Crane NXT Correlations
| CXT Stock | 52.92 0.10 0.19% |
The correlation of Crane NXT is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Crane NXT moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Crane NXT Co moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Crane NXT Co. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in national income and product accounts. Crane |
The ability to find closely correlated positions to Crane NXT could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Crane NXT when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Crane NXT - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Crane NXT Co to buy it.
Moving together with Crane Stock
| + | 0.69 | IR | Ingersoll Rand | Report 1st of November 2023 | PairCorr | |
| + | 0.72 | PH | Parker-Hannifin | Report 2nd of November 2023 | PairCorr | |
| + | 0.76 | CYD | China Yuchai Interna | PairCorr |
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 | High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Crane Stock performing well and Crane NXT 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 Crane NXT'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 | Information Ratio | Expected Shortfall | Potential Upside | Value At@Risk | Maximum Drawdown | |
|---|---|---|---|---|---|---|---|---|---|---|
| BW | 2.58 | (0.51) | 0.00 | (0.26) | 0.00 | (0.19) | 0.00 | 4.37 | (6.27) | 22.64 |
| CR | 1.04 | 0.03 | 0.07 | 0.00 | 1.30 | 0.07 | (1.12) | 2.39 | (2.29) | 7.38 |
| GE | 1.02 | 0.07 | 0.00 | (0.02) | 0.00 | 0.0452 | 0.00 | 1.81 | (1.62) | 8.57 |
| AME | 0.62 | (0.07) | 0.00 | (0.19) | 0.00 | (0.06) | 0.00 | 0.96 | (1.75) | 4.78 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Crane NXT without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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The danger of trading Crane NXT Co is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Crane NXT is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Crane NXT. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Crane NXT is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Crane NXT Co. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in national income and product accounts. You can also try the Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Complementary Tools for Crane Stock analysis
When running Crane NXT's price analysis, check to measure Crane NXT's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Crane NXT is operating at the current time. Most of Crane NXT's value examination focuses on studying past and present price action to predict the probability of Crane NXT's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Crane NXT's price. Additionally, you may evaluate how the addition of Crane NXT to your portfolios can decrease your overall portfolio volatility.
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Is Crane NXT's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Crane NXT. If investors know Crane will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Crane NXT listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.13) | Dividend Share 0.14 | Earnings Share 7.13 | Revenue Per Share 23.855 | Quarterly Revenue Growth 0.055 |
The market value of Crane NXT is measured differently than its book value, which is the value of Crane that is recorded on the company's balance sheet. Investors also form their own opinion of Crane NXT's value that differs from its market value or its book value, called intrinsic value, which is Crane NXT's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Crane NXT's market value can be influenced by many factors that don't directly affect Crane NXT's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Crane NXT's value and its price as these two are different measures arrived at by different means. Investors typically determine if Crane NXT is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Crane NXT's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.