Kadant Correlations

KAI Stock  USD 339.36  3.19  0.93%   
The current 90-days correlation between Kadant Inc and Enerpac Tool Group is -0.09 (i.e., Good 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 0.65 (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

  0.75BW Babcock Wilcox EnterPairCorr
  0.66CR Crane Company Earnings Call This WeekPairCorr
  0.8IR Ingersoll Rand Earnings Call This WeekPairCorr
  0.78PH Parker HannifinPairCorr
  0.64FELE Franklin ElectricPairCorr
  0.72AME Ametek Inc Earnings Call This WeekPairCorr
  0.83CMI Cummins Earnings Call This WeekPairCorr
  0.73CXT Crane NXTPairCorr
  0.74DCI DonaldsonPairCorr
  0.81DOV DoverPairCorr
  0.75EMR Emerson Electric Sell-off TrendPairCorr
  0.74ETN Eaton PLCPairCorr
  0.71FLS Flowserve Earnings Call This WeekPairCorr
  0.7GEV GE Vernova LLCPairCorr
  0.75GGG Graco IncPairCorr
  0.68GHM GrahamPairCorr
  0.65GRC Gorman RuppPairCorr
  0.62IEX IDEX Earnings Call This WeekPairCorr
  0.73ITT ITT Inc Earnings Call This WeekPairCorr
  0.82ITW Illinois Tool Works Earnings Call This WeekPairCorr
  0.66MIR Mirion Technologies Earnings Call This WeekPairCorr
  0.62XMTR XometryPairCorr
  0.75NPO Enpro IndustriesPairCorr
  0.76PNR Pentair PLCPairCorr
  0.75ROK Rockwell AutomationPairCorr
  0.72RRX Regal Beloit Earnings Call This WeekPairCorr
  0.65SMR Nuscale Power Corp Buyout TrendPairCorr

Moving against Kadant Stock

  0.35WFF 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
NPOGHM
ITTGHM
NPOLXFR
ITTLXFR
ITTMIDD
  
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  0.38  0.06 (2.48) 1.53 
 3.99 
 10.90 
GHM  2.04  0.62  0.52  0.63  0.68 
 6.01 
 13.36 
EPAC  1.34  0.06  0.00  0.07  0.00 
 3.08 
 10.80 
OFLX  2.32 (0.24) 0.03  0.13  2.18 
 7.01 
 14.80 
MIDD  1.44 (0.05) 0.03  0.20  1.30 
 3.32 
 10.71 
NPO  1.58  0.32  0.27  0.47  0.98 
 3.94 
 10.10 
ITT  0.96  0.06  0.15  0.28  0.39 
 3.14 
 6.72 
FELE  1.24 (0.16)(0.07) 0.11  1.21 
 3.03 
 7.07 
HURC  2.38  0.29  0.10  0.51  2.54 
 5.50 
 16.10 
GRC  1.17 (0.08) 0.01  0.18  1.03 
 2.94 
 9.05