Water Resources
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification
Water Resources
Last updated May 3, 2025
Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
AOS A. O. Smith Corporation | Industrials | 3.70% |
AWK American Water Works Company, Inc. | Utilities | 3.70% |
AWR American States Water Company | Utilities | 3.70% |
BMI Badger Meter, Inc. | Industrials | 3.70% |
CWT California Water Service Group | Utilities | 3.70% |
ECL Ecolab Inc. | Basic Materials | 3.70% |
FELE Franklin Electric Co., Inc. | Industrials | 3.70% |
IEX IDEX Corporation | Industrials | 3.70% |
ITRI Itron, Inc. | Technology | 3.70% |
LNN Lindsay Corporation | Industrials | 3.70% |
MSEX Middlesex Water Company | Utilities | 3.70% |
MWA Mueller Water Products, Inc. | Industrials | 3.70% |
PNR Pentair plc | Industrials | 3.70% |
PRMW Primo Water Corporation | Consumer Defensive | 3.70% |
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP | Utilities | 3.70% |
SVT Servotronics, Inc. | Industrials | 3.70% |
TTC The Toro Company | Industrials | 3.70% |
TTEK Tetra Tech, Inc. | Industrials | 3.70% |
VIE.PA Veolia Environnement S.A. | Industrials | 3.70% |
VMI | 3.70% | |
WAT | 3.70% | |
WMS | 3.70% | |
WTRG | 3.70% | |
WTS | 3.70% | |
WTTR | 3.70% | |
XYL | 3.70% | |
ZWS | 3.70% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Water Resources, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced every 3 months.
Water Resources
Benchmark (^GSPC)
Portfolio components
The earliest data available for this chart is Nov 5, 2010, corresponding to the inception date of PRMW
Returns By Period
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | -3.31% | 5.38% | -0.74% | 10.90% | 14.93% | 10.61% |
| Water Resources | 3.09% | 4.72% | -0.87% | 7.02% | 16.43% | N/A |
| Portfolio components: | ||||||
AWK American Water Works Company, Inc. | 18.90% | -3.19% | 9.46% | 16.90% | 5.68% | 12.94% |
XYL | 7.43% | 11.95% | 4.62% | -8.43% | 13.61% | N/A |
IEX IDEX Corporation | -13.03% | 7.57% | -15.75% | -16.60% | 4.89% | 10.48% |
WMS | 0.51% | 12.46% | -22.26% | -29.32% | 23.99% | N/A |
VMI | 0.48% | 10.52% | -2.34% | 25.93% | 22.33% | N/A |
ECL Ecolab Inc. | 9.27% | 2.05% | 4.96% | 13.36% | 6.89% | 9.81% |
AOS A. O. Smith Corporation | 1.38% | 8.07% | -8.29% | -17.30% | 12.04% | 9.38% |
ZWS | -6.01% | 14.06% | -5.23% | 11.62% | 7.14% | N/A |
TTEK Tetra Tech, Inc. | -22.10% | 3.23% | -36.47% | -24.62% | 18.95% | 22.45% |
PNR Pentair plc | -6.79% | 14.77% | -4.74% | 18.45% | 23.08% | 10.32% |
CWT California Water Service Group | 8.33% | -1.57% | -1.53% | -1.85% | 3.19% | 9.56% |
PRMW Primo Water Corporation | 0.00% | 0.00% | -5.80% | 26.66% | 22.08% | N/A |
VIE.PA Veolia Environnement S.A. | 29.78% | 1.11% | 14.79% | 20.20% | 16.92% | 9.96% |
TTC The Toro Company | -11.31% | 4.36% | -12.43% | -18.54% | 4.28% | 9.13% |
AWR American States Water Company | 3.64% | 0.41% | -0.73% | 11.39% | 2.59% | 9.68% |
