Kadant Correlations

KAI Stock  USD 342.55  11.42  3.45%   
The current 90-days correlation between Kadant Inc and Enerpac Tool Group is 0.62 (i.e., Poor diversification). The correlation of Kadant 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.

Kadant Correlation With Market

Poor diversification

The correlation between Kadant Inc and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kadant Inc and DJI in the same portfolio, assuming nothing else is changed.
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kadant Inc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Kadant Stock

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  0.66ATS ATS CorporationPairCorr
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  0.79CXT Crane NXTPairCorr
  0.79DCI DonaldsonPairCorr
  0.8DOV Dover Earnings Call TodayPairCorr
  0.74EMR Emerson ElectricPairCorr
  0.72ETN Eaton PLCPairCorr
  0.7FLS Flowserve Earnings Call This WeekPairCorr
  0.68GEV GE Vernova LLC Buyout TrendPairCorr
  0.69GGG Graco IncPairCorr
  0.67GHM GrahamPairCorr
  0.64GRC Gorman Rupp Earnings Call TodayPairCorr
  0.62IEX IDEX Earnings Call This WeekPairCorr
  0.72ITT ITT Inc Earnings Call This WeekPairCorr
  0.8ITW Illinois Tool Works Earnings Call This WeekPairCorr
  0.64MIR Mirion Technologies Earnings Call This WeekPairCorr
  0.65XMTR XometryPairCorr
  0.74NPO Enpro IndustriesPairCorr
  0.75PNR Pentair PLCPairCorr
  0.73ROK Rockwell AutomationPairCorr
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  0.63SMR Nuscale Power Corp Aggressive PushPairCorr

Moving against Kadant Stock

  0.32WFF WF Holding LimitedPairCorr

Related Correlations Analysis

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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   
ITTNPO
ITTLXFR
NPOLXFR
NPOGHM
ITTGHM
MIDDLXFR
  
High negative correlations   
HURCEPAC
FELEEPAC
EPACGHM
OFLXEPAC
NPOEPAC
ITTEPAC

Risk-Adjusted Indicators

There is a big difference between Kadant Stock performing well and Kadant 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 Kadant'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
LXFR  1.70  0.06  0.08  0.25  1.53 
 3.99 
 10.90 
GHM  2.08  0.62  0.46  0.59  0.93 
 6.01 
 13.36 
EPAC  1.34 (0.27) 0.00 (0.02) 0.00 
 3.08 
 10.80 
OFLX  2.28 (0.07) 0.06  0.17  2.07 
 7.01 
 14.80 
MIDD  1.46 (0.02) 0.03  0.19  1.36 
 3.32 
 10.71 
NPO  1.65  0.26  0.20  0.39  1.32 
 3.94 
 10.10 
ITT  0.98  0.09  0.15  0.28  0.54 
 3.14 
 6.72 
FELE  1.28 (0.16)(0.07) 0.08  1.29 
 3.03 
 7.07 
HURC  2.35  0.30  0.10  0.52  2.51 
 5.50 
 16.10 
GRC  1.21 (0.08) 0.00  0.14  1.19 
 2.94 
 9.05