Reliance Steel Correlations

RS Stock

USD 295.82 6.95 2.41%

The current 90-days correlation between Reliance Steel Aluminum and RPM International is 0.51 (i.e., Very weak diversification). The correlation of Reliance Steel 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.

Reliance Steel Correlation With Market

Very weak diversification

The correlation between Reliance Steel Aluminum and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Reliance Steel Aluminum and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Reliance Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Reliance Steel Aluminum. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Reliance Stock

0.73	B	Barrick Mining Symbol Change	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.73	SA	Seabridge Gold	Pair Corr
0.85	WS	Worthington Steel	Pair Corr
0.73	AGI	Alamos Gold	Pair Corr
0.65	EXK	Endeavour Silver Corp	Pair Corr
0.71	FSM	Fortuna Silver Mines	Pair Corr
0.76	ZEUS	Olympic Steel	Pair Corr
0.82	AAUC	Allied Gold	Pair Corr
0.77	ARMN	Aris Mining	Pair Corr
0.65	FINN	First National	Pair Corr
0.68	DB	Deutsche Bank AG	Pair Corr
0.78	FTV	Fortive Corp	Pair Corr
0.78	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.66	MRK	Merck Company	Pair Corr

Moving against Reliance Stock

0.64	ADVWW	Advantage Solutions	Pair Corr
0.51	CTDD	Qwest Corp 6	Pair Corr
0.5	PCTTW	PureCycle Technologies	Pair Corr
0.47	CTBB	Qwest Corp NT	Pair Corr
0.42	MAPSW	WM Technology	Pair Corr
0.31	TKURF	Tokyu REIT	Pair Corr
0.46	PG	Procter Gamble	Pair Corr
0.45	MSFT	Microsoft	Pair Corr
0.32	CVX	Chevron Corp	Pair Corr

Related Correlations Analysis

	RPM	CX	PKX	SQM	STLD	CF	LYB	AGI	DD	PAAS
RPM		-0.74	-0.54	-0.78	-0.71	0.83	0.63	-0.28	-0.8	-0.42	RPM
CX	-0.74		0.5	0.92	0.93	-0.84	-0.46	0.68	0.87	0.81	CX
PKX	-0.54	0.5		0.42	0.57	-0.55	-0.29	0.0	0.52	0.09	PKX
SQM	-0.78	0.92	0.42		0.91	-0.87	-0.35	0.73	0.87	0.83	SQM
STLD	-0.71	0.93	0.57	0.91		-0.82	-0.27	0.63	0.82	0.77	STLD
CF	0.83	-0.84	-0.55	-0.87	-0.82		0.52	-0.53	-0.8	-0.61	CF
LYB	0.63	-0.46	-0.29	-0.35	-0.27	0.52		-0.02	-0.5	-0.12	LYB
AGI	-0.28	0.68	0.0	0.73	0.63	-0.53	-0.02		0.49	0.93	AGI
DD	-0.8	0.87	0.52	0.87	0.82	-0.8	-0.5	0.49		0.63	DD
PAAS	-0.42	0.81	0.09	0.83	0.77	-0.61	-0.12	0.93	0.63		PAAS
	RPM	CX	PKX	SQM	STLD	CF	LYB	AGI	DD	PAAS

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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

STLD	+ 0.93	CX
PAAS	+ 0.93	AGI
SQM	+ 0.92	CX
STLD	+ 0.91	SQM
DD	+ 0.87	CX
DD	+ 0.87	SQM

High negative correlations

CF	- 0.87	SQM
CF	- 0.84	CX
CF	- 0.82	STLD
DD	- 0.8	CF
DD	- 0.8	RPM
SQM	- 0.78	RPM

Risk-Adjusted Indicators

There is a big difference between Reliance Stock performing well and Reliance Steel 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 Reliance Steel'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
RPM	0.86	(0.23)	0.00	(0.26)	0.00	0.00	2.23	(2.25)	5.41
CX	1.44	0.35	0.22	0.48	1.15	(1.70)	2.95	(1.73)	12.65
PKX	1.68	0.09	0.04	0.14	1.93	(1.83)	4.64	(3.37)	10.17
SQM	2.32	0.71	0.26	0.68	2.27	(2.65)	6.22	(4.06)	13.10
STLD	1.49	0.27	0.17	0.22	1.51	(1.63)	3.50	(2.78)	8.57
CF	1.32	(0.20)	0.00	(0.23)	0.00	0.00	3.16	(2.97)	9.06
LYB	1.86	(0.17)	0.00	(0.06)	0.00	0.00	3.65	(3.84)	11.53
AGI	2.21	0.18	0.04	0.49	3.09	(2.12)	5.22	(4.64)	15.67
DD	1.31	0.29	0.18	0.29	1.31	(1.42)	3.56	(2.18)	11.55
PAAS	2.47	0.42	0.12	0.48	3.19	(2.60)	7.23	(5.69)	16.85

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