Armstrong World Correlations

AWI Stock

USD 135.03 0.29 0.22%

The current 90-days correlation between Armstrong World Indu and Quanex Building Products is 0.58 (i.e., Very weak diversification). The correlation of Armstrong World 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.

Armstrong World Correlation With Market

Very poor diversification

The correlation between Armstrong World Industries and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Armstrong World Industries and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Armstrong World Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with Armstrong Stock

0.67	NX	Quanex Building Products	Pair Corr
0.72	OC	Owens Corning Earnings Call This Week	Pair Corr
0.79	FBIN	Fortune Brands Innov	Pair Corr
0.78	APT	Alpha Pro Tech	Pair Corr
0.8	GMS	GMS Inc	Pair Corr
0.68	JBI	Janus International	Pair Corr
0.68	JCI	Johnson Controls Int	Pair Corr
0.7	LII	Lennox International Earnings Call This Week	Pair Corr
0.75	LPX	Louisiana Pacific	Pair Corr
0.91	MAS	Masco Earnings Call This Week	Pair Corr
0.79	WMS	Advanced Drainage Systems	Pair Corr
0.66	ILAG	Intelligent Living	Pair Corr
0.75	PPIH	Perma Pipe Internati	Pair Corr
0.72	AIRJW	Montana Technologies	Pair Corr
0.73	AIRJ	Montana Technologies	Pair Corr
0.86	ARLO	Arlo Technologies	Pair Corr
0.72	BLDR	Builders FirstSource	Pair Corr
0.7	TREX	Trex Company	Pair Corr
0.61	CARR	Carrier Global Corp	Pair Corr
0.72	CSTE	Caesarstone	Pair Corr
0.74	J	Jacobs Solutions	Pair Corr
0.86	R	Ryder System	Pair Corr
0.76	BA	Boeing Earnings Call This Week	Pair Corr
0.64	BE	Bloom Energy Corp	Pair Corr

Moving against Armstrong Stock

0.38

General Dynamics Earnings Call This Week

Pair Corr

Related Correlations Analysis

	NX	ROCK	BECN	JBI	TREX	APOG	AZEK	JELD	PPIH
NX		0.29	-0.42	0.32	0.84	0.91	0.47	0.85	0.8	NX
ROCK	0.29		-0.23	0.7	0.09	0.17	-0.25	-0.02	0.44	ROCK
BECN	-0.42	-0.23		-0.06	-0.24	-0.4	0.1	-0.27	-0.27	BECN
JBI	0.32	0.7	-0.06		0.3	0.14	-0.01	0.2	0.62	JBI
TREX	0.84	0.09	-0.24	0.3		0.87	0.76	0.92	0.8	TREX
APOG	0.91	0.17	-0.4	0.14	0.87		0.54	0.89	0.71	APOG
AZEK	0.47	-0.25	0.1	-0.01	0.76	0.54		0.62	0.44	AZEK
JELD	0.85	-0.02	-0.27	0.2	0.92	0.89	0.62		0.74	JELD
PPIH	0.8	0.44	-0.27	0.62	0.8	0.71	0.44	0.74		PPIH
	NX	ROCK	BECN	JBI	TREX	APOG	AZEK	JELD	PPIH

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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

JELD	+ 0.92	TREX
APOG	+ 0.91	NX
JELD	+ 0.89	APOG
APOG	+ 0.87	TREX
JELD	+ 0.85	NX
TREX	+ 0.84	NX

High negative correlations

BECN	- 0.42	NX
APOG	- 0.4	BECN
PPIH	- 0.27	BECN
JELD	- 0.27	BECN
AZEK	- 0.25	ROCK
TREX	- 0.24	BECN

Risk-Adjusted Indicators

There is a big difference between Armstrong Stock performing well and Armstrong World 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 Armstrong World'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
NX	2.67	(0.27)	0.00	(0.30)	0.00	0.00	4.41	(4.78)	19.47
ROCK	2.01	(0.03)	0.00	(0.10)	0.00	0.00	3.58	(4.76)	21.19
BECN	0.99	0.28	0.35	1.08	0.64	(1.17)	3.23	(1.62)	10.10
JBI	2.47	(0.20)	0.00	1.97	0.00	0.00	5.26	(5.50)	20.60
TREX	2.13	(0.12)	0.00	(0.15)	0.00	0.00	4.26	(4.14)	17.58
APOG	1.54	(0.11)	0.00	(0.20)	0.00	0.00	3.43	(3.16)	10.56
AZEK	2.13	0.18	0.06	0.05	2.31	(2.42)	4.09	(3.45)	21.39
JELD	3.17	(0.44)	0.00	(0.65)	0.00	0.00	4.96	(6.28)	33.01
PPIH	2.84	(0.32)	0.00	0.27	0.00	0.00	5.75	(6.60)	29.62

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