Quanex Building Correlations

NX Stock

USD 18.43 0.41 2.18%

The current 90-days correlation between Quanex Building Products and Arlo Technologies is 0.23 (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

Poor diversification

The correlation between Quanex Building Products and DJI is 0.68 (i.e., Poor 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 interest.

Moving together with Quanex Stock

0.7	TT	Trane Technologies plc	Pair Corr
0.8	AWI	Armstrong World Indu	Pair Corr
0.71	GMS	GMS Inc Sell-off Trend	Pair Corr
0.83	JBI	Janus International	Pair Corr
0.79	JCI	Johnson Controls Int	Pair Corr
0.61	LII	Lennox International Earnings Call This Week	Pair Corr
0.78	MAS	Masco Earnings Call This Week	Pair Corr
0.76	WMS	Advanced Drainage Systems	Pair Corr
0.68	ILAG	Intelligent Living	Pair Corr
0.75	PPIH	Perma Pipe Internati	Pair Corr
0.79	ROCK	Gibraltar Industries	Pair Corr
0.81	ARLO	Arlo Technologies	Pair Corr
0.72	ASPN	Aspen Aerogels Buyout Trend	Pair Corr
0.81	SWIM	Latham Group	Pair Corr
0.85	TILE	Interface	Pair Corr
0.77	CARR	Carrier Global Corp	Pair Corr
0.8	J	Jacobs Solutions	Pair Corr
0.84	R	Ryder System Earnings Call This Week	Pair Corr
0.65	DIST	Distoken Acquisition	Pair Corr
0.74	AL	Air Lease	Pair Corr
0.72	AZ	A2Z Smart Technologies	Pair Corr
0.73	BA	Boeing	Pair Corr

Moving against Quanex Stock

0.74	STAI	ScanTech AI Systems	Pair Corr
0.4	AAON	AAON Inc	Pair Corr
0.33	JELD	Jeld Wen Holding	Pair Corr
0.62	CSTE	Caesarstone	Pair Corr
0.39	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	APEUF	ARLO	CODX	LAKE	NNVC	PPIH	VIR
APEUF		0.59	-0.46	-0.45	0.32	0.61	0.14	APEUF
ARLO	0.59		-0.8	-0.4	0.39	0.77	-0.41	ARLO
CODX	-0.46	-0.8		0.2	-0.61	-0.62	0.54	CODX
LAKE	-0.45	-0.4	0.2		0.21	-0.77	-0.32	LAKE
NNVC	0.32	0.39	-0.61	0.21		0.1	-0.35	NNVC
PPIH	0.61	0.77	-0.62	-0.77	0.1		-0.04	PPIH
VIR	0.14	-0.41	0.54	-0.32	-0.35	-0.04		VIR
	APEUF	ARLO	CODX	LAKE	NNVC	PPIH	VIR

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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

PPIH	+ 0.77	ARLO
PPIH	+ 0.61	APEUF
ARLO	+ 0.59	APEUF
VIR	+ 0.54	CODX
NNVC	+ 0.39	ARLO
NNVC	+ 0.32	APEUF

High negative correlations

CODX	- 0.8	ARLO
PPIH	- 0.77	LAKE
PPIH	- 0.62	CODX
NNVC	- 0.61	CODX
CODX	- 0.46	APEUF
LAKE	- 0.45	APEUF

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
APEUF	1.96	0.03	(0.01)	0.17	1.76	(4.16)	6.15	(3.51)	14.35
ARLO	1.98	0.83	0.49	1.17	0.92	(2.54)	4.15	(2.17)	21.94
CODX	4.02	(0.33)	0.00	(0.50)	0.00	0.00	7.69	(7.89)	26.71
LAKE	2.58	(0.29)	0.00	(0.08)	0.00	0.00	5.15	(5.29)	29.60
NNVC	4.08	0.62	0.11	1.81	4.02	(5.33)	13.71	(6.41)	33.09
PPIH	3.82	1.18	0.36	2.95	2.36	(5.13)	13.57	(5.78)	33.89
VIR	2.74	(0.20)	(0.03)	0.01	3.65	(2.85)	5.83	(4.82)	16.68

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