ESCO Technologies Correlations

ESE Stock

USD 207.01 0.05 0.02%

The current 90-days correlation between ESCO Technologies and Novanta is 0.45 (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

Modest diversification

The correlation between ESCO Technologies and DJI is 0.28 (i.e., Modest 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 manufacturing.

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

Moving together with ESCO Stock

0.65	PH	Parker Hannifin	Pair Corr
0.79	PL	Planet Labs PBC	Pair Corr
0.81	RR	Richtech Robotics Class	Pair Corr
0.63	301338	GKG Precision Machine	Pair Corr
0.64	601608	CITIC Heavy Industries	Pair Corr
0.78	301053	Yoantion Industrial	Pair Corr
0.62	688392	SBT Ultrasonic Technology	Pair Corr
0.68	RNO	Renold	Pair Corr
0.74	688169	Beijing Roborock Tec	Pair Corr
0.77	600843	Shang Gong Group	Pair Corr
0.77	688028	Beijing Worldia Diamond	Pair Corr
0.82	601100	Jiangsu Hengli Hydraulic	Pair Corr
0.71	603915	Jiangsu Guomao Reducer	Pair Corr

Moving against ESCO Stock

0.73	AZ	A2Z Smart Technologies	Pair Corr
0.72	CR	Crane Company	Pair Corr
0.69	600765	AVIC Heavy Machinery	Pair Corr
0.55	HY	Hyster Yale Materials	Pair Corr
0.49	BRCK	Brickability Group Plc	Pair Corr
0.44	MANAKCOAT	Manaksia Coated Metals	Pair Corr
0.43	VATE	Innovate Corp	Pair Corr
0.8	000777	SUFA Technology Industry	Pair Corr
0.41	688776	Guoguang Electric	Pair Corr
0.69	002795	Yorhe Fluid Intelligent	Pair Corr
0.56	BRM	BioRem Inc	Pair Corr
0.42	LAKPRE	Lakshmi Precision Screws	Pair Corr

Related Correlations Analysis

	NOVT	SOTK	ITRI	BMI	COHR	MLAB	VPG	ST	VNT
NOVT		-0.72	0.59	0.65	-0.47	0.52	-0.67	0.47	-0.29	NOVT
SOTK	-0.72		-0.32	-0.3	0.52	-0.09	0.9	-0.28	0.06	SOTK
ITRI	0.59	-0.32		0.75	-0.1	0.7	-0.44	0.18	-0.78	ITRI
BMI	0.65	-0.3	0.75		-0.3	0.56	-0.44	0.12	-0.68	BMI
COHR	-0.47	0.52	-0.1	-0.3		-0.11	0.45	-0.56	-0.14	COHR
MLAB	0.52	-0.09	0.7	0.56	-0.11		-0.16	0.25	-0.53	MLAB
VPG	-0.67	0.9	-0.44	-0.44	0.45	-0.16		-0.07	0.33	VPG
ST	0.47	-0.28	0.18	0.12	-0.56	0.25	-0.07		0.29	ST
VNT	-0.29	0.06	-0.78	-0.68	-0.14	-0.53	0.33	0.29		VNT
	NOVT	SOTK	ITRI	BMI	COHR	MLAB	VPG	ST	VNT

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

VPG	+ 0.9	SOTK
BMI	+ 0.75	ITRI
MLAB	+ 0.7	ITRI
BMI	+ 0.65	NOVT
ITRI	+ 0.59	NOVT
MLAB	+ 0.56	BMI

High negative correlations

VNT	- 0.78	ITRI
SOTK	- 0.72	NOVT
VNT	- 0.68	BMI
VPG	- 0.67	NOVT
ST	- 0.56	COHR
VNT	- 0.53	MLAB

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	1.94	(0.47)	0.00	(0.17)	0.00	0.00	3.76	(4.49)	12.48
SOTK	1.66	0.23	0.12	0.49	1.66	(2.22)	3.63	(3.32)	11.33
ITRI	1.13	(0.18)	0.00	(0.09)	0.00	0.00	2.09	(2.25)	11.51
BMI	1.54	(0.48)	0.00	(0.53)	0.00	0.00	2.15	(3.13)	18.52
COHR	2.45	0.29	0.06	0.19	4.50	(2.24)	5.03	(4.63)	25.84
MLAB	3.66	(0.39)	0.00	(0.08)	0.00	0.00	7.51	(5.91)	29.95
VPG	1.73	0.06	0.04	0.04	1.96	(2.03)	4.18	(2.80)	8.57
ST	1.56	(0.20)	0.00	(0.05)	0.00	0.00	3.37	(2.71)	10.07
VNT	1.12	(0.04)	(0.02)	(0.01)	1.29	(1.28)	2.69	(2.21)	6.96

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