Tredegar Correlations

TG Stock

USD 8.78 0.11 1.27%

The current 90-days correlation between Tredegar and Mayville Engineering Co is 0.39 (i.e., Weak diversification). The correlation of Tredegar 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.

Tredegar Correlation With Market

Very weak diversification

The correlation between Tredegar and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tredegar and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Tredegar Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Tredegar. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

For more detail on how to invest in Tredegar Stock please use our How to Invest in Tredegar guide.

Moving together with Tredegar Stock

0.77	AP	Ampco Pittsburgh Upward Rally	Pair Corr
0.95	ATI	Allegheny Technologies	Pair Corr
0.94	CRS	Carpenter Technology	Pair Corr
0.88	MEC	Mayville Engineering	Pair Corr
0.8	MLI	Mueller Industries	Pair Corr
0.96	WOR	Worthington Industries	Pair Corr
0.86	IIIN	Insteel Industries	Pair Corr
0.89	CMPOW	CompoSecure	Pair Corr
0.81	PRLB	Proto Labs	Pair Corr
0.68	TPCS	TechPrecision Common	Pair Corr
0.91	CMPO	CompoSecure	Pair Corr
0.85	J	Jacobs Solutions	Pair Corr
0.84	R	Ryder System Earnings Call Tomorrow	Pair Corr
0.91	AL	Air Lease	Pair Corr
0.81	AZ	A2Z Smart Technologies	Pair Corr
0.89	BA	Boeing Earnings Call This Week	Pair Corr
0.79	BE	Bloom Energy Corp Earnings Call This Week	Pair Corr
0.73	BV	BrightView Holdings	Pair Corr
0.85	BW	Babcock Wilcox Enter	Pair Corr
0.74	CP	Canadian Pacific Railway Earnings Call This Week	Pair Corr
0.97	CR	Crane Company Earnings Call This Week	Pair Corr
0.92	CW	Curtiss Wright	Pair Corr
0.81	DE	Deere Company	Pair Corr
0.92	DY	Dycom Industries	Pair Corr
0.71	FA	First Advantage Corp	Pair Corr
0.72	GD	General Dynamics Earnings Call Today	Pair Corr
0.9	GE	GE Aerospace	Pair Corr
0.68	HY	Hyster Yale Materials	Pair Corr
0.92	IR	Ingersoll Rand Earnings Call This Week	Pair Corr

Moving against Tredegar Stock

0.69	NL	NL Industries	Pair Corr
0.64	MG	Mistras Group Earnings Call This Week	Pair Corr
0.49	GP	GreenPower Motor	Pair Corr

Related Correlations Analysis

	MEC	IIIN	NWPX	AP	SXI	MYE	TBI	SXT	UNF
MEC		0.82	0.05	0.77	0.82	0.86	0.83	0.76	0.31	MEC
IIIN	0.82		0.22	0.59	0.87	0.8	0.61	0.87	0.11	IIIN
NWPX	0.05	0.22		-0.16	-0.01	0.08	0.09	0.22	-0.54	NWPX
AP	0.77	0.59	-0.16		0.59	0.79	0.82	0.65	0.38	AP
SXI	0.82	0.87	-0.01	0.59		0.86	0.65	0.83	0.16	SXI
MYE	0.86	0.8	0.08	0.79	0.86		0.9	0.86	0.13	MYE
TBI	0.83	0.61	0.09	0.82	0.65	0.9		0.69	0.19	TBI
SXT	0.76	0.87	0.22	0.65	0.83	0.86	0.69		-0.04	SXT
UNF	0.31	0.11	-0.54	0.38	0.16	0.13	0.19	-0.04		UNF
	MEC	IIIN	NWPX	AP	SXI	MYE	TBI	SXT	UNF

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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

TBI	+ 0.9	MYE
SXI	+ 0.87	IIIN
SXT	+ 0.87	IIIN
MYE	+ 0.86	MEC
MYE	+ 0.86	SXI
SXT	+ 0.86	MYE

High negative correlations

UNF	- 0.54	NWPX
AP	- 0.16	NWPX
UNF	- 0.04	SXT
SXI	- 0.01	NWPX

Risk-Adjusted Indicators

There is a big difference between Tredegar Stock performing well and Tredegar 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 Tredegar'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
MEC	1.88	0.17	0.09	0.32	1.83	(2.18)	3.46	(3.39)	17.47
IIIN	1.59	0.41	0.21	0.81	1.22	(2.06)	2.91	(1.94)	20.12
NWPX	1.20	(0.13)	(0.10)	0.00	1.70	(1.25)	3.35	(2.73)	8.25
AP	4.48	0.66	0.17	0.38	4.65	(5.06)	12.24	(7.57)	29.66
SXI	1.58	0.02	0.04	0.18	1.66	(1.73)	3.09	(3.05)	12.94
MYE	1.76	0.49	0.38	0.50	0.93	(2.15)	4.62	(1.93)	10.60
TBI	3.10	0.72	0.21	0.72	2.82	(3.39)	7.41	(4.03)	24.28
SXT	1.23	0.50	0.53	1.11	0.00	(1.58)	4.75	(1.08)	15.95
UNF	1.03	(0.12)	(0.07)	0.01	2.23	(0.89)	2.30	(2.23)	13.16

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