Quanex Building Correlations

NX Stock

USD 12.96 0.09 0.70%

The current 90-days correlation between Quanex Building Products and Slate Grocery REIT is 0.25 (i.e., Modest diversification). The correlation of Quanex Building 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.

Quanex Building Correlation With Market

Very weak diversification

The correlation between Quanex Building Products and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Quanex Building Products and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Quanex Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Quanex Building Products. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in national income and product accounts.

Moving together with Quanex Stock

0.63	JCTC	Jewett Cameron Trading Earnings Call Tomorrow	Pair Corr
0.71	JELD	Jeld Wen Holding	Pair Corr
0.63	002798	DO Home Collection	Pair Corr
0.71	300599	Guangdong Xiongsu	Pair Corr
0.75	BLDR	Builders FirstSource	Pair Corr
0.75	UFPI	Ufp Industries	Pair Corr

Moving against Quanex Stock

0.49	JCI	Johnson Controls Int	Pair Corr
0.4	002631	Der International Home	Pair Corr
0.39	002084	Guangzhou Seagull Kitchen	Pair Corr
0.34	002205	XinJiang GuoTong Pipeline	Pair Corr
0.78	DHC	Diversified Healthcare	Pair Corr
0.71	PYXS	Pyxis Oncology	Pair Corr
0.69	HLDCY	Henderson Land Devel	Pair Corr
0.65	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.63	NOBH	Nobility Homes	Pair Corr
0.45	LTHIF	InZinc Mining	Pair Corr
0.39	BKRKF	PT Bank Rakyat	Pair Corr
0.38	TLK	Telkom Indonesia Tbk	Pair Corr
0.37	600444	Sinomach General Mac	Pair Corr
0.32	BLNK	Blink Charging	Pair Corr

Related Correlations Analysis

	SRRTF	FHBC	FALC	TBBB	PSWR	TSN	TBVPY	U
SRRTF		0.0	-0.73	0.71	0.0	-0.14	0.47	-0.07	SRRTF
FHBC	0.0		0.0	0.0	1.0	0.0	0.0	0.0	FHBC
FALC	-0.73	0.0		-0.82	0.0	0.33	-0.49	0.39	FALC
TBBB	0.71	0.0	-0.82		0.0	0.08	0.58	-0.12	TBBB
PSWR	0.0	1.0	0.0	0.0		0.0	0.0	0.0	PSWR
TSN	-0.14	0.0	0.33	0.08	0.0		0.29	0.51	TSN
TBVPY	0.47	0.0	-0.49	0.58	0.0	0.29		0.1	TBVPY
U	-0.07	0.0	0.39	-0.12	0.0	0.51	0.1		U
	SRRTF	FHBC	FALC	TBBB	PSWR	TSN	TBVPY	U

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

PSWR	+ 1.0	FHBC
TBBB	+ 0.71	SRRTF
TBVPY	+ 0.58	TBBB
U	+ 0.51	TSN
TBVPY	+ 0.47	SRRTF
U	+ 0.39	FALC

High negative correlations

TBBB	- 0.82	FALC
FALC	- 0.73	SRRTF
TBVPY	- 0.49	FALC
TSN	- 0.14	SRRTF
U	- 0.12	TBBB
U	- 0.07	SRRTF

Risk-Adjusted Indicators

There is a big difference between Quanex Stock performing well and Quanex Building 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 Quanex Building'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
SRRTF	0.73	0.07	0.05	0.16	0.75	(0.81)	1.51	(1.54)	4.60
FHBC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FALC	1.85	(0.20)	0.00	0.33	0.00	0.00	5.19	(4.85)	29.44
TBBB	2.15	0.29	0.09	0.29	2.92	(2.22)	5.29	(4.74)	17.10
PSWR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TSN	1.03	0.00	(0.02)	0.07	1.26	(1.13)	2.09	(2.28)	6.57
TBVPY	0.33	0.06	0.00	0.49	0.00	0.00	0.00	0.00	6.57
U	3.10	0.01	0.03	0.07	3.56	(3.47)	7.27	(6.75)	25.31

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