Cummins Correlations

CMI Stock

USD 561.26 19.11 3.29%

The current 90-days correlation between Cummins and Illinois Tool Works is 0.38 (i.e., Weak 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 state.

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

Moving together with Cummins Stock

0.81	DCO	Deere Company	Pair Corr
0.83	KOMA	KOMATSU LTD SPONS	Pair Corr
0.91	PFI	Palfinger AG Earnings Call Today	Pair Corr
0.84	WA9	Wabash National	Pair Corr
0.91	ROI	Rosenbauer International	Pair Corr
0.86	37C	CNH Industrial NV	Pair Corr
0.78	WPRT	Westport Fuel Systems	Pair Corr
0.88	TXG	Terex	Pair Corr
0.84	1RG	REV Group Earnings Call Tomorrow	Pair Corr
0.75	K34	Konecranes Plc	Pair Corr
0.82	KOM1	Komatsu	Pair Corr
0.93	ALG	Alamo Group	Pair Corr
0.89	CAT	Caterpillar	Pair Corr
0.91	CYD	China Yuchai Interna	Pair Corr
0.86	GBX	Greenbrier Companies	Pair Corr
0.89	MLR	Miller Industries	Pair Corr
0.85	MTW	Manitowoc	Pair Corr
0.92	OSK	Oshkosh	Pair Corr
0.91	TEX	Terex	Pair Corr
0.71	TRN	Trinity Industries	Pair Corr
0.81	MNGN	Manitowoc	Pair Corr
0.87	WAB	Westinghouse Air Brake	Pair Corr
0.87	WNC	Wabash National	Pair Corr
0.81	X5Q	COMER INDS SPA	Pair Corr
0.81	TZ4	Titan International	Pair Corr
0.82	HCMA	HITACHI CONSTRMACHADR/2	Pair Corr

Moving against Cummins Stock

0.8	BNC	CEA Industries Symbol Change	Pair Corr
0.41	WAC	Wacker Neuson SE	Pair Corr
0.92	FLD	Fold Holdings Class Earnings Call This Week	Pair Corr
0.86	GWPD	GP Solutions	Pair Corr
0.78	HCAI	Huachen AI Parking	Pair Corr

Related Correlations Analysis

	ITW	CNI	ROP	FDX	NSC	AME	URI	PCAR	CP	CSX
ITW		0.84	-0.94	0.96	0.92	0.91	0.31	0.85	0.91	0.94	ITW
CNI	0.84		-0.76	0.86	0.86	0.81	0.32	0.7	0.92	0.9	CNI
ROP	-0.94	-0.76		-0.93	-0.79	-0.93	-0.3	-0.88	-0.81	-0.88	ROP
FDX	0.96	0.86	-0.93		0.85	0.96	0.36	0.89	0.89	0.93	FDX
NSC	0.92	0.86	-0.79	0.85		0.74	0.07	0.62	0.97	0.93	NSC
AME	0.91	0.81	-0.93	0.96	0.74		0.41	0.95	0.8	0.87	AME
URI	0.31	0.32	-0.3	0.36	0.07	0.41		0.54	0.06	0.11	URI
PCAR	0.85	0.7	-0.88	0.89	0.62	0.95	0.54		0.65	0.76	PCAR
CP	0.91	0.92	-0.81	0.89	0.97	0.8	0.06	0.65		0.97	CP
CSX	0.94	0.9	-0.88	0.93	0.93	0.87	0.11	0.76	0.97		CSX
	ITW	CNI	ROP	FDX	NSC	AME	URI	PCAR	CP	CSX

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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

CP	+ 0.97	NSC
CSX	+ 0.97	CP
FDX	+ 0.96	ITW
AME	+ 0.96	FDX
PCAR	+ 0.95	AME
CSX	+ 0.94	ITW

High negative correlations

ROP	- 0.94	ITW
AME	- 0.93	ROP
FDX	- 0.93	ROP
CSX	- 0.88	ROP
PCAR	- 0.88	ROP
CP	- 0.81	ROP

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
ITW	0.94	0.22	0.17	0.32	0.85	(1.03)	2.73	(1.64)	7.20
CNI	1.08	0.30	0.16	0.54	1.33	(1.25)	2.57	(2.05)	7.66
ROP	1.36	(0.39)	0.00	(0.28)	0.00	0.00	2.30	(4.19)	11.55
FDX	1.05	0.51	0.50	0.71	0.17	(1.28)	3.34	(1.25)	6.66
NSC	0.82	0.13	0.09	0.26	0.90	(0.86)	2.36	(1.56)	5.63
AME	0.90	0.26	0.24	0.39	0.72	(1.06)	1.87	(1.39)	6.22
URI	1.74	(0.07)	(0.01)	0.03	2.69	(1.85)	4.42	(3.19)	17.82
PCAR	1.21	0.24	0.23	0.29	0.80	(1.58)	2.85	(1.52)	7.78
CP	1.09	0.32	0.21	0.45	1.00	(1.21)	2.54	(1.98)	7.63
CSX	0.85	0.30	0.23	0.51	0.68	(0.92)	2.27	(1.53)	5.62

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