Fastenal Correlations

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USD 47.43 1.41 3.06%

The current 90-days correlation between Fastenal and Applied Industrial Technologies is -0.24 (i.e., Very 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

Very good diversification

The correlation between Fastenal Company and DJI is -0.25 (i.e., Very good 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

0.65	DSGR	Distribution Solutions Earnings Call This Week	Pair Corr
0.74	FERG	Ferguson Plc	Pair Corr
0.79	AIT	Applied Industrial	Pair Corr
0.63	BXC	BlueLinx Holdings Earnings Call This Week	Pair Corr
0.78	CNM	Core Main	Pair Corr
0.79	EVI	EVI Industries	Pair Corr
0.78	MSM	MSC Industrial Direct	Pair Corr
0.87	WCC	WESCO International Earnings Call This Week	Pair Corr
0.81	WXM	WF International	Pair Corr
0.82	WCC-PA	WESCO International Earnings Call This Week	Pair Corr
0.84	J	Jacobs Solutions	Pair Corr
0.75	R	Ryder System Earnings Call Tomorrow	Pair Corr
0.73	DIST	Distoken Acquisition	Pair Corr
0.62	AP	Ampco Pittsburgh Upward Rally	Pair Corr
0.78	AZ	A2Z Smart Technologies	Pair Corr
0.76	BA	Boeing Earnings Call This Week	Pair Corr
0.81	BE	Bloom Energy Corp Earnings Call This Week	Pair Corr
0.63	BW	Babcock Wilcox Enter	Pair Corr
0.65	BZ	Kanzhun Ltd ADR	Pair Corr
0.64	CR	Crane Company Earnings Call This Week	Pair Corr
0.72	CW	Curtiss Wright	Pair Corr
0.73	DY	Dycom Industries	Pair Corr
0.82	GD	General Dynamics Earnings Call Today	Pair Corr
0.72	GE	GE Aerospace	Pair Corr

Moving against Fastenal Stock

0.78	PC	Premium Catering	Pair Corr
0.66	NL	NL Industries	Pair Corr
0.45	GP	GreenPower Motor	Pair Corr
0.34	MG	Mistras Group Earnings Call This Week	Pair Corr

Related Correlations Analysis

	AIT	MSM	FERG	WSO	POOL	GWW	SITE	CNM	DXPE
AIT		0.78	0.6	0.14	0.09	-0.1	0.65	0.76	0.76	AIT
MSM	0.78		0.84	-0.08	0.1	0.1	0.75	0.89	0.52	MSM
FERG	0.6	0.84		-0.42	-0.1	0.15	0.66	0.94	0.24	FERG
WSO	0.14	-0.08	-0.42		0.53	-0.2	0.11	-0.28	0.43	WSO
POOL	0.09	0.1	-0.1	0.53		0.41	0.44	0.01	0.22	POOL
GWW	-0.1	0.1	0.15	-0.2	0.41		0.34	0.13	-0.08	GWW
SITE	0.65	0.75	0.66	0.11	0.44	0.34		0.75	0.56	SITE
CNM	0.76	0.89	0.94	-0.28	0.01	0.13	0.75		0.47	CNM
DXPE	0.76	0.52	0.24	0.43	0.22	-0.08	0.56	0.47		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	MSM
FERG	+ 0.84	MSM
MSM	+ 0.78	AIT
CNM	+ 0.76	AIT
DXPE	+ 0.76	AIT

High negative correlations

WSO	- 0.42	FERG
CNM	- 0.28	WSO
GWW	- 0.2	WSO
POOL	- 0.1	FERG
GWW	- 0.1	AIT
DXPE	- 0.08	GWW

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	1.57	0.08	0.08	0.22	1.64	(1.85)	3.60	(2.30)	10.50
MSM	1.22	0.05	0.05	0.21	1.01	(1.44)	3.43	(1.89)	8.73
FERG	1.30	0.35	0.34	0.56	0.45	(1.66)	3.17	(1.72)	18.95
WSO	1.26	(0.16)	0.00	(0.05)	0.00	0.00	2.57	(2.51)	13.09
POOL	1.57	(0.12)	(0.04)	0.07	2.00	(1.67)	3.49	(3.56)	10.08
GWW	0.99	(0.07)	(0.08)	0.09	1.15	(1.01)	2.05	(1.72)	5.61
SITE	1.70	(0.01)	0.04	0.16	1.72	(1.90)	4.41	(2.48)	10.11
CNM	1.45	0.26	0.20	0.40	1.05	(1.74)	3.34	(2.21)	12.44
DXPE	1.82	0.16	0.09	0.30	1.85	(2.03)	3.81	(2.87)	9.85

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