Carpenter Technology Correlations

CRS Stock

USD 314.84 3.76 1.18%

The current 90-days correlation between Carpenter Technology and Allegheny Technologies Incorporated is 0.67 (i.e., Poor diversification). The correlation of Carpenter Technology 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.

Carpenter Technology Correlation With Market

Weak diversification

The correlation between Carpenter Technology and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carpenter Technology and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Carpenter Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Carpenter Technology. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

For more information on how to buy Carpenter Stock please use our How to Invest in Carpenter Technology guide.

Moving together with Carpenter Stock

0.62	TX	Ternium SA ADR	Pair Corr
0.78	VALE	Vale SA ADR	Pair Corr

Moving against Carpenter Stock

0.71	WA1	WA1 Resources	Pair Corr
0.7	OR	Osisko Gold Ro	Pair Corr
0.74	ARI	Arika Resources	Pair Corr
0.7	SRK	Strike Resources	Pair Corr
0.65	002237	Shandong Humon Smelting	Pair Corr
0.54	DHR	Discovery Harbour	Pair Corr
0.46	DV	Dolly Varden Silver	Pair Corr
0.42	AML	Argus Metals Corp	Pair Corr
0.41	GCN	Goldcliff Resource Corp	Pair Corr
0.39	MARI	Marimaca Copper Corp	Pair Corr
0.32	ELY	Ely Gold Royalties	Pair Corr
0.91	DBO	Diablo Resources	Pair Corr
0.58	PGO	Pacgold	Pair Corr
0.44	CVB	Compass Gold Corp	Pair Corr
0.44	TES	Tesoro Minerals Corp	Pair Corr
0.42	GUG	Gungnir Resources	Pair Corr
0.33	MKO	Mako Mining Corp	Pair Corr

Related Correlations Analysis

	ATI	TRU	WWD	ULS	LUV	MTZ	JBHT	MLI	ITT	WSO
ATI		0.7	0.86	0.41	0.72	0.43	0.87	0.95	0.17	-0.66	ATI
TRU	0.7		0.74	0.18	0.66	0.45	0.67	0.76	-0.09	-0.43	TRU
WWD	0.86	0.74		0.25	0.83	0.65	0.85	0.93	-0.01	-0.52	WWD
ULS	0.41	0.18	0.25		-0.09	-0.39	0.33	0.35	0.54	-0.71	ULS
LUV	0.72	0.66	0.83	-0.09		0.68	0.78	0.8	-0.4	-0.35	LUV
MTZ	0.43	0.45	0.65	-0.39	0.68		0.46	0.49	-0.26	0.16	MTZ
JBHT	0.87	0.67	0.85	0.33	0.78	0.46		0.92	-0.06	-0.66	JBHT
MLI	0.95	0.76	0.93	0.35	0.8	0.49	0.92		0.09	-0.63	MLI
ITT	0.17	-0.09	-0.01	0.54	-0.4	-0.26	-0.06	0.09		-0.07	ITT
WSO	-0.66	-0.43	-0.52	-0.71	-0.35	0.16	-0.66	-0.63	-0.07		WSO
	ATI	TRU	WWD	ULS	LUV	MTZ	JBHT	MLI	ITT	WSO

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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

MLI	+ 0.95	ATI
MLI	+ 0.93	WWD
MLI	+ 0.92	JBHT
JBHT	+ 0.87	ATI
WWD	+ 0.86	ATI
JBHT	+ 0.85	WWD

High negative correlations

WSO	- 0.71	ULS
WSO	- 0.66	JBHT
WSO	- 0.66	ATI
WSO	- 0.63	MLI
WSO	- 0.52	WWD
WSO	- 0.43	TRU

Risk-Adjusted Indicators

There is a big difference between Carpenter Stock performing well and Carpenter Technology 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 Carpenter Technology'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ATI	1.77	0.43	0.29	0.32	1.23	(2.33)	5.34	(2.63)	12.38
TRU	1.53	(0.03)	(0.01)	0.04	2.25	(1.69)	3.72	(2.85)	10.68
WWD	1.56	0.21	0.16	0.18	1.30	(1.76)	3.42	(2.23)	16.03
ULS	1.46	0.24	0.08	2.78	2.22	(1.67)	2.25	(2.73)	21.27
LUV	1.63	0.29	0.15	0.25	1.72	(1.74)	4.79	(2.83)	11.03
MTZ	1.78	(0.02)	0.02	0.05	2.87	(1.55)	3.92	(4.74)	11.10
JBHT	1.66	0.59	0.40	1.29	0.98	(2.19)	4.41	(2.10)	24.93
MLI	0.99	0.15	0.13	0.20	0.96	(1.15)	2.01	(1.81)	6.26
ITT	1.13	(0.05)	(0.03)	0.01	1.92	(1.03)	1.65	(2.65)	17.49
WSO	1.50	(0.30)	0.00	(0.13)	0.00	0.00	3.56	(3.60)	10.61

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