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP | 39.01% | 6.58% | 30.79% | 25.52% | 23.66% | 14.77% |
MSEX Middlesex Water Company | 15.46% | -9.33% | -6.41% | 16.24% | 1.40% | 12.69% |
LNN Lindsay Corporation | 12.52% | 2.69% | 11.46% | 13.54% | 10.01% | 6.80% |
WTRG | 13.13% | 0.17% | 8.34% | 11.46% | 2.42% | N/A |
BMI Badger Meter, Inc. | 8.44% | 24.18% | 14.06% | 22.26% | 32.62% | 23.17% |
WAT | -5.53% | 1.54% | -9.49% | 9.09% | 13.82% | N/A |
FELE Franklin Electric Co., Inc. | -9.10% | -3.83% | -8.94% | -10.02% | 13.12% | 10.65% |
SVT Servotronics, Inc. | -3.22% | 1.23% | -11.69% | -17.46% | 9.56% | 7.01% |
WTS | 5.93% | 9.97% | 11.41% | 5.88% | 21.69% | N/A |
MWA Mueller Water Products, Inc. | 21.23% | 11.93% | 24.84% | 69.64% | 25.27% | 12.89% |
WTTR | -32.57% | -6.82% | -12.83% | -1.36% | 16.71% | N/A |
ITRI Itron, Inc. | -0.32% | 7.33% | -3.20% | 1.14% | 9.68% | 11.90% |
*Annualized
Monthly Returns
The table below presents the monthly returns of Water Resources, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.58% | -0.63% | -1.54% | 1.50% | 1.20% | 3.09% | |||||||
| 2024 | -3.19% | 5.82% | 4.23% | -2.92% | 5.34% | -2.08% | 8.44% | 0.73% | 1.80% | -2.90% | 5.23% | -7.98% | 11.78% |
| 2023 | 6.09% | -2.78% | 0.36% | -1.87% | 0.19% | 8.74% | 2.81% | -2.85% | -7.65% | -3.87% | 8.83% | 7.24% | 14.52% |
| 2022 | -10.42% | -2.04% | 3.00% | -9.23% | 1.35% | -5.02% | 11.90% | -3.79% | -7.31% | 12.99% | 4.81% | -4.22% | -10.59% |
| 2021 | 1.01% | 6.41% | 1.20% | 4.18% | 2.17% | 0.21% | 5.06% | 4.54% | -5.89% | 3.09% | -0.68% | 7.05% | 31.43% |
| 2020 | -0.01% | -7.89% | -15.27% | 10.15% | 7.65% | -0.90% | 4.43% | 2.00% | -0.18% | 1.67% | 11.33% | 6.11% | 17.12% |
| 2019 | 10.73% | 5.29% | 1.08% | 2.72% | -5.29% | 7.99% | 1.39% | -0.58% | 2.19% | 2.97% | 0.84% | 3.78% | 37.42% |
| 2018 | 0.82% | -4.47% | 0.37% | -1.10% | 2.09% | -0.22% | 4.59% | 0.54% | -0.28% | -7.41% | 5.90% | -7.72% | -7.59% |
| 2017 | 1.37% | -0.19% | 2.23% | 3.42% | -1.57% | 4.10% | 1.96% | 5.84% | -0.38% | 17.84% |
Expense Ratio
Water Resources has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
The portfolio doesn't include any funds that charge management fees.
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of Water Resources is 10, meaning it’s performing worse than 90% of other portfolios on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Overall Rank
Sharpe Ratio Rank
Sortino Ratio Rank
Omega Ratio Rank
Calmar Ratio Rank
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.
Risk-Adjusted Performance Indicators
This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Portfolio: 0.17
^GSPC: 0.67
Portfolio: 0.37
^GSPC: 1.05
Portfolio: 1.04
^GSPC: 1.16
Portfolio: 0.16
^GSPC: 0.68
Portfolio: 0.46
^GSPC: 2.70
Portfolio components
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
AWK American Water Works Company, Inc. | 0.49 | 0.87 | 1.11 | 0.35 | 1.28 |
XYL | -0.48 | -0.51 | 0.93 | -0.42 | -0.94 |
IEX IDEX Corporation | -0.70 | -0.85 | 0.89 | -0.55 | -1.38 |
