Which stocks are most correlated with ESAB?

Based on one year of daily returns, the stocks most correlated with ESAB Corporation (ESAB) are LECO (0.71), FXR (0.70) and TBLU (0.68). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.

Which stocks are inversely correlated with ESAB?

Over the past year, the stocks most inversely correlated with ESAB Corporation (ESAB) are JETD (-0.62), MZZ (-0.61) and SMDD (-0.61). A negative correlation means the two stocks have tended to move in opposite directions.

ESAB Corporation (ESAB) — Stock Correlations & Overview

Over the past year, ESAB has moved most closely with LECO, FXR, TBLU. Explore the stocks most correlated and inversely correlated with ESAB below, along with its price, financials, and company profile.

Stocks correlated with ESAB

Correlation of daily returns. Higher positive values move with ESAB; negative values move opposite it. Informational only, not investment advice.

Most correlated with ESAB

Symbol	Company	Correlation
LECO	Lincoln Electric Holdings IncMETALWORKG MACHINERY & EQUIPMENT	0.71
FXR	First Trust Industrials/Producer Durables AlphaDEX Fund	0.70
TBLU	Tortoise Global Water ETF	0.68
PIO	Invesco Global Water ETFINVESTMENT ADVICE	0.67
RSPN	Invesco S&P 500 Equal Weight Industrials ETF	0.67

Most inversely correlated with ESAB

Symbol	Company	Correlation
JETD	MAX Airlines -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC	-0.62
MZZ	ProShares UltraShort MidCap400	-0.61
SMDD	ProShares UltraPro Short MidCap400	-0.61
MYY	ProShares Short MidCap400	-0.61
SIJ	ProShares UltraShort Industrials	-0.61

Frequently asked questions about ESAB correlations

Which stocks are most correlated with ESAB?: Based on one year of daily returns, the stocks most correlated with ESAB Corporation (ESAB) are LECO (0.71), FXR (0.70) and TBLU (0.68). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
Which stocks are inversely correlated with ESAB?: Over the past year, the stocks most inversely correlated with ESAB Corporation (ESAB) are JETD (-0.62), MZZ (-0.61) and SMDD (-0.61). A negative correlation means the two stocks have tended to move in opposite directions.
What does a correlation of 0.8 mean for a stock?: Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
How are these ESAB correlations calculated?: We compute the correlation of daily returns between ESAB and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.

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