Kadant Correlations

Stocks . USA . 
Stock . Kadant Inc
KAI Stock  USD 290.65  2.56  0.87%   
The current 90-days correlation between Kadant Inc and Enerpac Tool Group is 0.04 (i.e., Significant 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

Good diversification

The correlation between Kadant Inc and DJI is -0.09 (i.e., Good 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.
  
Build AI portfolio with Kadant Stock
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

  0.88BW Babcock Wilcox EnterPairCorr
  0.84HI HillenbrandPairCorr
  0.83IR Ingersoll RandPairCorr
  0.75PH Parker HannifinPairCorr
  0.77ENOV Enovis CorpPairCorr
  0.85EPAC Enerpac Tool GroupPairCorr
  0.93FELE Franklin ElectricPairCorr
  0.86AME Ametek IncPairCorr
  0.79ATS ATS CorporationPairCorr
  0.9CMI CumminsPairCorr
  0.87CXT Crane NXTPairCorr
  0.83DCI DonaldsonPairCorr
  0.84DOV DoverPairCorr
  0.83EMR Emerson ElectricPairCorr
  0.74FLS FlowservePairCorr
  0.8GGG Graco IncPairCorr
  0.86GRC Gorman RuppPairCorr
  0.81IEX IDEXPairCorr
  0.68ITT ITT IncPairCorr
  0.85ITW Illinois Tool WorksPairCorr
  0.69NNE Nano Nuclear EnergyPairCorr
  0.93NPO Enpro IndustriesPairCorr
  0.82ROK Rockwell Automation Buyout TrendPairCorr
  0.77RRX Regal BeloitPairCorr

Moving against Kadant Stock

  0.75HCAI Hauchen AI ParkingPairCorr

Related Correlations Analysis

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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  2.08 (0.37) 0.00  3.64  0.00 
 0.00 
 2.91 
(5.51)
 13.86 
GHM  2.78 (0.45) 0.00  7.44  0.00 
 0.00 
 6.01 
(5.47)
 22.07 
EPAC  1.89  0.07  0.00 (0.08) 0.00 
 0.00 
 3.08 
(3.37)
 16.25 
OFLX  1.87 (0.38) 0.00 (12.24) 0.00 
 0.00 
 3.18 
(3.36)
 11.79 
MIDD  1.76 (0.13) 0.00 (0.21) 0.00 
 0.00 
 2.77 
(4.57)
 23.04 
NPO  2.19 (0.26) 0.00  0.96  0.00 
 0.00 
 3.71 
(4.78)
 18.84 
ITT  1.77 (0.05) 0.00 (0.73) 0.00 
 0.00 
 3.57 
(3.99)
 14.24 
FELE  1.44 (0.08) 0.00 (0.21) 0.00 
 0.00 
 2.71 
(2.67)
 12.33 
HURC  2.42 (0.48) 0.00 (2.83) 0.00 
 0.00 
 4.92 
(6.09)
 16.07 
GRC  1.56 (0.11) 0.00  0.44  0.00 
 0.00 
 2.47 
(3.28)
 12.21 

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