Parker Hannifin Correlations

PH Stock

USD 569.76 0.00 0.00%

The current 90-days correlation between Parker Hannifin and Ametek Inc is 0.88 (i.e., Very poor diversification). The correlation of Parker Hannifin 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.

Parker Hannifin Correlation With Market

Very poor diversification

The correlation between Parker Hannifin and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Parker Hannifin 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 Parker Hannifin. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

For more detail on how to invest in Parker Stock please use our How to Invest in Parker Hannifin guide.

Moving together with Parker Stock

0.79	BW	Babcock Wilcox Enter	Pair Corr
0.92	CR	Crane Company	Pair Corr
0.91	HI	Hillenbrand	Pair Corr
0.88	IR	Ingersoll Rand	Pair Corr
0.73	EPAC	Enerpac Tool Group	Pair Corr
0.79	FELE	Franklin Electric	Pair Corr
0.89	AME	Ametek Inc	Pair Corr
0.81	ATS	ATS Corporation	Pair Corr
0.92	CMI	Cummins	Pair Corr
0.85	CXT	Crane NXT	Pair Corr
0.86	DCI	Donaldson	Pair Corr
0.98	DOV	Dover	Pair Corr
0.95	EMR	Emerson Electric	Pair Corr
0.66	ETN	Eaton PLC	Pair Corr
0.9	FLS	Flowserve Sell-off Trend	Pair Corr
0.77	GGG	Graco Inc	Pair Corr
0.7	GHM	Graham	Pair Corr
0.83	GRC	Gorman Rupp	Pair Corr
0.77	IEX	IDEX Earnings Call This Week	Pair Corr
0.95	ITT	ITT Inc	Pair Corr
0.77	ITW	Illinois Tool Works	Pair Corr
0.87	KAI	Kadant Inc	Pair Corr
0.8	MIR	Mirion Technologies	Pair Corr
0.85	XMTR	Xometry	Pair Corr
0.68	NNE	Nano Nuclear Energy Buyout Trend	Pair Corr
0.87	NPO	Enpro Industries	Pair Corr
0.86	PNR	Pentair PLC Earnings Call This Week	Pair Corr
0.87	ROK	Rockwell Automation	Pair Corr
0.78	RRX	Regal Beloit	Pair Corr
0.8	SMR	Nuscale Power Corp Upward Rally	Pair Corr
0.88	SXI	Standex International	Pair Corr
0.81	SYM	Symbotic	Pair Corr
0.85	TNC	Tennant Company	Pair Corr
0.71	WTS	Watts Water Technologies	Pair Corr

Moving against Parker Stock

0.4

SHMDW

SCHMID Group NV

Pair Corr

Related Correlations Analysis

	BW	CR	HI	IR	EPAC	FBGL	FELE	AME
BW		0.63	0.91	0.92	0.35	0.11	0.57	0.76	BW
CR	0.63		0.8	0.77	0.77	0.35	0.77	0.79	CR
HI	0.91	0.8		0.93	0.5	0.1	0.63	0.8	HI
IR	0.92	0.77	0.93		0.53	0.14	0.62	0.81	IR
EPAC	0.35	0.77	0.5	0.53		0.28	0.84	0.77	EPAC
FBGL	0.11	0.35	0.1	0.14	0.28		0.2	0.14	FBGL
FELE	0.57	0.77	0.63	0.62	0.84	0.2		0.9	FELE
AME	0.76	0.79	0.8	0.81	0.77	0.14	0.9		AME
	BW	CR	HI	IR	EPAC	FBGL	FELE	AME

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Risk-Adjusted Indicators

There is a big difference between Parker Stock performing well and Parker Hannifin 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 Parker Hannifin'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BW	4.77	(2.23)	0.00	(1.22)	0.00	0.00	6.85	(13.89)	40.21
CR	1.91	0.03	0.00	(0.06)	0.00	0.00	3.90	(3.80)	19.81
HI	2.90	(0.29)	0.00	(0.21)	0.00	0.00	3.60	(7.28)	30.62
IR	1.67	(0.17)	0.00	(0.21)	0.00	0.00	2.90	(3.55)	13.70
EPAC	1.87	0.10	0.03	(0.01)	2.65	(1.82)	3.22	(3.37)	16.25
FBGL	7.76	(2.32)	0.00	(2.15)	0.00	0.00	17.58	(18.29)	49.28
FELE	1.35	0.00	0.00	(0.08)	0.00	0.00	2.46	(2.60)	10.85
AME	1.22	(0.09)	0.00	(0.18)	0.00	0.00	2.19	(2.51)	8.97

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