Fastenal Correlations

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USD 42.86 0.21 0.49%

The current 90-days correlation between Fastenal and Applied Industrial Technologies is -0.11 (i.e., Good diversification). The correlation of Fastenal 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.

Fastenal Correlation With Market

Poor diversification

The correlation between Fastenal Company and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fastenal Company 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 Fastenal Company. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Fastenal Stock

0.79	FERG	Ferguson Plc	Pair Corr
0.87	CNM	Core Main	Pair Corr
0.74	GIC	Global Industrial	Pair Corr
0.89	GWW	WW Grainger	Pair Corr
0.79	MSM	MSC Industrial Direct	Pair Corr
0.67	WCC-PA	WESCO International	Pair Corr
0.74	TITN	Titan Machinery	Pair Corr
0.72	J	Jacobs Solutions	Pair Corr
0.65	AL	Air Lease	Pair Corr
0.67	AP	Ampco Pittsburgh	Pair Corr
0.81	AZ	A2Z Smart Technologies	Pair Corr
0.78	BA	Boeing	Pair Corr
0.78	BV	BrightView Holdings	Pair Corr
0.77	CP	Canadian Pacific Railway	Pair Corr
0.71	CR	Crane Company	Pair Corr
0.81	CW	Curtiss Wright	Pair Corr
0.72	DE	Deere Company	Pair Corr
0.79	DY	Dycom Industries	Pair Corr
0.74	FA	First Advantage Corp	Pair Corr
0.85	GD	General Dynamics	Pair Corr
0.72	GE	GE Aerospace	Pair Corr

Moving against Fastenal Stock

0.63	BXC	BlueLinx Holdings	Pair Corr
0.45	WSO	Watsco Inc	Pair Corr
0.43	POOL	Pool	Pair Corr
0.74	MG	Mistras Group	Pair Corr
0.63	OP	Oceanpal	Pair Corr
0.59	GP	GreenPower Motor	Pair Corr
0.56	CODI-PA	Compass Diversified	Pair Corr
0.55	VATE	Innovate Corp Earnings Call Today	Pair Corr
0.54	HI	Hillenbrand	Pair Corr
0.5	EH	Ehang Holdings	Pair Corr
0.47	KC	Kingsoft Cloud Holdings	Pair Corr
0.4	YHNAR	YHN Acquisition I	Pair Corr

Related Correlations Analysis

	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE
AIT		0.46	0.31	-0.16	-0.02	0.36	0.36	0.4	0.43	AIT
MSM	0.46		0.75	-0.25	0.01	0.81	0.52	0.79	0.33	MSM
FERG	0.31	0.75		-0.53	-0.28	0.8	0.33	0.94	0.01	FERG
WSO	-0.16	-0.25	-0.53		0.47	-0.49	0.11	-0.56	0.11	WSO
POOL	-0.02	0.01	-0.28	0.47		-0.3	0.58	-0.38	0.16	POOL
GWW	0.36	0.81	0.8	-0.49	-0.3		0.33	0.89	0.39	GWW
SITE	0.36	0.52	0.33	0.11	0.58	0.33		0.32	0.57	SITE
CNM	0.4	0.79	0.94	-0.56	-0.38	0.89	0.32		0.22	CNM
DXPE	0.43	0.33	0.01	0.11	0.16	0.39	0.57	0.22		DXPE
	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE

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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

CNM	+ 0.94	FERG
CNM	+ 0.89	GWW
GWW	+ 0.81	MSM
GWW	+ 0.8	FERG
CNM	+ 0.79	MSM
FERG	+ 0.75	MSM

High negative correlations

CNM	- 0.56	WSO
WSO	- 0.53	FERG
GWW	- 0.49	WSO
CNM	- 0.38	POOL
GWW	- 0.3	POOL
POOL	- 0.28	FERG

Risk-Adjusted Indicators

There is a big difference between Fastenal Stock performing well and Fastenal 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 Fastenal'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
AIT	2.03	0.06	0.00	(0.28)	2.40	(2.64)	4.47	(4.71)	18.57
MSM	1.50	0.04	0.02	0.09	1.80	(1.60)	3.43	(2.95)	11.16
FERG	1.71	0.44	0.31	0.47	1.00	(2.18)	3.77	(2.18)	18.95
WSO	1.53	(0.24)	0.00	(0.23)	0.00	0.00	2.57	(3.74)	19.05
POOL	1.70	(0.25)	0.00	(0.22)	0.00	0.00	3.41	(3.78)	14.43
GWW	1.13	0.11	0.07	0.21	1.16	(1.37)	2.84	(2.22)	7.32
SITE	1.89	(0.06)	(0.02)	0.01	2.15	(2.24)	5.09	(3.48)	13.57
CNM	1.86	0.26	0.13	0.28	1.81	(2.23)	3.52	(2.86)	13.38
DXPE	2.14	(0.12)	0.00	(0.02)	0.00	0.00	4.50	(4.70)	18.14

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