WMS | -0.86 | -1.14 | 0.86 | -0.71 | -1.27 |
VMI | 0.51 | 1.10 | 1.15 | 0.64 | 1.84 |
ECL Ecolab Inc. | 0.51 | 0.82 | 1.12 | 0.65 | 1.91 |
AOS A. O. Smith Corporation | -0.76 | -0.96 | 0.88 | -0.56 | -1.02 |
ZWS | 0.28 | 0.59 | 1.07 | 0.14 | 0.75 |
TTEK Tetra Tech, Inc. | -0.87 | -1.09 | 0.85 | -0.60 | -1.20 |
PNR Pentair plc | 0.43 | 0.84 | 1.11 | 0.44 | 1.27 |
CWT California Water Service Group | -0.30 | -0.28 | 0.97 | -0.17 | -0.59 |
PRMW Primo Water Corporation | 1.10 | 1.77 | 1.31 | 1.73 | 2.36 |
VIE.PA Veolia Environnement S.A. | 0.64 | 1.00 | 1.14 | 0.73 | 1.45 |
TTC The Toro Company | -0.53 | -0.60 | 0.92 | -0.41 | -1.05 |
AWR American States Water Company | 0.24 | 0.48 | 1.06 | 0.18 | 0.61 |
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP | 1.03 | 1.56 | 1.20 | 1.34 | 3.07 |
MSEX Middlesex Water Company | 0.19 | 0.59 | 1.07 | 0.12 | 0.49 |
LNN Lindsay Corporation | 0.36 | 0.84 | 1.10 | 0.31 | 1.81 |
WTRG | 0.30 | 0.59 | 1.07 | 0.20 | 0.91 |
BMI Badger Meter, Inc. | 0.58 | 1.04 | 1.13 | 0.63 | 1.86 |
WAT | -0.01 | 0.29 | 1.04 | -0.01 | -0.02 |
FELE Franklin Electric Co., Inc. | -0.48 | -0.55 | 0.93 | -0.55 | -1.44 |
SVT Servotronics, Inc. | -0.33 | -0.20 | 0.97 | -0.44 | -0.99 |
WTS | 0.07 | 0.30 | 1.04 | 0.09 | 0.20 |
MWA Mueller Water Products, Inc. | 1.22 | 2.10 | 1.26 | 2.21 | 5.89 |
WTTR | -0.10 | 0.20 | 1.03 | -0.08 | -0.27 |
ITRI Itron, Inc. | 0.03 | 0.28 | 1.04 | 0.03 | 0.07 |
Water Resources
Benchmark (^GSPC)
Portfolio components
Dividends
Dividend yield
Water Resources provided a 1.40% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 1.40% | 1.55% | 1.40% | 1.26% | 0.87% | 1.10% | 1.34% | 1.51% | 2.85% | 1.36% | 1.53% | 1.52% |
| Portfolio components: | ||||||||||||
AWK American Water Works Company, Inc. | 2.08% | 2.41% | 2.11% | 1.68% | 1.25% | 1.40% | 1.59% | 1.96% | 1.77% | 2.02% | 2.23% | 2.27% |
XYL | 1.19% | 1.24% | 1.15% | 1.09% | 0.93% | 1.02% | 1.22% | 1.26% | 1.06% | 1.25% | 1.55% | 1.34% |
IEX IDEX Corporation | 1.52% | 1.29% | 1.16% | 1.02% | 0.90% | 1.00% | 1.12% | 1.31% | 1.10% | 1.49% | 1.62% | 1.37% |
WMS | 0.55% | 0.54% | 0.38% | 0.57% | 0.31% | 0.43% | 3.48% | 1.28% | 1.13% | 1.12% | 0.79% | 0.17% |
VMI | 0.81% | 0.78% | 1.03% | 0.67% | 0.80% | 1.03% | 1.00% | 1.35% | 0.90% | 1.06% | 1.41% | 1.08% |
ECL Ecolab Inc. | 0.96% | 1.01% | 1.09% | 1.42% | 0.83% | 0.87% | 0.96% | 1.15% | 1.13% | 1.51% | 1.17% | 1.11% |
AOS A. O. Smith Corporation | 1.96% | 1.91% | 1.84% | 1.99% | 1.23% | 1.79% | 1.89% | 1.78% | 0.91% | 1.01% | 0.99% | 1.06% |
ZWS | 0.97% | 0.88% | 0.99% | 0.95% | 0.44% | 0.39% | 0.00% | 0.00% | 41.74% | 0.00% | 0.00% | 0.00% |
TTEK Tetra Tech, Inc. | 0.75% | 0.57% | 0.61% | 0.61% | 0.45% | 0.57% | 0.66% | 0.89% | 0.81% | 0.81% | 1.19% | 0.79% |
PNR Pentair plc | 1.03% | 0.91% | 1.21% | 1.87% | 1.10% | 1.43% | 1.57% | 2.17% | 1.95% | 2.39% | 2.58% | 1.66% |
CWT California Water Service Group | 1.76% | 2.43% | 2.01% | 1.65% | 1.28% | 1.57% | 1.53% | 1.57% | 1.59% | 2.04% | 2.88% | 2.64% |
