Illinois Tool Correlations

Stocks . USA . 
Stock . Illinois Tool Works
ITW Stock  USD 255.15  2.55  0.99%   
The current 90-days correlation between Illinois Tool Works and Parker Hannifin is 0.75 (i.e., Poor diversification). The correlation of Illinois Tool 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.

Illinois Tool Correlation With Market

Very poor diversification

The correlation between Illinois Tool Works and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Illinois Tool Works and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Illinois Stock
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Illinois Tool Works. 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 Illinois Stock

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Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Illinois Stock performing well and Illinois Tool 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 Illinois Tool'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PNR  1.20  0.18  0.23  0.24  0.73 
(1.48)
 3.04 
(1.85)
 11.67 
PH  1.00  0.21  0.22  0.32  0.59 
(1.14)
 2.76 
(1.75)
 6.22 
EMR  1.10  0.39  0.38  0.46  0.50 
(1.34)
 2.92 
(1.33)
 7.65 
AOS  1.34 (0.04) 0.00  0.10  1.69 
(1.52)
 3.34 
(2.34)
 9.98 
DOV  0.99  0.07  0.08  0.19  0.81 
(1.24)
 2.06 
(1.33)
 7.11 
CMI  1.09  0.14  0.13  0.24  1.04 
(1.21)
 2.85 
(2.33)
 10.30 
ETN  1.28  0.32  0.29  0.40  0.85 
(1.70)
 3.94 
(2.02)
 6.65 
IR  1.23  0.06  0.08  0.17  1.13 
(1.39)
 2.75 
(2.09)
 8.63 
XYL  0.90  0.17  0.17  0.31  0.58 
(1.02)
 2.33 
(1.53)
 5.32 
FELE  1.27 (0.12)(0.07) 0.03  1.32 
(1.54)
 3.03 
(1.94)
 7.07 

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