Espey Mfg Correlations

Stocks . USA . 
Stock . Espey Mfg Electronics
ESP Stock  USD 45.97  0.63  1.39%   
The current 90-days correlation between Espey Mfg Electronics and Aldel Financial II is -0.03 (i.e., Good diversification). The correlation of Espey Mfg 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.

Espey Mfg Correlation With Market

Modest diversification

The correlation between Espey Mfg Electronics and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Espey Mfg Electronics and DJI in the same portfolio, assuming nothing else is changed.
  
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Moving together with Espey Stock

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  0.9MVSTW Microvast HoldingsPairCorr
  0.81PLPC Preformed Line ProductsPairCorr
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Moving against Espey Stock

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  0.53ADN Advent TechnologiesPairCorr
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  0.7ADSEW ADS TEC ENERGYPairCorr

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   
ALDF
+ 0.97
ECG
MYRG
+ 0.94
ALDF
MYRG
+ 0.93
ECG
ALDF
+ 0.93
EMR
EMR
+ 0.92
ECG
MYRG
+ 0.92
EMR
  
High negative correlations   
MYRG
- 0.02
IPCXU
MYRG
- 0.0
MILC
ALDF
- 0.0
MILC
EMR
- 0.0
MILC
ECG
- 0.0
MILC
MILC
- 0.0
IPCXU

Risk-Adjusted Indicators

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

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