Quanex Building Correlations

NX Stock

USD 17.60 0.98 5.90%

The current 90-days correlation between Quanex Building Products and Jeld Wen Holding is 0.51 (i.e., Very weak 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

Weak diversification

The correlation between Quanex Building Products and DJI is 0.31 (i.e., 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.

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 interest.

Moving together with Quanex Stock

0.79	OC	Owens Corning	Pair Corr
0.88	TT	Trane Technologies plc	Pair Corr
0.86	FBIN	Fortune Brands Innov	Pair Corr
0.74	APT	Alpha Pro Tech	Pair Corr
0.79	CSL	Carlisle Companies	Pair Corr
0.79	GMS	GMS Inc	Pair Corr
0.78	LII	Lennox International	Pair Corr
0.76	LMB	Limbach Holdings	Pair Corr
0.75	LPX	Louisiana Pacific	Pair Corr
0.76	WMS	Advanced Drainage Systems	Pair Corr
0.83	ILAG	Intelligent Living	Pair Corr
0.8	JELD	Jeld Wen Holding	Pair Corr
0.74	PPIH	Perma Pipe Internati	Pair Corr
0.64	AIRJW	Montana Technologies	Pair Corr
0.88	AAON	AAON Inc	Pair Corr
0.81	AEHL	Antelope Enterprise Upward Rally	Pair Corr
0.66	AIRJ	Montana Technologies	Pair Corr
0.75	APOG	Apogee Enterprises	Pair Corr
0.84	ASPN	Aspen Aerogels	Pair Corr
0.73	SPXC	SPX Corp	Pair Corr
0.71	BLDR	Builders FirstSource	Pair Corr
0.8	TREX	Trex Company Sell-off Trend	Pair Corr
0.72	CARR	Carrier Global Corp	Pair Corr
0.75	CSTE	Caesarstone	Pair Corr
0.81	J	Jacobs Solutions	Pair Corr
0.64	R	Ryder System	Pair Corr
0.61	AP	Ampco Pittsburgh	Pair Corr

Moving against Quanex Stock

0.5	G	Genpact Limited	Pair Corr
0.34	BR	Broadridge Financial	Pair Corr

Related Correlations Analysis

	FBIN	JCI	LII	BLDR	CARR	MAS	NX	JELD	AZEK	CSL
FBIN		0.09	0.81	0.92	0.63	0.85	0.86	0.88	0.57	0.88	FBIN
JCI	0.09		0.2	0.05	0.05	0.29	0.09	-0.05	0.24	-0.21	JCI
LII	0.81	0.2		0.69	0.71	0.72	0.78	0.59	0.4	0.71	LII
BLDR	0.92	0.05	0.69		0.36	0.9	0.71	0.9	0.7	0.84	BLDR
CARR	0.63	0.05	0.71	0.36		0.36	0.72	0.41	0.05	0.58	CARR
MAS	0.85	0.29	0.72	0.9	0.36		0.59	0.7	0.57	0.64	MAS
NX	0.86	0.09	0.78	0.71	0.72	0.59		0.8	0.44	0.79	NX
JELD	0.88	-0.05	0.59	0.9	0.41	0.7	0.8		0.63	0.88	JELD
AZEK	0.57	0.24	0.4	0.7	0.05	0.57	0.44	0.63		0.61	AZEK
CSL	0.88	-0.21	0.71	0.84	0.58	0.64	0.79	0.88	0.61		CSL
	FBIN	JCI	LII	BLDR	CARR	MAS	NX	JELD	AZEK	CSL

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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

BLDR	+ 0.92	FBIN
MAS	+ 0.9	BLDR
JELD	+ 0.9	BLDR
JELD	+ 0.88	FBIN
CSL	+ 0.88	FBIN
CSL	+ 0.88	JELD

High negative correlations

CSL	- 0.21	JCI
JELD	- 0.05	JCI

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FBIN	1.43	(0.17)	(0.30)	2.49	(3.58)	14.22
JCI	1.61	0.10	(0.09)	2.53	(3.99)	18.09
LII	1.77	0.00	(0.16)	2.93	(4.28)	11.28
BLDR	1.94	(0.01)	(0.18)	4.39	(4.12)	13.93
CARR	1.63	(0.05)	(0.20)	3.09	(3.71)	11.15
MAS	1.38	(0.02)	(0.18)	1.98	(2.54)	13.01
NX	2.39	(0.29)	(0.51)	4.08	(4.75)	19.47
JELD	2.95	(0.31)	(0.66)	4.71	(6.14)	33.01
AZEK	1.95	0.22	(0.01)	4.06	(3.96)	19.22
CSL	1.46	(0.04)	(0.21)	2.32	(2.42)	11.26

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