PRMW Primo Water Corporation | 4.13% | 4.50% | 2.13% | 1.80% | 1.36% | 1.53% | 1.75% | 1.72% | 1.44% | 2.11% | 2.18% | 3.49% |
VIE.PA Veolia Environnement S.A. | 3.88% | 4.61% | 3.92% | 4.17% | 2.09% | 2.50% | 3.88% | 4.68% | 3.76% | 4.51% | 3.20% | 4.92% |
TTC The Toro Company | 2.09% | 1.82% | 1.44% | 1.10% | 1.09% | 1.07% | 1.16% | 1.48% | 1.11% | 1.12% | 1.44% | 1.33% |
AWR American States Water Company | 2.28% | 2.30% | 2.06% | 1.65% | 1.35% | 1.61% | 1.34% | 1.58% | 1.72% | 2.01% | 2.08% | 2.21% |
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP | 0.00% | 1.96% | 1.66% | 1.88% | 0.97% | 2.93% | 1.99% | 3.85% | 3.67% | 0.69% | 2.48% | 4.86% |
MSEX Middlesex Water Company | 2.20% | 2.50% | 1.92% | 1.50% | 0.92% | 1.44% | 1.54% | 1.71% | 2.15% | 1.88% | 2.92% | 3.31% |
LNN Lindsay Corporation | 1.08% | 1.20% | 1.07% | 0.82% | 0.86% | 0.99% | 1.29% | 1.27% | 1.34% | 1.53% | 1.52% | 1.24% |
WTRG | 3.15% | 3.48% | 3.18% | 2.33% | 1.93% | 2.05% | 1.93% | 2.48% | 2.02% | 2.46% | 2.30% | 2.37% |
BMI Badger Meter, Inc. | 0.56% | 0.58% | 0.64% | 0.78% | 0.71% | 0.74% | 0.99% | 1.14% | 1.03% | 1.16% | 1.33% | 1.25% |
WAT | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FELE Franklin Electric Co., Inc. | 0.87% | 1.03% | 0.93% | 0.98% | 0.74% | 0.90% | 1.01% | 1.09% | 0.92% | 1.02% | 1.42% | 0.93% |
SVT Servotronics, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.59% | 1.61% | 1.35% | 1.49% | 1.80% | 0.00% |
WTS | 0.80% | 0.81% | 0.66% | 0.79% | 0.52% | 0.76% | 0.90% | 1.27% | 0.99% | 1.09% | 1.33% | 0.91% |
MWA Mueller Water Products, Inc. | 0.96% | 1.15% | 1.72% | 2.18% | 1.55% | 1.73% | 1.72% | 2.20% | 1.28% | 0.83% | 0.91% | 0.70% |
WTTR | 2.25% | 1.89% | 2.77% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ITRI Itron, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Water Resources
Benchmark (^GSPC)
Portfolio components
Worst Drawdowns
The table below displays the maximum drawdowns of the Water Resources. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Water Resources was 36.44%, occurring on Mar 23, 2020. Recovery took 164 trading sessions.
The current Water Resources drawdown is 6.78%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -36.44% | Feb 18, 2020 | 25 | Mar 23, 2020 | 164 | Nov 9, 2020 | 189 |
| -25.5% | Jan 3, 2022 | 118 | Jun 16, 2022 | 280 | Jul 17, 2023 | 398 |
| -17.53% | Nov 7, 2024 | 107 | Apr 8, 2025 | — | — | — |
| -15.36% | Jul 27, 2023 | 67 | Oct 27, 2023 | 40 | Dec 22, 2023 | 107 |
| -15.18% | Sep 24, 2018 | 66 | Dec 24, 2018 | 29 | Feb 5, 2019 | 95 |
Volatility
Volatility Chart
The current Water Resources volatility is 9.40%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
Water Resources
Benchmark (^GSPC)
Portfolio components
Diversification
Diversification Metrics
Number of Effective Assets
Effective Assets: 27.00
The portfolio contains 27 assets, with an effective number of assets of 27.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.
