Columbus McKinnon Correlations

CMCO Stock

USD 36.70 0.03 0.08%

The current 90-days correlation between Columbus McKinnon and CEA Industries is -0.17 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Columbus McKinnon moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Columbus McKinnon moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Columbus McKinnon Correlation With Market

Weak diversification

The correlation between Columbus McKinnon and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Columbus McKinnon 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 Columbus McKinnon. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

To learn how to invest in Columbus Stock, please use our How to Invest in Columbus McKinnon guide.

Moving together with Columbus Stock

0.78	ALG	Alamo Group	Pair Corr
0.76	PCAR	PACCAR Inc	Pair Corr
0.82	ASTE	Astec Industries	Pair Corr
0.8	G	Genpact Limited Earnings Call This Week	Pair Corr
0.87	R	Ryder System	Pair Corr
0.91	AL	Air Lease	Pair Corr
0.72	AZ	A2Z Smart Technologies Tech Boost	Pair Corr
0.74	BE	Bloom Energy Corp	Pair Corr
0.85	BR	Broadridge Financial	Pair Corr

Moving against Columbus Stock

0.62	NKLA	Nikola Corp	Pair Corr
0.49	GP	GreenPower Motor	Pair Corr
0.48	HY	Hyster Yale Materials	Pair Corr
0.48	EH	Ehang Holdings	Pair Corr
0.39	GD	General Dynamics	Pair Corr
0.37	UGRO	Urban Gro	Pair Corr
0.35	BW	Babcock Wilcox Enter Buyout Trend	Pair Corr

Related Correlations Analysis

	CEAD	ISPOW	IVDAW	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
CEAD		-0.05	0.62	-0.54	-0.52	0.37	0.56	-0.33	0.58	0.3	CEAD
ISPOW	-0.05		0.33	-0.49	-0.49	0.16	0.37	-0.33	0.4	-0.12	ISPOW
IVDAW	0.62	0.33		-0.91	-0.89	0.22	0.8	-0.67	0.88	0.27	IVDAW
AQUI	-0.54	-0.49	-0.91		0.95	-0.2	-0.86	0.71	-0.94	-0.3	AQUI
MSTSX	-0.52	-0.49	-0.89	0.95		-0.08	-0.83	0.84	-0.92	-0.23	MSTSX
LBHIX	0.37	0.16	0.22	-0.2	-0.08		0.47	0.39	0.32	0.59	LBHIX
VIASP	0.56	0.37	0.8	-0.86	-0.83	0.47		-0.49	0.95	0.65	VIASP
RRTLX	-0.33	-0.33	-0.67	0.71	0.84	0.39	-0.49		-0.63	0.1	RRTLX
OSHDF	0.58	0.4	0.88	-0.94	-0.92	0.32	0.95	-0.63		0.51	OSHDF
70082LAB3	0.3	-0.12	0.27	-0.3	-0.23	0.59	0.65	0.1	0.51		70082LAB3
	CEAD	ISPOW	IVDAW	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

MSTSX	+ 0.95	AQUI
OSHDF	+ 0.95	VIASP
OSHDF	+ 0.88	IVDAW
RRTLX	+ 0.84	MSTSX
VIASP	+ 0.8	IVDAW
RRTLX	+ 0.71	AQUI

High negative correlations

OSHDF	- 0.94	AQUI
OSHDF	- 0.92	MSTSX
AQUI	- 0.91	IVDAW
MSTSX	- 0.89	IVDAW
VIASP	- 0.86	AQUI
VIASP	- 0.83	MSTSX

Risk-Adjusted Indicators

There is a big difference between Columbus Stock performing well and Columbus McKinnon 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 Columbus McKinnon'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
CEAD	2.49	0.19	0.02	(0.22)	2.81	(2.99)	7.74	(5.09)	26.96
ISPOW	11.79	1.76	0.08	1.54	12.69	(22.33)	30.00	(30.77)	93.85
IVDAW	30.32	9.22	0.29	(119.57)	24.16	(38.17)	74.83	(47.33)	200.99
AQUI	2.79	(1.41)	0.00	9.86	0.00	0.00	0.00	0.00	93.33
MSTSX	0.57	(0.11)	0.00	5.09	0.00	0.00	0.97	(1.20)	7.06
LBHIX	0.14	0.01	(0.20)	0.87	0.00	(0.31)	0.48	(0.24)	1.19
VIASP	0.64	0.17	0.12	4.59	0.52	(0.74)	1.40	(1.18)	5.04
RRTLX	0.25	(0.01)	(0.19)	(0.43)	0.38	(0.27)	0.57	(0.57)	2.04
OSHDF	46.68	25.30	0.00	(1.45)	0.00	0.00	0.00	0.00	1,329
70082LAB3	0.68	0.11	0.04	1.38	0.80	(0.81)	1.93	(0.90)	6.86

Columbus McKinnon Corporate Executives

Elected by the shareholders, the Columbus McKinnon's board of directors comprises two types of representatives: Columbus McKinnon inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Columbus. The board's role is to monitor Columbus McKinnon's management team and ensure that shareholders' interests are well served. Columbus McKinnon's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Columbus McKinnon's outside directors are responsible for providing unbiased perspectives on the board's policies.

	Gregory Rustowicz	CFO and VP of Fin.	Profile
	Gregory CPA	Executive CFO	Profile

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