Reliance Steel Correlations

RS Stock

USD 282.63 4.56 1.59%

The current 90-days correlation between Reliance Steel Aluminum and Outokumpu Oyj ADR is -0.03 (i.e., Good diversification). The correlation of Reliance Steel 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.

Reliance Steel Correlation With Market

Very weak diversification

The correlation between Reliance Steel Aluminum and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Reliance Steel Aluminum and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Reliance Steel Aluminum. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Reliance Stock

0.63	GFI	Gold Fields Downward Rally	Pair Corr
0.63	OLN	Olin Fiscal Year End 23rd of January 2025	Pair Corr
0.63	KALU	Kaiser Aluminum Downward Rally	Pair Corr
0.86	CC	Chemours	Pair Corr
0.86	CE	Celanese	Pair Corr

Related Correlations Analysis

	TMST	SCHN	USAP	OUTKY	ZEUS	PKX	NUE	X	MT	CMC
TMST		0.57	0.47	0.57	-0.45	0.39	0.22	-0.34	0.72	-0.12	TMST
SCHN	0.57		0.15	0.36	-0.25	0.39	0.0	-0.27	0.31	-0.11	SCHN
USAP	0.47	0.15		0.21	-0.53	0.07	-0.03	-0.04	0.42	-0.2	USAP
OUTKY	0.57	0.36	0.21		-0.44	0.79	0.05	-0.7	0.76	-0.26	OUTKY
ZEUS	-0.45	-0.25	-0.53	-0.44		-0.13	0.66	0.57	-0.33	0.85	ZEUS
PKX	0.39	0.39	0.07	0.79	-0.13		0.23	-0.34	0.72	0.09	PKX
NUE	0.22	0.0	-0.03	0.05	0.66	0.23		0.33	0.31	0.86	NUE
X	-0.34	-0.27	-0.04	-0.7	0.57	-0.34	0.33		-0.3	0.6	X
MT	0.72	0.31	0.42	0.76	-0.33	0.72	0.31	-0.3		0.07	MT
CMC	-0.12	-0.11	-0.2	-0.26	0.85	0.09	0.86	0.6	0.07		CMC
	TMST	SCHN	USAP	OUTKY	ZEUS	PKX	NUE	X	MT	CMC

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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

CMC	+ 0.86	NUE
CMC	+ 0.85	ZEUS
PKX	+ 0.79	OUTKY
MT	+ 0.76	OUTKY
MT	+ 0.72	TMST
MT	+ 0.72	PKX

High negative correlations

X	- 0.7	OUTKY
ZEUS	- 0.53	USAP
ZEUS	- 0.45	TMST
ZEUS	- 0.44	OUTKY
X	- 0.34	PKX
X	- 0.34	TMST

Risk-Adjusted Indicators

There is a big difference between Reliance Stock performing well and Reliance Steel 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 Reliance Steel'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
TMST	1.64	0.32	0.16	0.76	1.46	(1.98)	4.81	(2.47)	13.11
SCHN	1.66	0.09	0.02	0.46	2.05	(1.68)	3.12	(3.33)	13.80
USAP	2.80	0.45	0.17	0.28	2.68	(3.37)	7.64	(4.56)	23.55
OUTKY	0.41	0.03	0.00	(0.10)	0.00	0.00	1.12	(0.52)	10.16
ZEUS	1.96	(0.56)	0.00	(0.22)	0.00	0.00	3.79	(5.44)	11.83
PKX	1.69	(0.18)	0.00	(0.04)	0.00	0.00	3.90	(4.42)	13.13
NUE	1.49	(0.29)	0.00	(0.12)	0.00	0.00	2.48	(4.19)	10.67
X	2.22	0.00	0.00	0.07	3.98	(2.16)	4.04	(5.49)	20.60
MT	1.44	(0.02)	0.00	0.06	2.09	(1.44)	3.23	(2.98)	9.67
CMC	1.52	(0.31)	0.00	(0.10)	0.00	0.00	3.10	(4.11)	8.92

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