Commercial Metals Correlations

CMC Stock

USD 42.33 0.63 1.51%

The correlation of Commercial Metals 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.

Commercial Metals Correlation With Market

Poor diversification

The correlation between Commercial Metals and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Commercial Metals and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Commercial Stock

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

For information on how to trade Commercial Stock refer to our How to Trade Commercial Stock guide.

Moving together with Commercial Stock

0.9	AA	Alcoa Corp Downward Rally	Pair Corr
0.83	OLN	Olin Earnings Call This Week	Pair Corr
0.86	KALU	Kaiser Aluminum Earnings Call This Week	Pair Corr
0.8	CENX	Century Aluminum	Pair Corr
0.87	CC	Chemours	Pair Corr
0.81	CE	Celanese	Pair Corr
0.68	CF	CF Industries Holdings	Pair Corr
0.67	CX	Cemex SAB de Earnings Call This Week	Pair Corr
0.83	DD	Dupont De Nemours	Pair Corr
0.79	EU	enCore Energy Corp Buyout Trend	Pair Corr
0.75	FF	FutureFuel Corp	Pair Corr
0.64	IE	Ivanhoe Electric	Pair Corr
0.87	NX	Quanex Building Products	Pair Corr
0.82	OC	Owens Corning Earnings Call This Week	Pair Corr
0.77	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.76	TT	Trane Technologies plc	Pair Corr
0.91	WS	Worthington Steel	Pair Corr

Moving against Commercial Stock

0.64	SAND	Sandstorm Gold	Pair Corr
0.63	AU	AngloGold Ashanti plc Downward Rally	Pair Corr
0.61	EGO	Eldorado Gold Corp Earnings Call This Week	Pair Corr
0.55	IDR	Idaho Strategic Resources	Pair Corr
0.54	GOLD	Barrick Gold Corp Aggressive Push	Pair Corr
0.47	X	United States Steel	Pair Corr
0.33	AG	First Majestic Silver Aggressive Push	Pair Corr
0.57	NC	NACCO Industries	Pair Corr
0.47	OR	Osisko Gold Ro	Pair Corr
0.35	MP	MP Materials Corp	Pair Corr
0.65	AEM	Agnico Eagle Mines Earnings Call This Week	Pair Corr
0.56	VOXR	Vox Royalty Corp	Pair Corr

Related Correlations Analysis

	ZEUS	SCHN	STLD	NUE	USAP	PKX	OUTKY	X	RS
ZEUS		0.0	0.79	0.76	0.0	-0.18	-0.43	-0.52	0.76	ZEUS
SCHN	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	SCHN
STLD	0.79	0.0		0.91	0.0	-0.04	-0.1	-0.24	0.85	STLD
NUE	0.76	0.0	0.91		0.0	0.12	-0.06	-0.41	0.73	NUE
USAP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	USAP
PKX	-0.18	0.0	-0.04	0.12	0.0		0.62	0.16	0.05	PKX
OUTKY	-0.43	0.0	-0.1	-0.06	0.0	0.62		0.68	-0.1	OUTKY
X	-0.52	0.0	-0.24	-0.41	0.0	0.16	0.68		-0.25	X
RS	0.76	0.0	0.85	0.73	0.0	0.05	-0.1	-0.25		RS
	ZEUS	SCHN	STLD	NUE	USAP	PKX	OUTKY	X	RS

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

NUE	+ 0.91	STLD
RS	+ 0.85	STLD
STLD	+ 0.79	ZEUS
NUE	+ 0.76	ZEUS
RS	+ 0.76	ZEUS
RS	+ 0.73	NUE

High negative correlations

X	- 0.52	ZEUS
OUTKY	- 0.43	ZEUS
X	- 0.41	NUE
RS	- 0.25	X
X	- 0.24	STLD
PKX	- 0.18	ZEUS

Risk-Adjusted Indicators

There is a big difference between Commercial Stock performing well and Commercial Metals 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 Commercial Metals' 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
ZEUS	2.00	0.05	0.00	(0.07)	0.00	0.00	3.32	(4.24)	13.89
SCHN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
STLD	1.89	0.13	0.00	(0.02)	0.00	0.00	3.25	(4.21)	15.47
NUE	1.97	0.07	0.00	(0.07)	0.00	0.00	3.76	(5.25)	16.65
USAP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PKX	2.22	0.16	0.06	0.05	2.65	(2.50)	5.47	(4.36)	14.43
OUTKY	2.22	0.35	0.06	0.66	3.08	(4.37)	8.03	(6.16)	25.46
X	2.19	0.32	0.12	0.37	2.74	(2.42)	4.50	(3.43)	25.68
RS	1.34	0.12	0.07	0.02	1.77	(1.44)	2.87	(2.70)	9.86

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC