3D Systems Correlations

Stocks . USA . 
Stock . 3D Systems
DDD Stock  USD 1.76  0.12  7.32%   
The current 90-days correlation between 3D Systems and MGP Ingredients is 0.38 (i.e., Weak diversification). The correlation of 3D Systems 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.

3D Systems Correlation With Market

Very weak diversification

The correlation between 3D Systems and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 3D Systems and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in 3D Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.
For information on how to trade DDD Stock refer to our How to Trade DDD Stock guide.

Moving together with DDD Stock

  0.62NL NL IndustriesPairCorr

Moving against DDD Stock

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  0.66CW Curtiss WrightPairCorr
  0.65DY Dycom IndustriesPairCorr
  0.63GE GE AerospacePairCorr
  0.62CP Canadian Pacific RailwayPairCorr
  0.55BW Babcock Wilcox EnterPairCorr
  0.54J Jacobs SolutionsPairCorr
  0.54AL Air LeasePairCorr
  0.53DE Deere CompanyPairCorr
  0.51AP Ampco PittsburghPairCorr
  0.5BA Boeing Sell-off TrendPairCorr
  0.5BE Bloom Energy CorpPairCorr
  0.5CR Crane CompanyPairCorr
  0.47GD General DynamicsPairCorr
  0.46R Ryder SystemPairCorr
  0.46BV BrightView HoldingsPairCorr
  0.36BR Broadridge FinancialPairCorr
  0.32FA First Advantage CorpPairCorr
  0.66DLHC DLH Holdings CorpPairCorr
  0.61ST Sensata TechnologiesPairCorr
  0.58SB Safe BulkersPairCorr
  0.53TT Trane Technologies plcPairCorr
  0.52PL Planet Labs PBCPairCorr
  0.49PH Parker HannifinPairCorr
  0.48TG TredegarPairCorr
  0.46OP OceanpalPairCorr
  0.44IR Ingersoll RandPairCorr
  0.37LZ LegalZoomPairCorr
  0.31UP Wheels Up Experience Buyout TrendPairCorr

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   
EGO
+ 0.93
SAND
SNDL
+ 0.54
STZ
MGPI
+ 0.53
TTAM
TTAM
+ 0.34
SAND
MGPI
+ 0.33
SAND
EGO
+ 0.26
TTAM
  
High negative correlations   
SNDL
- 0.5
SAND
STZ
- 0.48
EGO
STZ
- 0.47
SAND
SNDL
- 0.41
EGO
STZ
- 0.36
TSRYF
SNDL
- 0.33
MGPI

Risk-Adjusted Indicators

There is a big difference between DDD Stock performing well and 3D Systems 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 3D Systems' 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.

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