NACCO Industries Correlations

NC Stock

USD 31.68 0.60 1.86%

The current 90-days correlation between NACCO Industries and Hallador Energy is 0.32 (i.e., Weak 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 0.34 (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

0.87	E	Eni SpA ADR	Pair Corr
0.87	AM	Antero Midstream Partners	Pair Corr
0.71	BP	BP PLC ADR	Pair Corr
0.72	EC	Ecopetrol SA ADR	Pair Corr
0.78	EPSN	Epsilon Energy	Pair Corr

Moving against NACCO Stock

0.79	EU	enCore Energy Corp	Pair Corr
0.75	DLNG	Dynagas LNG Partners	Pair Corr
0.73	BTU	Peabody Energy Corp	Pair Corr
0.69	NE	Noble plc	Pair Corr
0.68	SM	SM Energy	Pair Corr
0.6	HP	Helmerich and Payne	Pair Corr
0.53	DK	Delek Energy	Pair Corr
0.51	TK	Teekay	Pair Corr
0.42	EP	Empire Petroleum Corp	Pair Corr
0.4	EE	Excelerate Energy	Pair Corr
0.39	ET	Energy Transfer LP	Pair Corr
0.39	PR	Permian Resources	Pair Corr
0.38	SD	SandRidge Energy	Pair Corr
0.37	DINO	HF Sinclair Corp	Pair Corr
0.73	EFXT	Enerflex	Pair Corr
0.73	WTTR	Select Energy Services	Pair Corr
0.71	WFRD	Weatherford International	Pair Corr
0.7	DMLP	Dorchester Minerals	Pair Corr
0.68	VTLE	Vital Energy	Pair Corr
0.65	BRY	Berry Petroleum Corp	Pair Corr
0.62	VIST	Vista Oil Gas	Pair Corr
0.58	BTE	Baytex Energy Corp	Pair Corr
0.56	VIVK	Vivakor	Pair Corr
0.56	VNOM	Viper Energy Ut	Pair Corr
0.56	BKV	BKV Corporation	Pair Corr
0.55	EONR	EON Resources Symbol Change	Pair Corr
0.54	VTOL	Bristow Group	Pair Corr
0.48	APA	APA Corporation	Pair Corr
0.36	FANG	Diamondback Energy	Pair Corr

Related Correlations Analysis

	ARLP	HNRG	CEIX	ITAYY	NRP	BTU	YZCAY	TBNGY	GRYRF	YACAF
ARLP		0.48	0.0	0.28	0.05	0.44	-0.24	0.42	-0.17	0.18	ARLP
HNRG	0.48		0.0	0.09	0.51	0.39	0.2	-0.04	0.24	-0.31	HNRG
CEIX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	CEIX
ITAYY	0.28	0.09	0.0		0.05	0.74	-0.29	0.46	-0.63	0.58	ITAYY
NRP	0.05	0.51	0.0	0.05		0.37	0.6	-0.04	0.15	-0.05	NRP
BTU	0.44	0.39	0.0	0.74	0.37		-0.13	0.41	-0.6	0.6	BTU
YZCAY	-0.24	0.2	0.0	-0.29	0.6	-0.13		-0.08	0.47	-0.26	YZCAY
TBNGY	0.42	-0.04	0.0	0.46	-0.04	0.41	-0.08		-0.22	0.38	TBNGY
GRYRF	-0.17	0.24	0.0	-0.63	0.15	-0.6	0.47	-0.22		-0.8	GRYRF
YACAF	0.18	-0.31	0.0	0.58	-0.05	0.6	-0.26	0.38	-0.8		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

BTU	+ 0.74	ITAYY
YZCAY	+ 0.6	NRP
YACAF	+ 0.6	BTU
YACAF	+ 0.58	ITAYY
NRP	+ 0.51	HNRG
HNRG	+ 0.48	ARLP

High negative correlations

YACAF	- 0.8	GRYRF
GRYRF	- 0.63	ITAYY
GRYRF	- 0.6	BTU
YACAF	- 0.31	HNRG
YZCAY	- 0.29	ITAYY
YACAF	- 0.26	YZCAY

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	1.43	0.10	0.07	0.00	2.24	(1.36)	2.94	(3.82)	10.41
HNRG	3.45	0.19	0.03	0.01	6.60	(3.19)	7.25	(8.85)	35.25
CEIX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ITAYY	1.02	(0.24)	0.00	(2.10)	0.00	0.00	0.00	(3.51)	27.36
NRP	1.88	0.01	0.00	(0.16)	0.00	0.00	3.35	(5.49)	16.97
BTU	2.84	(0.73)	0.00	(0.68)	0.00	0.00	5.11	(8.91)	17.14
YZCAY	1.40	(0.13)	0.00	(1.17)	0.00	0.00	3.94	(2.63)	8.18
TBNGY	0.50	0.04	0.00	(0.32)	0.00	0.00	0.49	0.00	11.87
GRYRF	0.96	0.42	0.00	(1.22)	0.00	0.00	0.00	0.00	17.65
YACAF	2.68	(0.43)	0.00	(0.61)	0.00	0.00	5.05	(6.30)	27.23

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