NACCO Industries Correlations

NC Stock

USD 30.11 0.35 1.15%

The current 90-days correlation between NACCO Industries and Hallador Energy is -0.09 (i.e., Good diversification). The correlation of NACCO Industries 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.

NACCO Industries Correlation With Market

Weak diversification

The correlation between NACCO Industries and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NACCO Industries 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 NACCO Industries. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

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

Moving together with NACCO Stock

0.76	NRP	Natural Resource Partners	Pair Corr
0.7	HNRG	Hallador Energy	Pair Corr
0.87	ARLP	Alliance Resource Fiscal Year End 3rd of February 2025	Pair Corr
0.89	CEIX	Consol Energy	Pair Corr
0.68	AE	Adams Resources Energy	Pair Corr
0.61	AR	Antero Resources Corp	Pair Corr
0.81	EE	Excelerate Energy	Pair Corr
0.71	EP	Empire Petroleum Corp	Pair Corr
0.77	ET	Energy Transfer LP	Pair Corr
0.68	PR	Permian Resources	Pair Corr
0.86	TS	Tenaris SA ADR	Pair Corr
0.67	DLNG	Dynagas LNG Partners	Pair Corr
0.85	DMLP	Dorchester Minerals	Pair Corr
0.76	VNOM	Viper Energy Ut	Pair Corr
0.76	EFXT	Enerflex	Pair Corr
0.83	ENLC	EnLink Midstream LLC	Pair Corr

Moving against NACCO Stock

0.84	BP	BP PLC ADR	Pair Corr
0.77	EC	Ecopetrol SA ADR	Pair Corr
0.74	E	Eni SpA ADR	Pair Corr
0.71	DINO	HF Sinclair Corp	Pair Corr
0.71	TK	Teekay	Pair Corr
0.49	EU	enCore Energy Corp	Pair Corr
0.37	NE	Noble plc Sell-off Trend	Pair Corr
0.36	SD	SandRidge Energy	Pair Corr
0.83	BRN	Barnwell Industries	Pair Corr
0.76	APA	APA Corporation	Pair Corr
0.58	BROGW	Brooge Energy Limited	Pair Corr
0.55	EQNR	Equinor ASA ADR	Pair Corr
0.55	WFRD	Weatherford International	Pair Corr
0.52	EONR	EON Resources Symbol Change	Pair Corr

Related Correlations Analysis

	ARLP	HNRG	CEIX	ITAYY	NRP	BTU	YZCAY	TBNGY	GRYRF	YACAF
ARLP		0.86	0.94	-0.56	0.86	0.16	-0.36	-0.27	-0.88	0.43	ARLP
HNRG	0.86		0.81	-0.47	0.83	0.07	-0.21	-0.25	-0.87	0.4	HNRG
CEIX	0.94	0.81		-0.57	0.87	0.32	-0.36	-0.18	-0.83	0.49	CEIX
ITAYY	-0.56	-0.47	-0.57		-0.6	0.12	0.28	0.54	0.43	-0.24	ITAYY
NRP	0.86	0.83	0.87	-0.6		0.09	-0.34	-0.31	-0.81	0.29	NRP
BTU	0.16	0.07	0.32	0.12	0.09		0.48	0.67	0.06	0.64	BTU
YZCAY	-0.36	-0.21	-0.36	0.28	-0.34	0.48		0.63	0.51	0.38	YZCAY
TBNGY	-0.27	-0.25	-0.18	0.54	-0.31	0.67	0.63		0.41	0.42	TBNGY
GRYRF	-0.88	-0.87	-0.83	0.43	-0.81	0.06	0.51	0.41		-0.19	GRYRF
YACAF	0.43	0.4	0.49	-0.24	0.29	0.64	0.38	0.42	-0.19		YACAF
	ARLP	HNRG	CEIX	ITAYY	NRP	BTU	YZCAY	TBNGY	GRYRF	YACAF

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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

CEIX	+ 0.94	ARLP
NRP	+ 0.87	CEIX
HNRG	+ 0.86	ARLP
NRP	+ 0.86	ARLP
NRP	+ 0.83	HNRG
CEIX	+ 0.81	HNRG

High negative correlations

GRYRF	- 0.88	ARLP
GRYRF	- 0.87	HNRG
GRYRF	- 0.83	CEIX
GRYRF	- 0.81	NRP
NRP	- 0.6	ITAYY
ITAYY	- 0.57	CEIX

Risk-Adjusted Indicators

There is a big difference between NACCO Stock performing well and NACCO Industries 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 NACCO Industries' 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
ARLP	1.00	0.24	0.12	10.00	1.18	(1.07)	2.38	(2.14)	7.48
HNRG	3.51	1.15	0.33	(4.39)	2.50	(4.52)	10.23	(5.09)	32.02
CEIX	1.58	0.15	0.13	0.15	1.45	(1.93)	5.15	(2.27)	17.96
ITAYY	1.00	(0.08)	0.00	0.35	0.00	0.00	1.51	(1.75)	19.85
NRP	1.31	0.18	0.14	0.24	1.08	(1.65)	3.84	(1.93)	9.46
BTU	1.90	(0.11)	(0.04)	(0.01)	2.32	(2.24)	4.84	(4.99)	16.78
YZCAY	2.22	0.09	0.01	1.06	2.75	(2.47)	4.85	(4.06)	17.56
TBNGY	0.77	(0.04)	0.00	(0.20)	0.00	0.00	0.61	(1.00)	30.57
GRYRF	0.56	(0.11)	0.00	0.50	0.00	0.00	0.00	0.00	14.29
YACAF	2.03	0.17	0.05	0.39	2.52	(2.54)	4.58	(4.51)	16.14

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