Modine Manufacturing Correlations

MOD Stock

USD 238.50 11.25 4.95%

The current 90-days correlation between Modine Manufacturing and LKQ Corporation is -0.2 (i.e., Good diversification). The correlation of Modine Manufacturing 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.

Modine Manufacturing Correlation With Market

Very weak diversification

The correlation between Modine Manufacturing and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Modine Manufacturing and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Modine Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Modine Manufacturing. 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 information on how to trade Modine Stock refer to our How to Trade Modine Stock guide.

Moving together with Modine Stock

0.75	60V	KYB PORATION	Pair Corr
0.61	C31	Cooper Standard Holdings	Pair Corr
0.65	XDH	Xingda International	Pair Corr
0.62	P4N	Polytec Holding AG	Pair Corr
0.66	VSA2	Valeo SA	Pair Corr
0.83	SRU	Standard Motor Products	Pair Corr
0.72	KBX	Knorr Bremse AG	Pair Corr
0.61	7GA	Gestamp Automoción	Pair Corr
0.82	ML	Compagnie Generale des	Pair Corr
0.68	SSA	Spectra	Pair Corr
0.67	FR	Valeo SA	Pair Corr
0.63	1A7	Allison Transmission	Pair Corr
0.88	TY7	Toyota Boshoku	Pair Corr
0.9	AXL	American Axle Manufa Symbol Change	Pair Corr
0.78	BWA	BorgWarner	Pair Corr
0.64	CPS	Cooper Stnd	Pair Corr
0.77	DAN	Dana Inc	Pair Corr

Moving against Modine Stock

0.83	PWO	Progress Werk Oberkirch	Pair Corr
0.8	QS	QuantumScape Class	Pair Corr
0.37	KC7	AMA Group Limited	Pair Corr
0.79	GEF	SOGEFI	Pair Corr
0.75	WKSP	Worksport	Pair Corr
0.72	HGEA	hGears AG	Pair Corr
0.69	MW4	Akwel SA	Pair Corr
0.65	JOHB	Johnson Electric Holdings	Pair Corr
0.41	WKHS	Workhorse Group	Pair Corr
0.6	FRSX	Foresight Autonomous	Pair Corr
0.41	GGR	Gogoro Inc	Pair Corr
0.34	ECX	ECARX Holdings Class	Pair Corr

Related Correlations Analysis

	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS
LKQ		0.72	0.75	-0.36	0.85	-0.84	-0.28	-0.11	-0.12	-0.76	LKQ
BWA	0.72		0.4	-0.67	0.83	-0.79	-0.61	0.28	-0.37	-0.88	BWA
ALV	0.75	0.4		0.12	0.53	-0.45	0.19	-0.12	0.33	-0.33	ALV
LAD	-0.36	-0.67	0.12		-0.53	0.65	0.75	-0.39	0.57	0.68	LAD
ALSN	0.85	0.83	0.53	-0.53		-0.93	-0.52	0.03	-0.2	-0.9	ALSN
PLNT	-0.84	-0.79	-0.45	0.65	-0.93		0.52	0.04	0.37	0.88	PLNT
AN	-0.28	-0.61	0.19	0.75	-0.52	0.52		-0.21	0.43	0.73	AN
LEVI	-0.11	0.28	-0.12	-0.39	0.03	0.04	-0.21		-0.03	-0.03	LEVI
VFS	-0.12	-0.37	0.33	0.57	-0.2	0.37	0.43	-0.03		0.42	VFS
QS	-0.76	-0.88	-0.33	0.68	-0.9	0.88	0.73	-0.03	0.42		QS
	LKQ	BWA	ALV	LAD	ALSN	PLNT	AN	LEVI	VFS	QS

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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

QS	+ 0.88	PLNT
ALSN	+ 0.85	LKQ
ALSN	+ 0.83	BWA
ALV	+ 0.75	LKQ
AN	+ 0.75	LAD
QS	+ 0.73	AN

High negative correlations

PLNT	- 0.93	ALSN
QS	- 0.9	ALSN
QS	- 0.88	BWA
PLNT	- 0.84	LKQ
PLNT	- 0.79	BWA
QS	- 0.76	LKQ

Risk-Adjusted Indicators

There is a big difference between Modine Stock performing well and Modine Manufacturing 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 Modine Manufacturing'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
LKQ	1.48	0.19	0.07	(1.22)	1.51	(1.67)	3.36	(2.42)	11.87
BWA	1.66	0.38	0.21	0.44	1.48	(2.05)	3.71	(2.91)	28.08
ALV	1.09	(0.05)	(0.03)	0.03	1.37	(1.16)	2.85	(2.16)	7.36
LAD	1.43	(0.25)	0.00	(0.11)	0.00	0.00	3.28	(3.44)	11.08
ALSN	1.20	0.53	0.49	0.60	0.44	(1.54)	3.31	(1.43)	7.29
PLNT	1.37	(0.46)	0.00	(0.89)	0.00	0.00	2.07	(3.70)	11.51
AN	1.36	(0.20)	0.00	(0.09)	0.00	0.00	3.06	(2.87)	9.06
LEVI	1.55	(0.02)	0.00	0.05	1.86	(1.69)	3.77	(3.44)	9.50
VFS	1.31	(0.05)	(0.02)	0.02	1.76	(1.39)	2.90	(3.60)	9.34
QS	2.96	(0.92)	0.00	(0.31)	0.00	0.00	6.14	(8.22)	21.05

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