Brady Correlations

BRC Stock

USD 75.32 0.57 0.75%

The current 90-days correlation between Brady and MSA Safety is 0.7 (i.e., Poor diversification). The correlation of Brady 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.

Brady Correlation With Market

Weak diversification

The correlation between Brady and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Brady and DJI in the same portfolio, assuming nothing else is changed.

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

For information on how to trade Brady Stock refer to our How to Trade Brady Stock guide.

Moving together with Brady Stock

0.62	FA	First Advantage Corp	Pair Corr
0.68	LZ	LegalZoom	Pair Corr

Moving against Brady Stock

0.41	HDSN	Hudson Technologies	Pair Corr
0.37	CODI-PC	Compass Diversified	Pair Corr

Related Correlations Analysis

	ALLE	MSA	REZI	NL	BCO	MG	CIX
ALLE		0.61	0.34	0.3	0.7	0.28	0.66	ALLE
MSA	0.61		0.78	0.54	0.12	-0.25	0.54	MSA
REZI	0.34	0.78		0.49	-0.27	-0.15	0.3	REZI
NL	0.3	0.54	0.49		0.07	0.09	0.43	NL
BCO	0.7	0.12	-0.27	0.07		0.43	0.41	BCO
MG	0.28	-0.25	-0.15	0.09	0.43		0.01	MG
CIX	0.66	0.54	0.3	0.43	0.41	0.01		CIX
	ALLE	MSA	REZI	NL	BCO	MG	CIX

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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

REZI	+ 0.78	MSA
BCO	+ 0.7	ALLE
CIX	+ 0.66	ALLE
MSA	+ 0.61	ALLE
NL	+ 0.54	MSA
CIX	+ 0.54	MSA

High negative correlations

BCO	- 0.27	REZI
MG	- 0.25	MSA
MG	- 0.15	REZI

Risk-Adjusted Indicators

There is a big difference between Brady Stock performing well and Brady 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 Brady'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
ALLE	0.89	(0.26)	0.00	(0.39)	0.00	0.00	1.29	(2.14)	4.74
MSA	1.05	(0.08)	0.00	(0.02)	0.00	0.00	2.11	(2.56)	6.34
REZI	1.45	0.19	0.11	0.29	1.31	(1.68)	3.19	(2.57)	13.97
NL	2.38	0.04	0.01	0.13	3.36	(2.35)	6.29	(6.26)	16.89
BCO	1.17	(0.17)	0.00	(0.31)	0.00	0.00	2.07	(2.59)	8.85
MG	1.94	(0.14)	0.00	(0.35)	0.00	0.00	3.65	(2.77)	27.32
CIX	3.37	(0.11)	0.00	(0.35)	0.00	0.00	5.67	(5.88)	26.71

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