Westinghouse Air Correlations

WAB Stock  USD 165.19  0.91  0.55%   
The current 90-days correlation between Westinghouse Air Brake and CSX Corporation is -0.02 (i.e., Good diversification). The correlation of Westinghouse Air 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.

Westinghouse Air Correlation With Market

Modest diversification

The correlation between Westinghouse Air Brake and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Westinghouse Air Brake and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Westinghouse Air Brake. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Westinghouse Stock

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Moving against Westinghouse Stock

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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   
CPCSX
CNIFSTR
CNINSC
FSTRGBX
RAILGBX
UNPCSX
  
High negative correlations   
TRNNSC
CSXRAIL
CPRAIL
TRNCP
TRNCNI
CPGBX

Risk-Adjusted Indicators

There is a big difference between Westinghouse Stock performing well and Westinghouse Air 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 Westinghouse Air'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.