Asset Correlations Table
The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.
| ^GSPC | SVT | SBS | VIE.PA | WTTR | PRMW | AWK | WTRG | MSEX | AWR | CWT | WAT | WMS | TTEK | LNN | ITRI | TTC | ECL | VMI | BMI | AOS | ZWS | IEX | PNR | MWA | XYL | WTS | FELE | Portfolio | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ^GSPC | 1.00 | 0.11 | 0.29 | 0.32 | 0.33 | 0.44 | 0.34 | 0.35 | 0.33 | 0.32 | 0.34 | 0.57 | 0.57 | 0.56 | 0.50 | 0.60 | 0.56 | 0.65 | 0.56 | 0.59 | 0.58 | 0.63 | 0.62 | 0.64 | 0.60 | 0.65 | 0.63 | 0.62 | 0.76 |
| SVT | 0.11 | 1.00 | 0.02 | 0.05 | 0.06 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.08 | 0.11 | 0.09 | 0.06 | 0.09 | 0.10 | 0.07 | 0.07 | 0.09 | 0.08 | 0.06 | 0.07 | 0.07 | 0.09 | 0.10 | 0.08 | 0.10 | 0.09 | 0.18 |
| SBS | 0.29 | 0.02 | 1.00 | 0.19 | 0.18 | 0.20 | 0.20 | 0.25 | 0.20 | 0.21 | 0.23 | 0.18 | 0.21 | 0.20 | 0.19 | 0.22 | 0.17 | 0.21 | 0.22 | 0.19 | 0.19 | 0.23 | 0.20 | 0.21 | 0.18 | 0.21 | 0.21 | 0.19 | 0.36 |
| VIE.PA | 0.32 | 0.05 | 0.19 | 1.00 | 0.16 | 0.24 | 0.25 | 0.26 | 0.21 | 0.21 | 0.23 | 0.20 | 0.24 | 0.24 | 0.20 | 0.23 | 0.21 | 0.30 | 0.22 | 0.22 | 0.23 | 0.25 | 0.23 | 0.23 | 0.24 | 0.26 | 0.25 | 0.23 | 0.37 |
| WTTR | 0.33 | 0.06 | 0.18 | 0.16 | 1.00 | 0.22 | 0.02 | 0.10 | 0.13 | 0.10 | 0.12 | 0.18 | 0.27 | 0.27 | 0.32 | 0.33 | 0.24 | 0.19 | 0.40 | 0.28 | 0.24 | 0.36 | 0.27 | 0.30 | 0.34 | 0.27 | 0.33 | 0.33 | 0.45 |
| PRMW | 0.44 | 0.05 | 0.20 | 0.24 | 0.22 | 1.00 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.32 | 0.33 | 0.34 | 0.31 | 0.35 | 0.30 | 0.34 | 0.32 | 0.34 | 0.33 | 0.37 | 0.34 | 0.35 | 0.37 | 0.36 | 0.37 | 0.36 | 0.50 |
| AWK | 0.34 | 0.06 | 0.20 | 0.25 | 0.02 | 0.23 | 1.00 | 0.78 | 0.60 | 0.70 | 0.66 | 0.30 | 0.21 | 0.26 | 0.22 | 0.20 | 0.26 | 0.40 | 0.20 | 0.27 | 0.25 | 0.21 | 0.30 | 0.26 | 0.24 | 0.30 | 0.26 | 0.25 | 0.45 |
| WTRG | 0.35 | 0.07 | 0.25 | 0.26 | 0.10 | 0.24 | 0.78 | 1.00 | 0.61 | 0.70 | 0.69 | 0.30 | 0.23 | 0.29 | 0.25 | 0.25 | 0.29 | 0.40 | 0.25 | 0.29 | 0.28 | 0.27 | 0.32 | 0.27 | 0.30 | 0.32 | 0.29 | 0.30 | 0.51 |
| MSEX | 0.33 | 0.08 | 0.20 | 0.21 | 0.13 | 0.24 | 0.60 | 0.61 | 1.00 | 0.70 | 0.70 | 0.29 | 0.28 | 0.35 | 0.33 | 0.27 | 0.28 | 0.36 | 0.28 | 0.35 | 0.30 | 0.30 | 0.32 | 0.29 | 0.35 | 0.31 | 0.37 | 0.38 | 0.54 |
