.89	0.47	0.9	VPG
ST	0.78	-0.7	0.93	0.51	0.94	-0.72	0.89		0.35	0.95	ST
FTV	0.72	0.1	0.13	0.67	0.22	0.24	0.47	0.35		0.48	FTV
VNT	0.82	-0.59	0.82	0.6	0.93	-0.59	0.9	0.95	0.48		VNT
	NOVT	SOTK	ITRI	BMI	COHR	MLAB	VPG	ST	FTV	VNT

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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

VNT	+ 0.95	ST
ST	+ 0.94	COHR
ST	+ 0.93	ITRI
VNT	+ 0.93	COHR
COHR	+ 0.9	ITRI
VNT	+ 0.9	VPG

High negative correlations

MLAB	- 0.84	ITRI
MLAB	- 0.78	COHR
ITRI	- 0.76	SOTK
ST	- 0.72	MLAB
ST	- 0.7	SOTK
COHR	- 0.7	SOTK

Risk-Adjusted Indicators

There is a big difference between ESCO Stock performing well and ESCO 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 ESCO 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
NOVT	1.59	(0.19)	(0.02)	0.09	1.80	(1.71)	2.88	(3.40)	11.36
SOTK	1.63	(0.14)	0.00	(0.14)	0.00	0.00	3.90	(3.52)	9.57
ITRI	0.98	0.25	0.18	0.52	0.68	(1.15)	2.59	(1.72)	6.46
BMI	1.38	(0.18)	0.00	(0.07)	0.00	0.00	2.61	(2.01)	21.58
COHR	2.29	0.95	0.28	(2.87)	1.88	(2.71)	7.03	(3.62)	15.09
MLAB	2.53	(1.00)	0.00	(0.27)	0.00	0.00	4.21	(6.38)	14.48
VPG	2.71	0.10	0.13	0.25	2.57	(3.11)	6.31	(4.53)	24.61
ST	2.00	0.46	0.31	0.46	1.28	(2.32)	4.01	(2.98)	18.61
FTV	1.16	(0.18)	(0.10)	0.05	1.38	(1.26)	2.68	(2.21)	7.92
VNT	1.17	0.15	0.17	0.32	0.90	(1.41)	2.16	(2.16)	7.79

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