AZZ Incorporated Correlations

AZZ Stock

USD 140.39 0.15 0.11%

The current 90-days correlation between AZZ Incorporated and Worthington Industries is 0.51 (i.e., Very weak diversification). The correlation of AZZ Incorporated 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.

AZZ Incorporated Correlation With Market

Very poor diversification

The correlation between AZZ Incorporated and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AZZ Incorporated and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in AZZ Incorporated. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more information on how to buy AZZ Stock please use our How to Invest in AZZ Incorporated guide.

Moving together with AZZ Stock

0.76	BE	Bloom Energy Corp	Pair Corr
0.82	BW	Babcock Wilcox Enter	Pair Corr
0.84	SIFG	Sif Holding NV	Pair Corr
0.91	PSIX	Power Solutions Inte	Pair Corr
0.81	EC	Ecopetrol SA ADR	Pair Corr
0.74	MET-PE	MetLife Depositary shares	Pair Corr
0.88	KELYA	Kelly Services A	Pair Corr
0.75	ETFLF	Eastfield Resources	Pair Corr
0.91	CDUAF	Canadian Utilities	Pair Corr
0.68	HQH	Tekla Healthcare Inv Normal Trading	Pair Corr
0.91	UHG	United Homes Group	Pair Corr
0.85	VTMX	Corporacin Inmobiliaria	Pair Corr
0.63	FNNNF	Finnair Oyj	Pair Corr
0.91	MU	Micron Technology Aggressive Push	Pair Corr
0.65	GOOG	Alphabet Class C	Pair Corr
0.77	HMC	Honda Motor	Pair Corr
0.88	BV	BrightView Holdings	Pair Corr
0.8	NTB	Bank of NT	Pair Corr
0.71	EKCS	Electronic Control	Pair Corr
0.76	FSUN	FirstSun Capital Bancorp	Pair Corr

Moving against AZZ Stock

0.85	ALVER	Vergnet Split	Pair Corr
0.75	POLA	Polar Power	Pair Corr
0.67	ITM	ITM Power	Pair Corr
0.63	CETY	Clean Energy Technologies	Pair Corr
0.35	NNE	Nano Nuclear Energy	Pair Corr
0.65	PBCRF	PT Bank Central	Pair Corr
0.61	PTAIF	PT Astra International	Pair Corr
0.56	EGRX	Eagle Pharmaceuticals	Pair Corr
0.34	ELIXF	Elixxer	Pair Corr

Related Correlations Analysis

	WOR	HAFN	MATX	TEX	SEB	PLUG	UNF	KFY	TNET	AIR
WOR		0.54	0.36	0.27	0.55	-0.18	0.21	-0.05	-0.51	0.39	WOR
HAFN	0.54		0.24	0.07	0.36	-0.15	0.06	-0.5	-0.61	0.4	HAFN
MATX	0.36	0.24		0.9	0.87	0.02	0.86	0.35	-0.03	0.95	MATX
TEX	0.27	0.07	0.9		0.77	0.01	0.93	0.33	-0.05	0.88	TEX
SEB	0.55	0.36	0.87	0.77		-0.33	0.79	0.12	-0.27	0.86	SEB
PLUG	-0.18	-0.15	0.02	0.01	-0.33		-0.13	0.36	0.42	0.02	PLUG
UNF	0.21	0.06	0.86	0.93	0.79	-0.13		0.24	-0.11	0.85	UNF
KFY	-0.05	-0.5	0.35	0.33	0.12	0.36	0.24		0.77	0.22	KFY
TNET	-0.51	-0.61	-0.03	-0.05	-0.27	0.42	-0.11	0.77		-0.11	TNET
AIR	0.39	0.4	0.95	0.88	0.86	0.02	0.85	0.22	-0.11		AIR
	WOR	HAFN	MATX	TEX	SEB	PLUG	UNF	KFY	TNET	AIR

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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

AIR	+ 0.95	MATX
UNF	+ 0.93	TEX
TEX	+ 0.9	MATX
AIR	+ 0.88	TEX
SEB	+ 0.87	MATX
UNF	+ 0.86	MATX

High negative correlations

TNET	- 0.61	HAFN
TNET	- 0.51	WOR
KFY	- 0.5	HAFN
PLUG	- 0.33	SEB
TNET	- 0.27	SEB
PLUG	- 0.18	WOR

Risk-Adjusted Indicators

There is a big difference between AZZ Stock performing well and AZZ Incorporated 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 AZZ Incorporated'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
WOR	1.15	0.05	0.03	0.11	1.48	(1.13)	2.26	(2.54)	7.81
HAFN	1.45	0.15	0.05	(1.82)	1.68	(1.61)	2.83	(2.68)	8.51
MATX	1.55	0.53	0.41	0.43	0.85	(1.91)	3.80	(2.25)	13.46
TEX	2.29	0.57	0.26	0.39	1.92	(2.66)	6.44	(3.78)	21.59
SEB	1.54	0.54	0.24	(4.90)	1.40	(1.66)	3.16	(3.19)	7.90
PLUG	4.24	(0.51)	0.00	(0.11)	0.00	0.00	9.90	(9.27)	26.07
UNF	1.77	0.68	0.46	1.25	0.77	(2.15)	2.91	(2.23)	19.40
KFY	1.34	(0.11)	0.00	(0.05)	0.00	0.00	2.91	(2.28)	12.19
TNET	2.08	(0.52)	0.00	(0.29)	0.00	0.00	3.69	(5.47)	17.33
AIR	1.66	0.38	0.26	0.29	1.31	(2.09)	4.20	(2.05)	7.12

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