Cummins Correlations

CMI Stock

USD 577.73 37.08 6.86%

The current 90-days correlation between Cummins and Novonix Ltd ADR is 0.02 (i.e., Significant diversification). The correlation of Cummins 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.

Cummins Correlation With Market

Very poor diversification

The correlation between Cummins and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cummins and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Cummins Stock

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

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

Moving together with Cummins Stock

0.8	VELO	Velo3D	Pair Corr
0.73	ROI	Rosenbauer International	Pair Corr
0.77	1RG	REV Group	Pair Corr
0.82	ALG	Alamo Group	Pair Corr
0.9	CAT	Caterpillar	Pair Corr
0.78	CYD	China Yuchai Interna	Pair Corr
0.92	GBX	Greenbrier Companies	Pair Corr
0.71	MLR	Miller Industries	Pair Corr
0.86	MTW	Manitowoc Earnings Call This Week	Pair Corr
0.9	OSK	Oshkosh	Pair Corr
0.68	RAL	Ralliant Common	Pair Corr
0.92	TEX	Terex	Pair Corr
0.76	TRN	Trinity Industries	Pair Corr
0.93	WAB	Westinghouse Air Brake	Pair Corr
0.92	WNC	Wabash National	Pair Corr
0.72	6WW	WIMFARM SA EO	Pair Corr
0.78	PIG	Haulotte Group SA Earnings Call This Week	Pair Corr
0.96	PCAR	PACCAR Inc Sell-off Trend	Pair Corr
0.84	KUO1	Kubota Earnings Call This Week	Pair Corr
0.94	PLOW	Douglas Dynamics	Pair Corr
0.93	VOL1	AB Volvo	Pair Corr
0.91	VOL4	VOLVO B UNSPADR	Pair Corr
0.95	PAE	PACCAR Inc	Pair Corr
0.86	RAIL	Freightcar America	Pair Corr
0.79	REVG	Rev Group	Pair Corr
0.95	ALSN	Allison Transmission	Pair Corr
0.76	ASTE	Astec Industries	Pair Corr
0.78	ALWF	Winfarm	Pair Corr

Moving against Cummins Stock

0.89	FLD	Fold Holdings Class Symbol Change	Pair Corr
0.78	HCAI	Huachen AI Parking	Pair Corr
0.68	ALH	Alliance Laundry Holdings	Pair Corr
0.6	GP	GreenPower Motor	Pair Corr
0.55	MMSI	Merit Medical Systems	Pair Corr

Related Correlations Analysis

	SHMD	TG	OFLX	PPIH	PAL	PESI	GENC	PKOH	SLND	NVX
SHMD		0.55	0.88	0.49	0.6	0.75	0.72	0.65	-0.65	0.05	SHMD
TG	0.55		0.58	-0.07	0.3	0.53	0.44	0.46	-0.7	-0.39	TG
OFLX	0.88	0.58		0.61	0.76	0.76	0.64	0.87	-0.65	-0.14	OFLX
PPIH	0.49	-0.07	0.61		0.78	0.47	0.2	0.64	-0.07	0.08	PPIH
PAL	0.6	0.3	0.76	0.78		0.53	0.15	0.82	-0.5	-0.19	PAL
PESI	0.75	0.53	0.76	0.47	0.53		0.63	0.69	-0.37	0.07	PESI
GENC	0.72	0.44	0.64	0.2	0.15	0.63		0.45	-0.29	0.13	GENC
PKOH	0.65	0.46	0.87	0.64	0.82	0.69	0.45		-0.5	-0.22	PKOH
SLND	-0.65	-0.7	-0.65	-0.07	-0.5	-0.37	-0.29	-0.5		0.36	SLND
NVX	0.05	-0.39	-0.14	0.08	-0.19	0.07	0.13	-0.22	0.36		NVX
	SHMD	TG	OFLX	PPIH	PAL	PESI	GENC	PKOH	SLND	NVX

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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

OFLX	+ 0.88	SHMD
PKOH	+ 0.87	OFLX
PKOH	+ 0.82	PAL
PAL	+ 0.78	PPIH
PAL	+ 0.76	OFLX
PESI	+ 0.76	OFLX

High negative correlations

SLND	- 0.7	TG
SLND	- 0.65	OFLX
SLND	- 0.65	SHMD
SLND	- 0.5	PKOH
SLND	- 0.5	PAL
NVX	- 0.39	TG

Risk-Adjusted Indicators

There is a big difference between Cummins Stock performing well and Cummins 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 Cummins' 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
SHMD	6.32	1.14	0.19	0.41	6.54	(7.30)	16.73	(10.85)	40.89
TG	2.29	0.41	0.20	0.30	1.97	(2.75)	4.21	(3.72)	24.13
OFLX	1.96	0.41	0.20	0.37	1.86	(2.38)	4.53	(2.83)	13.45
PPIH	2.35	0.06	0.05	0.11	2.59	(2.74)	5.23	(4.05)	21.94
PAL	3.02	0.40	0.16	0.22	2.92	(3.51)	6.89	(5.17)	38.71
PESI	2.73	0.13	0.07	0.13	3.53	(2.84)	6.11	(4.94)	26.62
GENC	1.96	0.05	0.06	0.10	1.90	(2.43)	5.25	(3.80)	10.79
PKOH	2.06	0.23	0.09	0.24	2.48	(2.22)	5.26	(3.61)	14.67
SLND	4.34	(1.39)	0.00	(0.42)	0.00	0.00	8.20	(13.96)	33.71
NVX	4.02	(0.74)	0.00	(0.96)	0.00	0.00	7.92	(10.26)	33.61

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