| AWR | 0.32 | 0.09 | 0.21 | 0.21 | 0.10 | 0.23 | 0.70 | 0.70 | 0.70 | 1.00 | 0.85 | 0.29 | 0.24 | 0.34 | 0.29 | 0.25 | 0.29 | 0.38 | 0.27 | 0.34 | 0.28 | 0.30 | 0.33 | 0.29 | 0.34 | 0.32 | 0.37 | 0.36 | 0.54 |
| CWT | 0.34 | 0.08 | 0.23 | 0.23 | 0.12 | 0.24 | 0.66 | 0.69 | 0.70 | 0.85 | 1.00 | 0.30 | 0.26 | 0.35 | 0.34 | 0.28 | 0.31 | 0.39 | 0.29 | 0.35 | 0.31 | 0.31 | 0.35 | 0.30 | 0.36 | 0.33 | 0.38 | 0.38 | 0.56 |
| WAT | 0.57 | 0.11 | 0.18 | 0.20 | 0.18 | 0.32 | 0.30 | 0.30 | 0.29 | 0.29 | 0.30 | 1.00 | 0.37 | 0.41 | 0.37 | 0.42 | 0.45 | 0.47 | 0.40 | 0.42 | 0.46 | 0.45 | 0.52 | 0.50 | 0.42 | 0.51 | 0.46 | 0.46 | 0.59 |
| WMS | 0.57 | 0.09 | 0.21 | 0.24 | 0.27 | 0.33 | 0.21 | 0.23 | 0.28 | 0.24 | 0.26 | 0.37 | 1.00 | 0.46 | 0.46 | 0.47 | 0.47 | 0.43 | 0.49 | 0.50 | 0.51 | 0.55 | 0.50 | 0.53 | 0.54 | 0.50 | 0.56 | 0.54 | 0.66 |
| TTEK | 0.56 | 0.06 | 0.20 | 0.24 | 0.27 | 0.34 | 0.26 | 0.29 | 0.35 | 0.34 | 0.35 | 0.41 | 0.46 | 1.00 | 0.44 | 0.48 | 0.45 | 0.45 | 0.46 | 0.51 | 0.43 | 0.50 | 0.48 | 0.48 | 0.50 | 0.51 | 0.52 | 0.53 | 0.64 |
| LNN | 0.50 | 0.09 | 0.19 | 0.20 | 0.32 | 0.31 | 0.22 | 0.25 | 0.33 | 0.29 | 0.34 | 0.37 | 0.46 | 0.44 | 1.00 | 0.46 | 0.50 | 0.39 | 0.60 | 0.49 | 0.49 | 0.53 | 0.50 | 0.49 | 0.54 | 0.48 | 0.55 | 0.57 | 0.67 |
| ITRI | 0.60 | 0.10 | 0.22 | 0.23 | 0.33 | 0.35 | 0.20 | 0.25 | 0.27 | 0.25 | 0.28 | 0.42 | 0.47 | 0.48 | 0.46 | 1.00 | 0.44 | 0.44 | 0.50 | 0.57 | 0.48 | 0.52 | 0.49 | 0.52 | 0.55 | 0.54 | 0.54 | 0.54 | 0.68 |
| TTC | 0.56 | 0.07 | 0.17 | 0.21 | 0.24 | 0.30 | 0.26 | 0.29 | 0.28 | 0.29 | 0.31 | 0.45 | 0.47 | 0.45 | 0.50 | 0.44 | 1.00 | 0.47 | 0.52 | 0.46 | 0.55 | 0.51 | 0.58 | 0.54 | 0.50 | 0.54 | 0.55 | 0.56 | 0.65 |
| ECL | 0.65 | 0.07 | 0.21 | 0.30 | 0.19 | 0.34 | 0.40 | 0.40 | 0.36 | 0.38 | 0.39 | 0.47 | 0.43 | 0.45 | 0.39 | 0.44 | 0.47 | 1.00 | 0.43 | 0.46 | 0.51 | 0.49 | 0.55 | 0.55 | 0.50 | 0.58 | 0.51 | 0.51 | 0.65 |
| VMI | 0.56 | 0.09 | 0.22 | 0.22 | 0.40 | 0.32 | 0.20 | 0.25 | 0.28 | 0.27 | 0.29 | 0.40 | 0.49 | 0.46 | 0.60 | 0.50 | 0.52 | 0.43 | 1.00 | 0.50 | 0.51 | 0.57 | 0.56 | 0.58 | 0.59 | 0.57 | 0.61 | 0.62 | 0.71 |
