Eaton PLC Correlations

Stocks . USA . 
Stock . Eaton PLC
ETN Stock  USD 378.62  2.10  0.55%   
The current 90-days correlation between Eaton PLC and Illinois Tool Works is 0.52 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Eaton PLC moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Eaton PLC moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Eaton PLC Correlation With Market

Poor diversification

The correlation between Eaton PLC and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eaton PLC and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Eaton PLC. 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.
To learn how to invest in Eaton Stock, please use our How to Invest in Eaton PLC guide.

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Moving against Eaton Stock

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Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Eaton Stock performing well and Eaton PLC 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 Eaton PLC'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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