ITT Correlations

ITT Stock  USD 144.30  1.43  1.00%   
The current 90-days correlation between ITT Inc and Xylem Inc is 0.56 (i.e., Very weak diversification). The correlation of ITT 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.

ITT Correlation With Market

Poor diversification

The correlation between ITT Inc and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ITT Inc and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ITT Inc. 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 ITT Stock

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  0.84IR Ingersoll RandPairCorr
  0.77PH Parker HannifinPairCorr
  0.91FELE Franklin ElectricPairCorr
  0.65AME Ametek IncPairCorr
  0.67CMI CumminsPairCorr
  0.66CXT Crane NXTPairCorr
  0.84DOV DoverPairCorr
  0.69EMR Emerson ElectricPairCorr
  0.81ETN Eaton PLCPairCorr
  0.7FLS FlowservePairCorr
  0.88GGG Graco IncPairCorr
  0.78GRC Gorman RuppPairCorr
  0.75IEX IDEXPairCorr
  0.79ITW Illinois Tool WorksPairCorr
  0.77KAI Kadant IncPairCorr
  0.74MWA Mueller Water ProductsPairCorr
  0.63NPO Enpro IndustriesPairCorr
  0.63PNR Pentair PLCPairCorr
  0.67SXI Standex InternationalPairCorr
  0.73THR Thermon Group HoldingsPairCorr

Moving against ITT Stock

  0.55MKDWW MKDWELL Tech WarrantsPairCorr
  0.36RR Richtech Robotics ClassPairCorr
  0.33GTEC Greenland Acquisition Earnings Call This WeekPairCorr

Related Correlations Analysis

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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   
FLSIEX
FLSWTS
WTSIEX
IRIEX
IRWTS
IRFLS
  
High negative correlations   
FLSXYL
IEXXYL
WTSXYL

Risk-Adjusted Indicators

There is a big difference between ITT Stock performing well and ITT 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 ITT'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.