Northwest Pipe Correlations

NWPX Stock

USD 38.56 1.33 3.57%

The current 90-days correlation between Northwest Pipe and Insteel Industries is 0.43 (i.e., Very weak diversification). The correlation of Northwest Pipe 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Northwest Pipe Correlation With Market

Very weak diversification

The correlation between Northwest Pipe and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northwest Pipe and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Northwest Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Northwest Pipe. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

For more information on how to buy Northwest Stock please use our How to Invest in Northwest Pipe guide.

Moving together with Northwest Stock

0.85	VSTE	Vast Renewables	Pair Corr
0.78	WPRT	Westport Fuel Systems	Pair Corr
0.79	CNR	Core Natural Resources, Symbol Change	Pair Corr
0.82	FIP	FTAI Infrastructure	Pair Corr
0.75	GBX	Greenbrier Companies	Pair Corr
0.91	FSTR	LB Foster	Pair Corr
0.89	MLR	Miller Industries	Pair Corr
0.73	NXT	Nextracker Class A Earnings Call This Week	Pair Corr
0.78	RUN	Sunrun Inc Buyout Trend	Pair Corr
0.72	SOL	Emeren Group Tech Boost	Pair Corr
0.88	TRN	Trinity Industries	Pair Corr
0.65	WAB	Westinghouse Air Brake	Pair Corr
0.85	ZEO	Zeo Energy Corp	Pair Corr
0.87	HYLN	Hyliion Holdings Corp	Pair Corr
0.83	NNBR	NN Inc	Pair Corr
0.89	SLDPW	Solid Power	Pair Corr
0.81	MVSTW	Microvast Holdings	Pair Corr
0.88	RAIL	Freightcar America	Pair Corr
0.75	CRESW	Cresud SACIF y	Pair Corr
0.75	ALSN	Allison Transmission	Pair Corr
0.76	ARRY	Array Technologies	Pair Corr
0.85	SLDP	Solid Power	Pair Corr
0.83	SMXT	Solarmax Technology	Pair Corr
0.73	BEEM	Beam Global	Pair Corr
0.68	CVGI	Commercial Vehicle	Pair Corr

Moving against Northwest Stock

0.43	FBYD	Falcons Beyond Global,	Pair Corr
0.43	FBYDW	Falcons Beyond Global,	Pair Corr
0.52	AU	AngloGold Ashanti plc	Pair Corr
0.45	X	United States Steel	Pair Corr
0.42	OR	Osisko Gold Ro Earnings Call Today	Pair Corr
0.34	AG	First Majestic Silver	Pair Corr

Related Correlations Analysis

	IIIN	CRS	ESAB	GIFI	HAYN	MEC	RYI	TG	CMPO	MLI
IIIN		0.65	0.4	0.66	0.0	-0.07	-0.26	0.57	0.2	-0.14	IIIN
CRS	0.65		0.71	0.62	0.0	0.35	0.25	0.68	0.62	0.4	CRS
ESAB	0.4	0.71		0.45	0.0	0.72	0.31	0.63	0.69	0.78	ESAB
GIFI	0.66	0.62	0.45		0.0	0.25	-0.09	0.65	0.5	0.12	GIFI
HAYN	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HAYN
MEC	-0.07	0.35	0.72	0.25	0.0		0.34	0.46	0.81	0.85	MEC
RYI	-0.26	0.25	0.31	-0.09	0.0	0.34		-0.02	0.33	0.55	RYI
TG	0.57	0.68	0.63	0.65	0.0	0.46	-0.02		0.61	0.32	TG
CMPO	0.2	0.62	0.69	0.5	0.0	0.81	0.33	0.61		0.63	CMPO
MLI	-0.14	0.4	0.78	0.12	0.0	0.85	0.55	0.32	0.63		MLI
	IIIN	CRS	ESAB	GIFI	HAYN	MEC	RYI	TG	CMPO	MLI

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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

MLI	+ 0.85	MEC
CMPO	+ 0.81	MEC
MLI	+ 0.78	ESAB
MEC	+ 0.72	ESAB
ESAB	+ 0.71	CRS
CMPO	+ 0.69	ESAB

High negative correlations

RYI	- 0.26	IIIN
MLI	- 0.14	IIIN
RYI	- 0.09	GIFI
MEC	- 0.07	IIIN
TG	- 0.02	RYI
MLI	- 0.0	HAYN

Risk-Adjusted Indicators

There is a big difference between Northwest Stock performing well and Northwest Pipe 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 Northwest Pipe'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
IIIN	2.10	0.47	0.22	0.39	1.93	(2.66)	7.15	(3.15)	17.76
CRS	2.76	0.41	0.09	0.10	3.38	(3.24)	6.21	(6.16)	20.33
ESAB	2.05	0.24	0.07	0.06	2.59	(2.21)	3.90	(4.49)	16.36
GIFI	2.25	(0.11)	0.00	(0.46)	0.00	0.00	5.61	(5.03)	13.36
HAYN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MEC	1.85	(0.01)	0.00	(0.12)	0.00	0.00	3.20	(3.79)	11.94
RYI	2.50	0.10	0.02	(0.01)	4.08	(2.36)	5.69	(5.77)	25.71
TG	1.99	0.27	0.08	0.12	2.64	(2.27)	4.72	(3.88)	21.98
CMPO	2.33	(0.03)	0.00	(0.14)	0.00	0.00	4.60	(5.29)	18.16
MLI	1.86	0.14	0.05	0.00	2.22	(2.20)	2.87	(3.90)	14.65

Northwest Pipe Corporate Management

William Smith	Executive VP of Operations	Profile
Michael Wray	Senior Systems	Profile
Eric Stokes	Senior Pipe	Profile
Megan Kendrick	Senior Resources	Profile
Aaron Wilkins	CFO VP	Profile

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