| BMI | 0.59 | 0.08 | 0.19 | 0.22 | 0.28 | 0.34 | 0.27 | 0.29 | 0.35 | 0.34 | 0.35 | 0.42 | 0.50 | 0.51 | 0.49 | 0.57 | 0.46 | 0.46 | 0.50 | 1.00 | 0.50 | 0.55 | 0.52 | 0.53 | 0.59 | 0.58 | 0.59 | 0.61 | 0.70 |
| AOS | 0.58 | 0.06 | 0.19 | 0.23 | 0.24 | 0.33 | 0.25 | 0.28 | 0.30 | 0.28 | 0.31 | 0.46 | 0.51 | 0.43 | 0.49 | 0.48 | 0.55 | 0.51 | 0.51 | 0.50 | 1.00 | 0.60 | 0.60 | 0.63 | 0.56 | 0.61 | 0.60 | 0.63 | 0.69 |
| ZWS | 0.63 | 0.07 | 0.23 | 0.25 | 0.36 | 0.37 | 0.21 | 0.27 | 0.30 | 0.30 | 0.31 | 0.45 | 0.55 | 0.50 | 0.53 | 0.52 | 0.51 | 0.49 | 0.57 | 0.55 | 0.60 | 1.00 | 0.59 | 0.64 | 0.63 | 0.63 | 0.65 | 0.66 | 0.75 |
| IEX | 0.62 | 0.07 | 0.20 | 0.23 | 0.27 | 0.34 | 0.30 | 0.32 | 0.32 | 0.33 | 0.35 | 0.52 | 0.50 | 0.48 | 0.50 | 0.49 | 0.58 | 0.55 | 0.56 | 0.52 | 0.60 | 0.59 | 1.00 | 0.66 | 0.61 | 0.68 | 0.64 | 0.66 | 0.72 |
| PNR | 0.64 | 0.09 | 0.21 | 0.23 | 0.30 | 0.35 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.50 | 0.53 | 0.48 | 0.49 | 0.52 | 0.54 | 0.55 | 0.58 | 0.53 | 0.63 | 0.64 | 0.66 | 1.00 | 0.62 | 0.68 | 0.65 | 0.66 | 0.74 |
| MWA | 0.60 | 0.10 | 0.18 | 0.24 | 0.34 | 0.37 | 0.24 | 0.30 | 0.35 | 0.34 | 0.36 | 0.42 | 0.54 | 0.50 | 0.54 | 0.55 | 0.50 | 0.50 | 0.59 | 0.59 | 0.56 | 0.63 | 0.61 | 0.62 | 1.00 | 0.63 | 0.68 | 0.68 | 0.76 |
| XYL | 0.65 | 0.08 | 0.21 | 0.26 | 0.27 | 0.36 | 0.30 | 0.32 | 0.31 | 0.32 | 0.33 | 0.51 | 0.50 | 0.51 | 0.48 | 0.54 | 0.54 | 0.58 | 0.57 | 0.58 | 0.61 | 0.63 | 0.68 | 0.68 | 0.63 | 1.00 | 0.66 | 0.67 | 0.76 |
| WTS | 0.63 | 0.10 | 0.21 | 0.25 | 0.33 | 0.37 | 0.26 | 0.29 | 0.37 | 0.37 | 0.38 | 0.46 | 0.56 | 0.52 | 0.55 | 0.54 | 0.55 | 0.51 | 0.61 | 0.59 | 0.60 | 0.65 | 0.64 | 0.65 | 0.68 | 0.66 | 1.00 | 0.72 | 0.78 |
| FELE | 0.62 | 0.09 | 0.19 | 0.23 | 0.33 | 0.36 | 0.25 | 0.30 | 0.38 | 0.36 | 0.38 | 0.46 | 0.54 | 0.53 | 0.57 | 0.54 | 0.56 | 0.51 | 0.62 | 0.61 | 0.63 | 0.66 | 0.66 | 0.66 | 0.68 | 0.67 | 0.72 | 1.00 | 0.78 |
| Portfolio | 0.76 | 0.18 | 0.36 | 0.37 | 0.45 | 0.50 | 0.45 | 0.51 | 0.54 | 0.54 | 0.56 | 0.59 | 0.66 | 0.64 | 0.67 | 0.68 | 0.65 | 0.65 | 0.71 | 0.70 | 0.69 | 0.75 | 0.72 | 0.74 | 0.76 | 0.76 | 0.78 | 0.78 | 1.00 |
The correlation results are calculated based on daily price changes starting from Apr 24, 2017