Carpenter Technology Correlations

CRS Stock

USD 249.00 7.23 2.99%

The current 90-days correlation between Carpenter Technology and Allegheny Technologies Incorporated is 0.8 (i.e., Very 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

Modest diversification

The correlation between Carpenter Technology and DJI is 0.2 (i.e., Modest 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 employment.

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

Moving together with Carpenter Stock

0.75

ATI

Allegheny Technologies Earnings Call This Week

Pair Corr

Moving against Carpenter Stock

0.56	B	Barrick Mining Symbol Change	Pair Corr
0.5	OR	Osisko Gold Ro	Pair Corr
0.48	GML	Gateway Mining	Pair Corr
0.47	AU	AngloGold Ashanti plc	Pair Corr
0.47	MKO	Mako Mining Corp	Pair Corr
0.37	NG	NovaGold Resources	Pair Corr
0.33	SA	Seabridge Gold	Pair Corr
0.59	603969	Tianjin Silvery Dragon	Pair Corr
0.53	AEM	Agnico Eagle Mines Earnings Call This Week	Pair Corr
0.53	AGI	Alamos Gold Earnings Call This Week	Pair Corr
0.52	CDE	Coeur Mining	Pair Corr
0.5	REC	Recharge Metals	Pair Corr
0.44	QTWO	Q2 Metals Corp	Pair Corr
0.41	TWO	T2 Metals Corp	Pair Corr
0.39	BVN	Compania de Minas	Pair Corr
0.37	POL	Polymetals Resources	Pair Corr
0.37	JINDALSTEL	Jindal Steel Power	Pair Corr
0.33	RND	Rand Mining	Pair Corr
0.31	WDO	Wesdome Gold Mines	Pair Corr
0.62	KGC	Kinross Gold	Pair Corr
0.6	NGD	New Gold	Pair Corr
0.59	FNV	Franco Nevada	Pair Corr
0.59	GFI	Gold Fields	Pair Corr
0.58	EGO	Eldorado Gold Corp	Pair Corr
0.56	NEM	Newmont Goldcorp Corp Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	ATI	MLI	RBC	IEX	CLH	LECO	BLD	BAH	DRS	AVY
ATI		-0.13	-0.34	0.78	-0.62	-0.78	-0.53	-0.02	0.79	0.04	ATI
MLI	-0.13		-0.56	-0.35	-0.1	0.26	0.45	-0.78	-0.21	-0.66	MLI
RBC	-0.34	-0.56		0.0	0.64	0.37	0.09	0.7	-0.14	0.62	RBC
IEX	0.78	-0.35	0.0		-0.23	-0.6	-0.35	0.37	0.72	0.53	IEX
CLH	-0.62	-0.1	0.64	-0.23		0.67	0.63	0.36	-0.53	0.39	CLH
LECO	-0.78	0.26	0.37	-0.6	0.67		0.65	0.02	-0.72	-0.09	LECO
BLD	-0.53	0.45	0.09	-0.35	0.63	0.65		-0.22	-0.65	-0.11	BLD
BAH	-0.02	-0.78	0.7	0.37	0.36	0.02	-0.22		0.18	0.85	BAH
DRS	0.79	-0.21	-0.14	0.72	-0.53	-0.72	-0.65	0.18		0.2	DRS
AVY	0.04	-0.66	0.62	0.53	0.39	-0.09	-0.11	0.85	0.2		AVY
	ATI	MLI	RBC	IEX	CLH	LECO	BLD	BAH	DRS	AVY

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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

AVY	+ 0.85	BAH
DRS	+ 0.79	ATI
IEX	+ 0.78	ATI
DRS	+ 0.72	IEX
BAH	+ 0.7	RBC
LECO	+ 0.67	CLH

High negative correlations

BAH	- 0.78	MLI
LECO	- 0.78	ATI
DRS	- 0.72	LECO
AVY	- 0.66	MLI
DRS	- 0.65	BLD
CLH	- 0.62	ATI

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	1.81	(0.23)	0.00	(0.07)	0.00	0.00	3.57	(2.72)	20.20
MLI	1.13	0.25	0.22	0.28	0.88	(1.37)	2.73	(2.05)	6.41
RBC	1.15	(0.08)	(0.05)	0.00	1.39	(1.24)	2.33	(2.55)	6.28
IEX	1.22	(0.20)	0.00	(0.06)	0.00	0.00	2.70	(2.59)	13.30
CLH	1.06	0.02	0.01	0.11	1.23	(1.09)	2.20	(1.78)	6.58
LECO	1.19	0.10	0.07	0.20	1.07	(1.39)	2.34	(1.77)	12.07
BLD	1.64	0.25	0.21	0.26	1.10	(2.19)	4.36	(2.38)	12.45
BAH	1.25	(0.18)	0.00	(0.15)	0.00	0.00	2.39	(3.03)	8.87
DRS	1.49	(0.28)	0.00	(0.21)	0.00	0.00	3.02	(3.66)	13.29
AVY	0.90	(0.20)	0.00	(0.15)	0.00	0.00	1.77	(1.72)	4.89

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